Denver, February 5, 2016 – Intermap Technologies Corporation (“Intermap” or the “Company”), (TSX: IMP), (ITMSF: BB), a leading provider of geospatial solutions, today announced that it has entered into definitive agreements (collectively, the “Contract”), pertaining to the previously announced letter of award (see June 22, 2015, September 29, 2015, and December 31, 2015, press releases) for the creation, operation and maintenance of a national spatial data infrastructure (“SDI”) program (the “Project”).
Under the terms of the Contract, the statement of work for the Project’s initial three-year implementation phase is valued at US$143 million, earned on a monthly milestone payment basis, with a US$12 million down payment due upon financial close. The Company will also provide an operation and maintenance module valued at US$32 million for an additional nine-year period. In addition to the Contract, the Company expects to be retained to perform consulting services relating to the customization of dedicated applications for the sovereign client, the requirements for which, by the very nature of the product, will develop over the course of the Project, and be separately priced.
“We are pleased to report the signing of this landmark contract”, said Todd Oseth, President and CEO of Intermap Technologies. “It has taken an extended period of time, particularly given the inherent complexity, both technical and financial, of completing a definitive contract for an innovative SDI program of this scale and scope. The know-how generated in this process will serve the Company well in other SDI programs currently under consideration as well as strengthen the Company’s positioning within the geospatial technology sector. Governments and commercial clients alike are increasingly seeking location-based solutions to guide decision-making across their organizations. The Orion Platform is capable of delivering just that. The project announcement coincides with the recent publication of the United Nations report on future trends in geospatial information management. We believe that we are well positioned to engage in this developing market.”
The Contract is subject to customary closing conditions and the finalization of the Project’s financing facility, with product and service delivery scheduled to commence during the second quarter of this year.
The twelve-year SDI program will be administered within a public-private-partnership (“PPP”) framework, under the build-operate-transfer (“BOT”) model, with the Company serving as the prime contractor, on a turnkey basis. The PPP concession agreement and associated government approvals were granted over the course of the past three months.
As previously announced, the letter of award was the result of a competitive tender process during which the Company demonstrated the enabling versatility of its proprietary Orion Platform, the industry’s first software-driven, big-data, geospatial analytics platform, capable of delivering customized solutions, at scale, to governments and commercial enterprises across multiple verticals from one unified control point. The Orion Platform is based on the Company’s proprietary software, data, airborne radar collection and data fusion technologies.
The sovereign client intends to use the Orion Platform for the planning, development and management of national interests, including land administration and registration (residential, commercial, industrial, agricultural), telecommunication, transportation and power networks, natural resources exploration and production, environmental protection, defense and homeland security. The SDI program includes nationwide data acquisition, utilizing the Company’s proprietary Interferometric Synthetic Aperture Radar (IFSAR) technology, alongside satellite imagery and selective Light Detection and Ranging (LiDAR) coverage.
Headquartered in Denver, Colorado, Intermap is a leading provider of geospatial solutions on demand with its secure, cloud-based Orion Platform®. Through its powerful suite of software applications and proprietary development of contiguous databases that fuse volumes of geospatial data into a single source, the Orion Platform is able to provide location-based solutions for customers in diverse markets around the world. For additional information, please visit www.intermap.com.