Intermap Adds $1.3 Million in European Insurance Contracts
March 14 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 multiple European insurers
have agreed to expand their five-year contracts with an aggregate
additional value of over $1.3 million for Intermap's flood risk
software, geocoding analytics and a new generation of precision
flood hazard maps for Slovakia. $700,000 of the new contracts are
signed; $600,000 has been awarded and is being finalized.
“We’re pleased to see our solutions spread across Europe,” said
Patrick A. Blott, Intermap Chairman and CEO. “Intermap’s global
insurance solutions leverage unmatched datasets and global
consistency, delivering rapid updates anywhere in the world. Our
data and analytics enable insurers to provide insurance coverage
that reflects current flood risk, empowering insurance companies to
optimize flood risk assessment with the same confidence in all
countries where they operate. With the increase in demand for our
flood hazard maps across Eastern Europe, we expect further
geographic expansion to other countries around the world.”
Intermap’s European flood risk software, Aquarius RMA,
incorporates its unique flood hazard maps and flood analytics,
produced through patented processing, AI-driven, high-resolution
digital elevation models and state hydrology data to provide
comprehensive information to underwrite property-specific flood
risk anywhere. The cloud-based software simplifies access to
critical datasets and advanced tools and is customizable to meet a
variety of customer needs. Intermap’s flood datasets are
continually updated to ensure customers have the most current
information. This enables customers to optimize several areas of
the insurance process, from primary underwriting, risk engineering,
product development, to pricing, claims and reinsurance.
For more information, visit
intermap.com/european-solutions.
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
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