For the year ended December 31, 2016, purchased services and materials expense was $3.3 million compared to $3.6 million last year. The year-over-year decrease in purchased services and materials was due primarily to decreases in subcontractor expenses associated with software development in 2015.

Adjusted EBITDA for the year was negative $7.5 million compared with negative $7.6 million for 2015. For the year 2016, net loss was $17.8 million, or ($0.18) per share, compared with a net loss of $18.1 million, or ($0.19) per share, last year.

The cash position of the Company at December 31, 2016 (cash, cash equivalents and restricted cash) was $6.5 million, compared to $0.8 million at December 31, 2015. This increase in cash at year end 2016 was primarily the result of receiving an advance of $6.0 million pursuant to the Bridge Loan. Amounts receivable and unbilled revenue at December 31, 2016 was $0.6 million, compared to $2.3 million at December 31, 2015. The decrease is due to differences in the timing of fourth quarter sales and collections. Working capital improved to negative $3.8 million at December 31, 2016, compared to negative $16.6 million at December 31, 2015. The primary reason for the improvement in the working capital deficit was the change in the maturity date of all the then current promissory notes which resulted in the movement of such notes payable from current to long-term indebtedness, the elimination of accrued interest and royalty payment obligations and the receipt of the proceeds from the Bridge Loan. Adjusted working capital excluding non-cash liabilities, such as warrant and long-term incentive plan obligations to be settled in equity and an estimate of the portion of the $6.0 million Bridge Loan to be converted to long-term following the conclusion of the Rights Offering, was negative $1.2 million at December 31, 2016 and negative $13.4 million at December 31, 2015.

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. The Company's consolidated financial statements and management's discussion and analysis will be filed on SEDAR at: www.sedar.com on March 31, 2017.

About Intermap Technologies

Headquartered in Denver, Colorado, Intermap ( www.intermap.com) is an industry leader in geospatial intelligence solutions. It is the only company capable of fusing volumes of accurate bare earth and other geospatial data into a single source to provide location- based solutions for customers in diverse markets around the world. For more information please visit www.intermap.com.

Non-IFRS Measures

Adjusted EBITDA is not a recognized performance measure under IFRS 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).