Intermap Technologies (“Intermap” or the “Company”), a global leader in geospatial intelligence solutions, today filed its audited annual financial statements for the year ended December 31, 2019, annual management’s discussion and analysis for the corresponding period, related management certifications of annual filings and its annual information form. The documents are available on SEDAR at: www.sedar.com.
The Company has received loan proceeds of approximately $562 thousand under the Paycheck Protection Program (PPP) in the United States. The PPP, established as part of the Coronavirus Aid, Relief and Economic Security Act, provides for loans to qualifying businesses for amounts up to 2.5 times of the average monthly payroll expenses of the qualifying business. The loans and accrued interest are forgivable after eight weeks if the borrower uses the loan proceeds for eligible purposes, including payroll, benefits, rent and utilities. The unforgiven portion of the PPP loan is payable over two years at an interest rate of 1%, with a deferral of payments for the first six months. The Company intends to use the proceeds for purposes consistent with the PPP. The Company confirms there have been no material undisclosed business developments since April 2, 2020.
Intermap also announced that the Company is relying on the Canadian Securities Administrators blanket relief (Temporary Exemption from Certain Corporate Finance Requirements), which grants issuers an additional 45 days to complete certain regulatory filings (the “Corporate Finance Exemption”). Intermap is relying on the Corporate Finance Exemption for filing its interim financial statements for the quarter ended March 31, 2020 and the accompanying management’s discussion and analysis under National Instrument 51-102 Continuous Disclosure Obligations, and the related CEO and CFO certifications under National Instrument 52-109 Certification of Disclosure in Issuers’ Annual and Interim Filings. The Company expects to be able to complete the filings on or before June 29, 2020. The Company’s insiders and management remain restricted from trading in Intermap securities pursuant to the Company’s insider trading policy, which reflects the principles in section 9 of National Policy 11-207 Failure-to-File Cease Trade Orders and Revocations in Multiple Jurisdictions.
In addition, the Company also intends to rely on the Canadian Securities Administrators blanket relief (Temporary Exemptions from Certain Requirements to File or Send Securityholder Materials), which grants issuers an exemption from the executive disclosure requirement under National Instrument 51-102F6 Statement of Executive Compensation. The Company expects to be able to complete the materials for the Annual General Meeting by June 8, 2020. As previously advised, Intermap intends to hold its Annual General Meeting on July 3, 2020.