Mr. Patrick Blott reports

INTERMAP ANNOUNCES $1 MILLION PROGRAM IN MALAYSIA AND BUSINESS UPDATES

Intermap Technologies Corp. has won a $1-million contract in Malaysia, provided an update on its Indonesian mapping program and noted strong growth in its global insurance business.

Enhancing water resources management in Malaysia

Intermap won a $1-million contract in Malaysia to enhance water resources management. This award exemplifies how Intermap's geospatial technology, which incorporates advanced AI (artificial intelligence)/ML (machine-learning)-driven automation, is used to commercialize evolving solutions to environmental challenges. By helping the Malaysian government exploit its investment in national geospatial infrastructure, Intermap is extending the value and versatility of Malaysia's new Intermap-created IFSAR (interferometric synthetic aperture radar) data archive, which is applicable for governments across the region. Leveraging IRIS technology and application layers to update currency and rapidly integrate tailored hydrological datasets, including rivers, canals and drainages, stakeholders gain unprecedented insights into the complex dynamics of water flow, terrain morphology and flood risk assessment. Intermap has earned more than $15-million under Malaysia's current basemap program and expects awards to continue as post-COVID budgets reallocate discretionary resources back toward these urgent strategic requirements.

"Our partnership with the Malaysian government and business community underscores Intermap's commitment to leveraging our unique technology to address critical environmental challenges," said Patrick A. Blott, Intermap chairman and chief executive officer. "This represents a further endorsement of our business model, which leverages our application layers to provide actionable data as a service, enabling governments to commercialize their investments across new use cases."

One of the key advantages of Intermap's DEMs (digital elevation models) lies in their dynamic nature, where they are continually updated through multiple source inputs. The company's elevation models are regularly updated using patented AI/ML-driven processes to reflect real-time changes in terrain and land cover, ensuring decision makers have access to the most accurate and current information for informed planning and response efforts. Recognizing the importance of capacity building, Intermap and its local partner, Antaragrafik Solutions Sdn Bhd, will provide comprehensive training sessions to key government officials involved in remote sensing, mapping and water resources management. These tailored programs aim to equip participants with the necessary skills and knowledge to effectively utilize the new and improved geospatial resources in their decision-making processes.

Indonesian mapping program under way with first milestones complete

Intermap has received the first payment for the Indonesian mapping program, and has made significant progress in project preparations and deployment. Collaborating with government officials and key business partners, the program is now under way to capture and analyze intricate geospatial data, promising valuable insights for sustainable development and resource management in the region. Official kickoff meetings with government representatives and business partners have set the stage for mapping Sulawesi's diverse landscape, representing 10 per cent of the country's land area.

"This program marks a pivotal moment in our commitment to providing Indonesia with a national basemap to specifications suitable for commercial applications," said Mr. Blott. "Through cutting-edge technology, meticulous planning and strategic partnerships, we are laying the groundwork for a successful execution of this first phase and a seamless transition to the next phase of mapping the rest of the country. The result will be a national digital infrastructure that drives economic growth by providing interoperable precision elevation data supported by relevant and proven application layers for it to be successfully commercialized."

To empower local communities and foster commercialization of geospatial data, Intermap is conducting in-country training with Indonesian personnel on data usage. Designed to equip participants with essential skills and knowledge, the training underscores the company's commitment to building capacity and driving sustainable development at the grassroots level in Indonesia. Building on this foundation, Intermap is working to secure additional contracts and expand its presence in the region where it enjoys a distinct competitive advantage because of its unique mapping technology.

Global insurance business starts 2024 with strong growth

Intermap's global insurance business is off to a strong start in 2024 with awards reaching $1-million from a new client subscription and multiple renewals.

Driven by demand related to climate change and other factors, the company's analytics address the highest combined ratio available in the insurance industry, resulting in growing demand for Intermap's proven underwriting software and tailored global geospatial data. During 2023, Intermap leveraged proprietary AI/ML advancements, financed in part through its important United States government development contracts, to continue to make its geospatial data available to expanding commercial use cases. By making greater volumes of relevant data accessible with low latency to new and frequently non-expert users, Intermap expanded its gross margins, with average subscription size rising by 50 per cent since 2020 and user data volumes increasing by 59 per cent over the course of 2023, with no customer attrition. This rapid top-line and bottom-line growth highlights how geospatial intelligence is commercialized by Intermap to measure profitable risk in critical markets plagued by rising uncertainty.

"Our insurance business is off to a strong start in 2024," said Mr. Blott. "In the last 12 months, 87 per cent of total insurance business was generated by recurring subscriptions to our risk assessment software. In Europe, we are expanding relationships with current clients to offer our solutions wherever they operate. We are projecting our insurance business to continue growing at a CAGR [compound annual growth rate] of more than 20 per cent over the next few years."

Intermap's audited annual financial statements for the year ended Dec. 31, 2023, the annual management's discussion and analysis for the corresponding period, related management certifications of annual filings, and its annual information form will be filed and available on SEDAR+ on April 1, 2024.

About Intermap Technologies Corp.

Founded in 1997 and headquartered in Denver, Colo., Intermap is a global leader in geospatial intelligence solutions, focusing on the creation and analysis of three-dimensional 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, multisource data sets to enable customers to seamlessly integrate geospatial intelligence into their workflows. Intermap's 3-D 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 multisensor global elevation data, the company's collection and processing capabilities provide multisource 3-D data sets 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 defence, aviation and UAV (unmanned aerial vehicle) 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.

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