Intermap begins airborne data collection

Intermap Technologies recently announced that its airborne data collection activities have commenced on a previously announced contract (December 29, 2010) to provide 3D digital elevation models and orthorectified radar images as part of a National Spatial Data Infrastructure (NSDI) program. This $12.4 million contract is intended to update the customer’s current 1:50,000-scale base map and will also be used for topographic map production to manage sustainable forestry projects and to support other local infrastructure needs.

"Following a delay of several months, I’m pleased to announce that we have now received the necessary government and military flight approvals and permits and the airborne collection stage of this contract has commenced," said Todd Oseth, president and CEO of Intermap. "The first stage of this large project has already been completed, including planning, field preparation, and subcontract support. The preliminary work included in the first stage resulted in revenue recognition for approximately forty percent of the contract value over the past six months. We expect the airborne collection portion of the contract will allow us to recognize revenue for the majority of the remaining contract value and associated cash flow over the next two to three months. We’re happy to see the progress on this contract as we look forward to the future availability of our personnel and aircraft to perform additional mapping services contracts during the fourth quarter of this year."

In addition to the progress reported above on the NSDI program, Intermap also announced that it has received several contracts over the past month for the sale of its NEXTMap® data and related services totaling more than $3 million. Revenue will be recognized on these contracts beginning with immediate deliveries and subsequent deliveries are scheduled to occur over the next two to three months.

"Our efforts to expand our 3D product offerings while providing our customers with unparalleled flexibility when using our data has resulted in some of these recently received contracts," said Todd Oseth. "Our team is constantly working on expanding the value of our product offerings to drive future revenue opportunities associated with location based information."