Intermap Technologies Q2 Revenues Double

INTERMAP TECHNOLOGIES CORPORATION
Consolidated Statements of Operations and Deficit
(In thousands of United States dollars)

======================================================================
                        For the three months     For the six months
                           ended June 30,          ended June 30,
                          2007        2006        2007        2006
----------------------------------------------------------------------
                       (unaudited) (unaudited) (unaudited) (unaudited)
Revenue:
  Contract services    $    5,924  $    2,887  $   11,084  $    3,885
  Multi-client data
   licenses                 1,223         765       2,302       1,897
----------------------------------------------------------------------
                            7,147       3,652      13,386       5,782
Operating costs:
  Cost of services          2,573       1,633       3,843       2,402
  Research and
   development              1,018         594       1,847       1,078
  Sales, general and
   administrative           5,975       4,970      11,310       8,304
  Depreciation of
   property and
   equipment                1,197         697       2,362       1,394
  Amortization of
   multi-client data
   library                  1,023         450       1,930       1,042
  Amortization of
   intangible assets          105           -         141           -
----------------------------------------------------------------------
                           11,891       8,344      21,433      14,220

----------------------------------------------------------------------
Loss before interest,
 income taxes and
 foreign exchange          (4,744)     (4,692)     (8,047)     (8,438)

Interest expense              (38)        (44)        (75)        (92)
Interest income               450         726       1,021       1,278
(Loss) gain on foreign
 currency translation          (5)        731         (52)      1,302
----------------------------------------------------------------------

Loss before income
 taxes                     (4,337)     (3,279)     (7,153)     (5,950)

Income tax expense
 (recovery)
  Current                      27           7          54           7
  Future                      (25)          -         (34)          -
----------------------------------------------------------------------
Net loss and
 comprehensive loss        (4,339)     (3,286)     (7,173)     (5,957)
----------------------------------------------------------------------

Deficit, beginning of
 period                   (32,547)    (21,309)    (29,711)    (18,638)

Redemption of shares            -         (78)          -         (78)
----------------------------------------------------------------------
Deficit, end of period $  (36,884) $  (24,673) $  (36,884) $  (24,673)
======================================================================

Basic and diluted loss
 per share             $    (0.12) $    (0.09) $    (0.19) $    (0.17)
======================================================================

Weighted average
 number of Class A
 common shares - basic
 and diluted           37,391,608  36,866,008  37,224,439  35,962,869
======================================================================

INTERMAP TECHNOLOGIES CORPORATION
Consolidated Statements of Cash Flows
(In thousands of United States dollars)

======================================================================
                        For the three months     For the six months
                           ended June 30,          ended June 30,
                          2007        2006        2007        2006
----------------------------------------------------------------------
                       (unaudited) (unaudited) (unaudited) (unaudited)
Cash flows (used in)
 provided by:

Operations:
  Net loss             $   (4,339) $   (3,286) $   (7,173) $   (5,957)
  Items not involving
   cash and cash
   equivalents:
    Depreciation of
     property and
     equipment              1,197         697       2,362       1,394
    Amortization of
     multi-client data
     library                1,023         450       1,930       1,042
    Amortization of
     intangible assets        105           -         141           -
    Loss on disposal
     of property and
     equipment                 40              -                    40                      -
        Stock  based
          compensation                          508                  899                  972              1,040
        Amortization  of
          deferred  lease
          inducements                            (53)                (35)                (71)                (68)
        Future  income
          taxes                                        (25)                    -                  (34)                    -
    Change  in  non-cash
      operating  working
      capital                                    2,664                  512              1,623              1,426
----------------------------------------------------------------------
                                                        1,120                (763)              (210)          (1,123)
----------------------------------------------------------------------

Financing:
    Proceeds  from
      issuance  of  common
      shares                                      1,355              1,130              1,697            11,060
    Issuance  costs                                -                    (1)                    -                    (2)
    Repayment  of  long-
      term  debt                                  (139)              (133)              (276)              (273)
    Repayment  of
      obligations  under
      capital  lease                          (111)                (52)              (190)              (105)
----------------------------------------------------------------------
                                                        1,105                  944              1,231            10,680
----------------------------------------------------------------------

Investments:
    Purchase  of  property
      and  equipment                      (2,388)          (2,892)          (4,774)          (6,407)
    Investment  in  multi-
      client  data  library          (5,796)          (2,965)          (9,343)          (5,672)
    Business  acquisition
      cost,  net  of  cash
      acquired                                          -                      -            (1,330)                    -
----------------------------------------------------------------------
                                                      (8,184)          (5,857)        (15,447)        (12,079)
----------------------------------------------------------------------

Decrease  in  cash  and
  cash  equivalents                    (5,959)          (5,676)        (14,426)          (2,522)

Cash  and  cash
  equivalents,
  beginning  of  period              39,703            66,646            48,170            63,492

----------------------------------------------------------------------
Cash  and  cash
  equivalents,  end  of
  period                                $      33,744    $      60,970    $      33,744    $      60,970
======================================================================

Supplemental  cash  flow
  information:
    Cash  paid  for
      interest                        $              37    $              44    $              74    $              92
    Cash  paid  for  income
      taxes                              $              33    $              30    $              49    $              30
======================================================================


Cash  and  cash  equivalents  include  deposits  with  financial  institutions
  that  can  be  withdrawn  without  prior  notice  or  penalty,  and  short-term
  deposits  with  an  original  maturity  of  ninety  days  or  less.
 



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