The principal amounts due under the notes, including the interest rate applied thereon, remained unchanged.

• On March 3, 2016, the Company announced that it had entered into an agreement with its senior lender, pursuant to which two of its outstanding promissory notes, which became due in February 2016, were restructured and consolidated into a new promissory note that bears interest at 15% per annum, with a maturity date of August 24, 2016. The material terms of the debt restructuring are as follows:
  • Promissory note dated February 23, 2015 ("First Note"), in the principal amount of $1,500,000, bearing interest at 25% per annum ($375,000 in accrued interest), was cancelled.
  • Promissory note dated February 24, 2015 ("Second Note"), in the principal amount of $5,800,000, bearing interest at 25% per annum, ($1,450,000 in accrued interest), was cancelled.
  • The principal amounts and accrued interest due under the First Note and the Second Note were restructured and consolidated into a new note dated March 2, 2016 (the "Restructured Note"), effective as of February 24, 2016, in the principal amount of $9,125,000, bearing interest at 15% per annum, with a maturity date of August 24, 2016.
  • The Restructured Note is secured by way of a first priority lien on all of the assets of the Company.

As of May 12, 2016, there were 100,352,002 common shares outstanding.

As of May 12, 2016, potential dilutive securities include (i) 6,709,220 outstanding share options in the Company's share option plan with a weighted average exercise price of C$0.41, and (ii) 24,713,130 warrants outstanding with a weighted average exercise price of C$0.08. Each option and warrant entitles the holder to purchase one Class A common share.

Important factors, including those discussed in the Company's regulatory filings ( www.sedar.com) could cause actual results to differ from the company's expectations and those differences may be material. Detailed financial results and management's discussion and analysis can be found on SEDAR at: www.sedar.com.

Conference Call

Intermap will host a conference call tomorrow, May 13, 2016, at 11:00 a.m. ET (9:00 a.m. MT). To participate in the call, please dial +1-647-427-7450 approximately 10 minutes prior to the conference call and provide conference ID 7864394. A recording of the conference call will be available through May 20, 2016. Please dial +1-416-849-0833 and provide pass code 7864394 to listen to the rebroadcast. The call will also be available on Intermap's website at http://www.intermap.com/investors for replay.

About Intermap Technologies

Headquartered in Denver, Colorado - Intermap ( www.intermap.com) is an industry leader in geospatial solutions on demand with its secure cloud based Orion Platform^™. Through its powerful suite of software applications and proprietary development of contiguous databases that fuse volumes of GIS data into a single source, the Orion Platform is able to provide location based solutions for customers in diverse markets around the world. For more information please visit www.intermap.com.

Adjusted EBITDA is not a recognized performance measure under GAAP and does not have a standardized meaning prescribed by IFRS. The term EBITDA consists of net income (loss) and excludes interest, taxes, depreciation, and amortization. Adjusted EBITDA is included as a supplemental disclosure because management believes that such measurement provides a better assessment of the Company's operations on a continuing basis by eliminating certain non-cash charges and charges that are nonrecurring. The most directly comparable measure to adjusted EBITDA calculated in accordance with IFRS is net income (loss).

Intermap Reader Advisory

Certain information provided in this news release constitutes forward-looking statements. The words "anticipate", "expect", "project", "estimate", "forecast" and similar expressions are intended to identify such forward-looking statements. Although Intermap believes that these statements are based on information and assumptions which are current, reasonable and complete, these statements are necessarily subject to a variety of known and unknown risks and uncertainties. You can find a discussion of such risks and uncertainties in our Annual Information Form and other securities filings. While the Company makes these forward-looking statements in good faith, should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary significantly from those expected. Accordingly, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits that the Company will derive therefrom. All subsequent forward-looking statements, whether written or oral, attributable to Intermap or persons acting on its behalf are expressly qualified in their entirety by these cautionary statements. The forward-looking statements contained in this news release are made as at the date of this news release and the Company does not undertake any obligation to update publicly or to revise any of the forward-looking statements made herein, whether as a result of new information, future events or otherwise, except as may be required by applicable securities law. 

Reference is made to the Company's audited Consolidated Financial Statements for the year ended December 31, 2015, together with the accompanying notes, which includes a going concern disclosure and such disclosure remains applicable as of the date of the financial statements included herein.