IMP beginning to look interesting again. Been through a clear trend reversal and broke through both 30 and 90 day supports. I would guess this is for no other reason then the delay of news of closing of the big deal ?
I am going to have to do some DD and catch up with goings on with IMP cause it looks to me like some cash could be made here in the short to midterm on etching of a final closing. I would be a buyer around last weeks low of .335 or on any 10% upside move...
Intermap's contract process taking longer than expected
2015-09-29 07:14 MT - News Release
Mr. Rich Mohr reports
INTERMAP TECHNOLOGIES PROVIDES UPDATE ON PREVIOUSLY ANNOUNCED $125M LETTER OF AWARD
Intermap Technologies Corp.'s process of completing the definitive contract for the letter of award, previously announced in a news release on June 22, 2015, has lengthened as scope expansion discussions ensue (requested by the contracting government) and from the complexity of the legal contracting process. The potential expanded contract terms remain under active discussion with the governmental client. Successful inclusion of the additional services being discussed, could add incrementally to the originally disclosed contract scope of work valued at greater than $125-million.
Initially expected to close during the third quarter of 2015, the increased program scope and contract complexities have changed the anticipated timing of the finalized definitive agreements into the fourth quarter of 2015. The letter of award is subject to the entry into definitive agreements giving effect to the tender terms and conditions, including, without limitation, a project finance facility agreement.
"Although we believe that we are close to completing the definitive agreements associated with the previously announced letter of award, the process has taken longer than we initially anticipated as additional services have been proposed," said Todd Oseth, president and chief executive officer of Intermap Technologies. "I'm pleased to report that the expanded scope discussions of the project relate directly to Intermap's extensive capabilities within the geospatial industry. Additionally, the numerous legal documents required for the definitive agreements must comply with international banking requirements and include multiple languages. We remain confident that we will be able to report the conclusion of the definitive agreements within the coming weeks."
The sovereign client intends to use the national spatial data infrastructure (SDI) for the planning, development and management of national interests, including natural resource exploration and production, environmental protection, land administration, telecommunication, transportation and power networks, defence, and homeland security. The program will include nationwide data acquisition, utilizing the company's proprietary interferometric synthetic aperture radar (IFSAR) technology, alongside satellite and selective light detection and ranging (LIDAR) coverage.
The letter of award is the result of a competitive tender process, during which the company demonstrated the enabling versatility of its proprietary Orion platform, the industry's first software-driven, big-data, geospatial analytics platform, capable of delivering customized solutions, at scale, to governments and commercial enterprises across multiple verticals from one unified control point.
We seek Safe Harbor.
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