Intermap Technologies Corporation

Intermap Technologies Corporation

March 17, 2005 16:30 ET

Intermap Shareholder Provides Increased Funding for NEXTMap USA


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: INTERMAP TECHNOLOGIES CORPORATION

TSX SYMBOL: IMP

MARCH 17, 2005 - 16:30 ET

Intermap Shareholder Provides Increased Funding for
NEXTMap USA

DENVER, COLORADO--(CCNMatthews - March 17, 2005) - Intermap
Technologies, (IMP - TSX) announced today that it has completed a
Private Placement of $9,000,000 CDN led by an existing major
shareholder, Special Situations Funds, of New York. In addition,
Greenway Capital of Dallas Texas was a participant in the placement.

Brian Bullock, President & CEO of Intermap commented, "We welcome the
strong interest of U.S. investors in the Intermap opportunity. These
significant investors share our vision in NEXTMap and recognize the
potential it presents. This incremental investment increases the working
capital available to Intermap for the NEXTMap initiative while enabling
major shareholders to increase their holdings."

Intermap will use the proceeds for working capital purposes and expand
the build-out of NEXTMap USA, Intermap's largest project to date.
NEXTMap USA is the creation of a three dimensional country wide database
of the United States including elevation and imagery with sub 1-meter
accuracy.

Through December 31, 2004, Intermap has collected in excess of 562,000
square kilometers of data within the United States.

"Our progress on NEXTMap USA has been excellent," stated Mr. Bullock.
"Enthusiasm among our U.S. customers is growing. Through December 2004,
we have secured one nation-wide buyer and anticipate at least a second
formal commitment for the national U.S. database this year as well as a
number of partial data set buyers in various industries. In addition, we
have experienced tremendous enthusiasm within the U.S. investment
community, as demonstrated by today's announcement of this significant
investment."

To date, Intermap has acquired blocks of data from several states
including Mississippi, California, Florida, Nevada and West Virginia,
each driven by specific demands from both the public and private
sectors. During 2005, the Company will complete the states of California
and Florida and anticipates license sales to customers in 2005. "The
state of California alone has an economy that rivals Canada's in terms
of GDP and as a test market should demonstrate an effective case study
of the NEXTMap USA potential" added Bullock.

Intermap has issued 2,005,655 Units for aggregate consideration of
$9,025,447. Each Unit had a purchase price of $4.50 and consisted of one
Common Share of the Corporation and one Common Share Purchase Warrant.
Each full Warrant entitles its holder to one Common Share upon payment
of an exercise price of $5.30 per Common Share and expire three years
from today. The Warrant Agreements provide for earlier expiry of the
Warrants in certain circumstances. An additional 50,000 Common Share
Purchase Warrants, expiring two years from today with an exercise price
of $5.85, were issued to an arms-length third party for services
rendered in connection with the transaction.

The securities issued in connection with the private placement are
restricted from resale (except in reliance on a further exemption from
securities legislation) until July 18, 2005.

About Intermap

Intermap is digitally remapping entire countries, building unprecedented
national databases, called NEXTMap, of highly accurate digital
topographic maps (including elevation). Customers purchase Intermap's
high-quality, low-cost data to facilitate better decision-making for
numerous commercial, government, military and consumer applications.

Demand for NEXTMap data is growing as new commercial applications are
emerging, including geographical information systems (GIS), engineering
planning, transportation, automotive, navigation, flood, irrigation,
environmental management and planning, telecommunications network
planning, aviation, simulation and 3D visualization. Internet
applications include virtual tours, topographic maps and computer games.
The products are also used to add interactive intelligence to airborne
and satellite images.

Headquartered in Denver, Colorado, Intermap employs more than 250 people
worldwide, with offices in Calgary, Ottawa, Munich and Jakarta. Intermap
is publicly traded on the Toronto Stock Exchange under the symbol IMP.
For more information, visit www.intermap.com.

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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    CANADA: Corbet Pala
    Investor Relations
    E-vestor Communications Inc.
    (416) 657-2400
    Email: cpala@evestor.com
    or
    UNITED STATES: Budd Zuckerman
    Investor Relations
    Genesis Select Corporation
    (303) 415-0200
    Email: bzuckerman@genesisselect.com