Intermap Enters Worldwide Contract with Garmin on Innovative, Next-Generation Golf Applications

Rhea-AI Summary

Intermap Technologies has announced a multiyear joint development agreement with Garmin to integrate its 3D high-resolution NEXTMap Digital Terrain Model into Garmin Golf, a new subscription golf application. This partnership will utilize Intermap's precise terrain data for over 42,000 golf courses globally, enhancing user experience with real-time terrain information and advanced game metrics. Intermap will earn royalties per subscriber, capitalizing on its advanced geospatial data services. This collaboration signals Intermap's expansion into consumer applications, leveraging its proprietary technology for diverse uses.

Positive

• Partnership with Garmin expected to enhance user experience in golf applications.
• Intermap will earn royalties on a per-subscriber basis from the Garmin Golf app.
• Integration of high-resolution terrain data supports next-generation technology in consumer products.
• Demonstrates successful past collaborations with Garmin in GPS and navigation products.

Negative

• None.

Utilizes Intermap's best-in-class 3D elevation data services to map 42,000 golf courses around the world, providing subscribers with an unparalleled virtual experience using actual terrain data in real time

The next-generation consumer applications will access Intermap's proprietary 3D elevation data, analytics and software

DENVER, July 26, 2021 /PRNewswire/ - Intermap Technologies (TSX: IMP) (OTCQX: ITMSF) ("Intermap" or the "Company"), a global leader in geospatial content development and intelligence solutions, today announced a multiyear joint development agreement with Garmin®, a leading global provider of GPS-enabled products across diverse markets. Pursuant to the partnership, Intermap's high-resolution NEXTMap Digital Terrain Model (DTM) 3D elevation data will be integrated into Garmin Golf™, a new subscription-based golf application. Intermap will receive royalties on a per-subscriber basis.

Intermap's 3D, high-resolution NEXTMap DTM will enable Garmin to accurately deliver precise terrain information for 42,000 golf courses around the world. This highly accurate terrain data is ground true and consistent, not a simulated rendering, and provides actionable terrain awareness seamlessly to consumers. Users will see comprehensive swing metrics, ball flight statistics and detailed information about golf course terrain variability around the world, providing a complete golf experience package. In addition, high-resolution 3D maps of real golf courses, based upon highly precise, actual terrain data, will allow users to visualize and simulate golf games from any location, such as a backyard, living room or driving range.

"We are excited about our commercial partnership with Garmin, which will enable consumers to benefit from an unparalleled golf experience and take actual or simulated play to a new level using real world terrain data, rather than an interpolated rendering," said Patrick A. Blott, Intermap Chairman and CEO. "This also underscores the broad range of applications for our unmatched NEXTMap elevation data, which is available globally at a high level of precision. In addition to crucial government and infrastructure needs, we are pleased to be continuing our expansion into recreational and consumer uses for authoritative-grade geospatial content and intelligence."

Today's announcement follows a number of successful collaborations between Intermap and Garmin in which the Company's 3D NEXTMap data has been integrated into first-generation Garmin GPS and navigation products. This includes multiple NEXTMap products used in Garmin's outdoor and golf maps. The addition of Intermap's high-resolution, 3D NEXTMap DTM, designing a partnership in a royalty structure based upon users, supports Garmin's ongoing development of next-generation technology-enabled golf and outdoor consumer products that have global application and reach as well as rapid growth.

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.

About Garmin
Engineered on the inside for life on the outside, Garmin products have revolutionized the aviation, automotive, fitness, marine and outdoor lifestyles. Dedicated to helping people make the most of the time they spend pursuing their passions, Garmin believes every day is an opportunity to innovate and a chance to beat yesterday. For more information, visit Garmin's virtual pressroom at garmin.com/newsroom, email mailto:lduke@intermap.com, and connect with us at facebook.com/garmin, twitter.com/garminnews, instagram.com/garmin, youtube.com/garmin, or linkedin.com/company/garmin.

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SOURCE Intermap Technologies Corporation

FAQ

What is the new partnership between Intermap Technologies and Garmin about?

Intermap Technologies and Garmin have formed a multiyear agreement to integrate Intermap's high-resolution terrain data into Garmin's new subscription golf application.

How many golf courses will Garmin Golf feature with Intermap's data?

The Garmin Golf application will feature terrain data for over 42,000 golf courses worldwide.

What financial benefits will Intermap gain from the Garmin partnership?

Intermap will receive royalties based on the number of subscribers to the Garmin Golf application.

What technology is being used in the Garmin Golf application?

The Garmin Golf app will utilize Intermap's 3D high-resolution NEXTMap Digital Terrain Model for accurate terrain information.

When was the partnership between Intermap and Garmin announced?

The partnership was announced on July 26, 2021.