Intermap Announces New Contract with Class 1 North American Railway Company for Flood and Fire Risk Management

Rhea-AI Summary

Intermap Technologies (OTCQX: ITMSF) announced a contract with a Class 1 North American railway for flood and fire risk management using its NEXTWave Rail™ application. This solution leverages unique risk analytics for evaluating culvert and track vulnerabilities, aiming to prevent costly repairs following natural disasters. The approach combines the company's existing flood management technology, InsitePro®, to enhance safety and reduce expenses associated with track washouts and derailments. The new contract represents Intermap's strategic expansion into the railway sector, targeting infrastructure resilience.

Positive

• New contract with a Class 1 North American railway for risk management.
• NEXTWave Rail™ application provides unique analytics for evaluating infrastructure vulnerabilities.
• Strategic expansion into the railway sector, enhancing revenue opportunities.

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• None.

Introducing NEXTWave Rail™ as a risk management solution for railway infrastructure planning and maintenance

Unique risk analytic leveraged to evaluate culvert and track vulnerabilities of railway infrastructure

DENVER, Jan. 11, 2022 /PRNewswire/ - Intermap Technologies (TSX: IMP) (OTCQX: ITMSF) ("Intermap" or the "Company"), a global leader in geospatial content development and intelligence solutions, today announced a new contract with a Class 1 North American railway company for flood and fire risk management.

There are seven Class 1 freight railroads in North America, each with revenue greater than $250 million. These railway companies are often confronted with large and unexpected expenses in repairing tracks that are washed out by flooding or obstructed and damaged by wildfire debris. Under the contract announced today, Intermap will provide flood and fire risk management along railway infrastructure through its NEXTWave Rail™ application.

Additional expense and safety hazards result if derailments occur from natural catastrophes. In April 2019, over two dozen Union Pacific train cars derailed due to weakened tracks caused by flooding in Fort Worth, Texas (source). Track damages can also impact the greater supply chain, as seen during the flooding in British Columbia in November 2021 (link). With Intermap's NEXTWave Rail application for flood and wildfire risk management, railway companies can plan and maintain culvert systems to help prevent washouts and implement wildfire mitigation strategies in high-risk areas near tracks.

To design a risk analytic for the railway sector, Intermap leveraged its expertise in flood management for the insurance industry, InsitePro®. The Company's new rail solution assesses railway culvert vulnerability by considering the location, size and age of the railway infrastructure, along with its proprietary elevation data and flood and fire models to provide a culvert vulnerability score through a single application. The vulnerability score will help railways prioritize which culverts require maintenance and when they need to be replaced without sending a team to do the assessment on-site. The culvert vulnerability analytic will support railways with insight into the topography and the frequency and severity of flood risk to decrease yearly cost from washouts and improve safety.

In March 2019, there were historic floods in the Midwest of the United States that resulted in BNSF and Union Pacific rail disruptions. The companies estimated that weekly rail volumes originating or starting out of the western U.S. were 12.5% lower for the week of the flood compared with the same period the previous year. In contrast, rail volumes originating from the eastern U.S. were 2.2% higher. Source

In November 2021, British Columbia experienced extreme floods and mudslides that damaged roads and railway lines and closed transportation routes for three weeks. It ranks among the costliest natural disasters in Canada's history, with damages of approximately $7.5 billion. Based on 2017 data that was extrapolated forward, it's estimated that $300-350 million worth of goods are traded between BC and the rest of Canada per day by rail and road. This means that the transportation disruption resulted in a loss of approximately $2-2.5 billion per week. This loss does not include the infrastructure damages, so the total cost of the disaster is much higher. Source

"Intermap's entry into the railway industry with this new contract will enable railway operators to assess and implement flood and wildfire risk mitigation strategies to prevent costly repairs and shutdowns of rail lines," said Patrick A. Blott, Intermap Chairman and CEO. "Leveraging our unique, patented technology and IP, Intermap is able to expand into new industries, like railway, where companies can benefit from Intermap's seamless, consistent and globally available elevation data and analytics to assess infrastructure with the same quality and accuracy across countries around the world."

Intermap Reader Advisory
Certain information provided in this news release constitutes forward-looking statements. The words "anticipate", "expect", "project", "estimate", "forecast", "will be", "will consider", "intends" 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. Intermap's forward-looking statements are subject to risks and uncertainties pertaining to, among other things, cash available to fund operations, availability of capital, revenue fluctuations, nature of government contracts, economic conditions, loss of key customers, retention and availability of executive talent, competing technologies, common share price volatility, loss of proprietary information, software functionality, internet and system infrastructure functionality, information technology security, breakdown of strategic alliances, and international and political considerations, as well as those risks and uncertainties discussed Intermap's 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.

About Intermap Technologies
Founded in 1997 and headquartered in Denver, Colorado, Intermap (TSX: IMP; OTCQX: ITMSF) is a global leader in geospatial intelligence solutions. The Company's proprietary 3D NEXTMap® elevation datasets and value-added geospatial collection, processing, analytics, fusion and orthorectification software and solutions are utilized across a range of industries that rely on accurate, high-resolution elevation data. Intermap helps governments build authoritative geospatial datasets and provides solutions for base mapping, transportation, environmental monitoring, topographic mapping, disaster mitigation, smart city integration, public safety and defense. The Company's commercial applications include aviation and UAV flight planning, flood and wildfire insurance, environmental and renewable energy planning, telecommunications, engineering, critical infrastructure monitoring, hydrology, land management, oil and gas and transportation. For more information, please visit www.intermap.com.

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SOURCE Intermap Technologies Corporation

FAQ

What is the new contract announced by Intermap Technologies?

Intermap Technologies has secured a contract with a Class 1 North American railway to provide flood and fire risk management using its NEXTWave Rail™ application.

How does NEXTWave Rail™ enhance railway infrastructure management?

NEXTWave Rail™ leverages unique risk analytics to assess vulnerabilities of culverts and tracks, improving planning and maintenance to prevent costly repairs.

What are the benefits of Intermap's flood and fire risk management solutions?

These solutions aim to reduce expenses related to natural disaster damages and improve safety by helping railways prioritize maintenance based on identified vulnerabilities.

When was the contract with the North American railway announced?

The contract was announced on January 11, 2022.

What is Intermap Technologies' stock symbol?

Intermap Technologies trades under the stock symbol ITMSF on the OTCQX.