intermap elevationIntermap Technologies Corporation today reported financial results for the fourth quarter and year ended December 31, 2016. All amounts in this news release are in United States dollars, unless otherwise noted. During the second half of 2016, the Company undertook a number of measures to stabilize its operations, restructure its financial obligations, and return to profitable growth. The Company announced changes to the Board of Directors, which resulted in a new composition of the full Board. Additionally, the Company announced changes in senior management and organizational restructuring necessary to align the Company's resources with the on-going revenue opportunities. In December 2016, the Company announced the restructuring of its outstanding debt agreements with Vertex One Asset Management Inc. The restructuring included a Bridge Loan for $6.0 million, to be repaid with the proceeds of a Rights Offering during the first quarter of 2017, the extension of the maturity date of all current promissory notes to September 1, 2020 and the elimination of interest, the cash sweep and the royalty payment obligations. Read More