Intermap Technologies (TSX:IMP) reported today that it has completed the organizational restructuring efforts that began in 2010 with an additional 30% reduction in headcount in the Company’s North American and European offices. The additional restructuring and headcount reduction follow Intermap’s appointment of Todd Oseth as president and CEO of Intermap in December 2010, and supports the Company’s overall effort to reduce operating expenses and manage cash burn. On an annualized basis, the net impact on total expenses, after severance related costs, will be a reduction of approximately $4.1 million of personnel related expenses. Severance costs of approximately $1.0 million will be paid out on a payroll-by-payroll basis over an extended period of time throughout 2011. Learn More
