“We have begun the process of restructuring the Intermap organization to focus on our strengths and the markets which can provide the greatest returns,” said Howard Nellor, Intermap’s interim chief executive officer. “There have been some shifts in the market and going forward we are aligning our strengths to take advantage of these market trends. I’m pleased that NEXTMap license revenue came in ahead of budget again this quarter, up 40%, however, total revenues were still lower than expected due to a delay in the signing of pending contract service agreements. While the company anticipates these contracts will close in the third quarter, we continue to reduce operating expenses and to aggressively manage our working capital. Additionally, we are in discussions with potential buyers of our surplus production capabilities and equipment, and we strengthened our working capital in July with a $6.5 million CDN financing. On the expense side, 2010 will reflect a substantial reduction in cash outlays when compared to 2009 now that the NEXTMap USA and Europe databases are complete.” Read More
