DENVER, September 10, 2020 /CNW/ – Intermap Technologies (“Intermap” or the “Company”) today announced the appointment of Jordan N. Tongalson to its board of directors as an independent director. Following the success of his private placement and settlement with Vertex/Pender Funds, the company’s sole secured creditors, Mr. Tongalson joins the Board of Directors to bring additional experience in financing, capital and business development, which will further reposition Intermap for long-term growth. The private placement was closed in two tranches, the July 31, 2020 and August 14, 2020and the settlement payment was made to the lender on August 12, 2020. The series of transactions added approximately $37 million at the book value of Intermap, impacted for tax purposes.
Jordan is currently Managing Director and Head of Business Development at Littlejohn & Company, a Greenwich, Connecticutinvestment company based on private equity and debt investments, primarily in middle market companies. In addition, Jordan brings his experience and connections gained at The Blackstone Group, where he advised Blackstone Capital Partners on LBO and private equity investments, and at Morgan Stanley, where he led product coverage. construction and government services (including geospatial) investment banking within the Global Industrial Group. Mr. Tongalson also worked for Siemens in the M&A and Corporate Development group where, among other projects, he led the sales process and strategic repositioning of its global transit telematics systems business, a pioneer in geospatial software and analysis.
Besides, Jack Schneider joins Intermap as Chief Operating Officer after more than two years working with senior management as an operational consultant. Previously, Mr. Schneider managed the growth of Perry Capital, one of America’s most successful independent hedge funds, with over $15 billion in the peak of assets under management, including several of the major US institutional investors. Jack’s other prior experience includes roles at the White House, Goldman Sachs and Colden Capital in London and new York, where, for more than eight years, Jack made direct investments and effectively allocated company and partner capital in disruptive technology-driven public companies. He also founded and led one of the first iOS developers, pioneering innovative solutions and patented technology.
“Intermap is pleased to welcome Jordan Tongalson to the board of directors of the holding company and Jack Schneider in the operating company as COO,” said Patrick A. Bott, Chairman and Chief Executive Officer of Intermap. “As our industry evolves and evolves, these proven business leaders are in an ideal position to help us leverage all of our considerable financial and operational advantages, anchor our strategic roadmap, and execute aggressively and opportunistically. to create a profitable, fast-growing business and maximize returns for our stakeholders.”
The Company also indicated that its software subscriptions continue to renew at higher annual amounts. Customers leverage Intermap’s tools through a cloud-based architecture, accurate geospatial data and analytics to optimize their geospatial investment, and receive and pay for only the relevant data they need, where they need it. The latest InsitePro contract, signed today with Atlas General Insurance Services, demonstrates how Intermap’s InsitePro generates relevant responses that are delivered with accuracy, speed and simplicity to support a nationwide underwriting program.
Intermap further announced its intention to hold its Annual General Meeting of Shareholders (the “Meeting”) virtually on October 30, 2020. Intermap intends to ask the Court of Queen’s Bench to alberta (the “Court”) for an order extending the deadline for the annual general meeting of shareholders of the Company in order to accommodate the October 30, 2020 date of the meeting.
Intermap had previously announced that it planned to hold its meeting on September 24, 2020, in accordance with applicable corporate laws and the rules of the Toronto Stock Exchange (the “TSX”). Following this announcement, the Company launched a private placement of common shares in order, among other things, to facilitate the payment of $1 million (the “Settlement Payment”) to PenderFund Capital Management Ltd. (the “Lender”) in full and final payment of $33.9 million Intermap’s indebtedness to the Lender.
Considerable time and resources were required to complete the private placement, settlement payment and various related arrangements, and Intermap has operated with a limited staff due to the downsizing required to deal with the current economic environment of COVID-19. In addition, a total of 4,158,113 common shares of Intermap were issued pursuant to the private placement, representing approximately 20% of the Company’s current total issued and outstanding common shares, and the management of Intermap determined that it would be appropriate for all shareholders of the Company, including those who became shareholders following the Private Placement, to be entitled to participate in the Meeting. Accordingly, Intermap delayed calling the meeting while the company was still in the process of completing the private placement, settlement payment and related matters. Consistent with the time limits for giving notice of a meeting of shareholders and for filing and sending materials related to such meeting under corporate and securities laws applicable to Intermap, following the completion of the private placement, the Company will not was unable to hold the meeting on the date initially scheduled for September 24, 2020.
Intermap intends to file a motion with the Court in the coming days seeking an order from the Court extending the time allowed to Intermap to hold the Meeting. Due to the COVID-19 pandemic and its effects on business operations, the TSX announced earlier this year an extension of the deadline for TSX-listed issuers, such as Intermap, to hold their annual meetings of shareholders until December 31, 2020.
About Intermap Technologies
Founded in 1997 and based in Denver, Colorado, Intermap (TSX: IMP) (ITMSF: BB) is a global leader in location intelligence solutions. The company’s proprietary NEXTMap® database and value-added geospatial data management, processing, analysis, fusion and orthorectification software and solutions are used in a range of industries that rely on accurate, high-resolution elevation data including aviation, engineering, environmental planning, government contracts, hydrology, insurance, land management, law enforcement and patrol, oil and gas, renewable energy, telecommunications , transportation and utilities. Intermap’s business applications include location-based intelligence, risk assessment, geographic information systems, global positioning systems and 3D visualization. For more information, please visit www.intermap.com.
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Certain information provided in this press release, including statements regarding the timing of the Meeting, the timing of the Company’s application for a Court order extending the deadline for holding the Meeting, and the decision to the Court, including whether to grant the extension and for how long, are forward-looking statements that involve known and unknown risks and uncertainties. The words “anticipate”, “estimate”, “expect”, “intend”, “project”, “expect”, “will” and similar expressions are intended to identify such forward-looking statements. Although Intermap believes that these statements are based on current, reasonable and complete information and assumptions, these statements are necessarily subject to a variety of known and unknown risks and uncertainties. Intermap’s forward-looking statements are subject to risks and uncertainties relating to, among other things, the Court’s availability to hear Intermap’s request for an extension of time to hold the Meeting, ongoing business and social disruptions due to the COVID-19 pandemic, cash available to fund operations, availability of capital, fluctuations in revenue, nature of government contracts, economic conditions, loss of key customers, retention and availability of management talent, competing technologies, price volatility common stock, loss of proprietary information, software functionality, Internet and system infrastructure functionality, information technology security, breakdown of strategic alliances, and international and political considerations, as well as risks and uncertainties discussed in Intermap’s annual information form and other dep daring on securities. Although the Company makes these forward-looking statements in good faith, should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may differ materially from those expected. Accordingly, no assurance can be given that any of the events anticipated by the forward-looking statements will or will occur, or if any of them occur, what benefits the Company will derive therefrom. All subsequent forward-looking statements, written or oral, attributable to Intermap or persons acting on its behalf are expressly qualified in their entirety by these cautionary statements. The forward-looking statements contained in this press release are made as of the date of this press release, and the Company undertakes no obligation to publicly update or revise any of the forward-looking statements made in this press release, whether or as a result of new information, future events or otherwise, except as required by applicable securities laws.
SOURCEIntermap Technologies Corporation
For further information: Intermap Technologies, Jennifer Bakken, Executive Vice President and Chief Financial Officer, [email protected]+1 (303) 708-0955