Intermap Receives First Task Order for U.S. Department of the Interior IDIQ Prime Contract
February 28 2023 - 7:30AM
Intermap Technologies (TSX: IMP; OTCQX: ITMSF) (“Intermap” or the
“Company”), a global leader in 3D geospatial products and
intelligence solutions, today announced it received its first task
order from the Department of the Interior under the Digital Terrain
Model (DTM) Data IDIQ prime contract to support the agency’s Safety
of Dams program.
This $450,000 IDIQ contract is for terrain data to support
hazard classification studies over select dams, lakes, reservoirs
and other water storage areas, with the first task order covering
Montana, Arizona, New Mexico and Utah. Terrain data is a critical
component for flood risk mitigation teams when making policies for
flood and climate risk management. It also supports studies of
downstream flooding due to dam failure as well as measuring
reservoir storage capacity and watershed delineation. These studies
contribute to climate change risk mitigation, emergency action
plans, security and maintenance of important water systems.
Intermap’s hydro-enforced terrain data makes its DTM a critical
dataset for flood modeling analytics, optimizing portfolios and
reducing risk resulting from climate change.
Intermap uses artificial intelligence and machine learning
(AI/ML) techniques to build its global elevation datasets.
Government agencies like the Department of Interior and Department
of Defense rely on the Company’s advanced global datasets to
support operations worldwide. Intermap provides access to the
required datasets on-demand, enabling the DOI to conduct accurate
and consistent hydrologic and hydraulic modeling for any location
in the country. Winning the IDIQ contract and receiving the first
task order is a major milestone for the Company’s relationship with
the DOI for supporting its mission to protect human life and
property in the event of a dam failure. A list of Intermap’s active
government contracts can be found here.
“Intermap is pleased to hold this prime contract and receive its
first task order under the Digital Terrain Model Data IDIQ,” said
Patrick A. Blott, Intermap Chairman and CEO. “Our terrain data
enables government agencies to plan and execute projects quickly
and efficiently with data that is consistent across all project
areas. Intermap maintains a trusted and reliable relationship with
the agency to support dam inundation studies.”
Learn more about Intermap’s elevation data offerings visit
intermap.com/nextmap.
Intermap Reader AdvisoryCertain
information provided in this news release, including reference to
revenue growth, constitutes forward-looking statements. The words
"anticipate", "expect", "project", "estimate", "forecast", “will
be”, “will consider”, “intends” and similar expressions are
intended to identify such forward-looking statements. Although
Intermap believes that these statements are based on information
and assumptions which are current, reasonable and complete, 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 pertaining to,
among other things, cash available to fund operations, availability
of capital, revenue fluctuations, nature of government contracts,
economic conditions, loss of key customers, retention and
availability of executive talent, competing technologies, common
share price volatility, 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 those
risks and uncertainties discussed Intermap’s Annual Information
Form and other securities filings. While 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 vary significantly
from those expected. Accordingly, no assurances can be given that
any of the events anticipated by the forward-looking statements
will transpire or occur, or if any of them do so, what benefits
that the Company will derive therefrom. All subsequent
forward-looking statements, whether 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 news release are made
as at the date of this news release and the Company does not
undertake any obligation to update publicly or to revise any of the
forward-looking statements made herein, whether as a result of new
information, future events or otherwise, except as may be required
by applicable securities law.
About Intermap
TechnologiesFounded in 1997 and headquartered in Denver,
Colorado, Intermap (TSX: IMP; OTCQX: ITMSF) is a global leader in
geospatial intelligence solutions, focusing on the creation and
analysis of 3D terrain data to produce high-resolution thematic
models. Through scientific analysis of geospatial information and
patented sensors and processing technology, the Company provisions
diverse, complementary, multi-source datasets to enable customers
to seamlessly integrate geospatial intelligence into their
workflows. Intermap’s 3D elevation data and software analytic
capabilities enable global geospatial analysis through artificial
intelligence and machine learning, providing customers with
critical information to understand their terrain environment. By
leveraging its proprietary archive of the world’s largest
collection of multi-sensor global elevation data, the Company’s
collection and processing capabilities provide multi-source 3D
datasets and analytics at mission speed, enabling governments and
companies to build and integrate geospatial foundation data with
actionable insights. Applications for Intermap’s products and
solutions include defense, aviation and UAV flight planning, flood
and wildfire insurance, disaster mitigation, base mapping,
environmental and renewable energy planning, telecommunications,
engineering, critical infrastructure monitoring, hydrology, land
management, oil and gas and transportation.
For more information, please visit www.intermap.com or contact:
Jennifer Bakken
Executive Vice President and CFO
CFO@intermap.com
+1 (303) 708-0955
Intermap Technologies (TSX:IMP)
Historical Stock Chart
From Jun 2024 to Jul 2024
Intermap Technologies (TSX:IMP)
Historical Stock Chart
From Jul 2023 to Jul 2024