Intermap Technologies (IMP:TSX) exploded 25% Tuesday as its epic rally in July continues.
Intermap hit its 52-week low of $0.18 on June 28, 2016 and has now more than doubled. Intermap hit a high of $0.39 per share Tuesday on over 300,000 shares traded.
Intermap is a global provider of location based (geospatial) solutions, and provided an update on its previously announced $175 million contract for the creation, operation and maintenance of a national spatial data infrastructure (“SDI”) program on July 5th. It was this announcement is what sparked the recent explosion in the company’s liquidity and share value.
On July 5th, we published an article titled Intermap Technologies jumps 33% on $175 million contract update, where we wrote, “The size of this contract continues to drive interest in Intermap if only for the reason the company’s market cap currently sits at roughly $30.3 million.”
Click here to read the entire article.
Intermap Technologies trades to multi-month high
The company’s market cap had swelled to $36.86 million Tuesday afternoon.
Intermap Technologies – 3 Month Chart
Below is an excerpt from last week’s press release:
“In its 2016 first quarter financial results report dated May 12, 2016, the Company disclosed the expectation that the Project would commence during the second quarter upon the closing of the Project’s finance facility (the “Financing”). Intermap has been advised by the client that the Financing process is in its final phase with a leading multilateral financial institution. In accordance with the terms of the Contract, the Company is scheduled to receive a $12 million down payment upon the closing of the Project Financing, at which time the project will officially launch.”
Click here to read the entire press release from last week.
Following Intermap Technologies’ SDI Project Update, investors now have to wait for the deal to come to fruition.
Geospatial data in 2016 and beyond
On Intermap’s website, the company explains, “Our goal is to become the go-to company for all types of elevation data and associated information. We are the industry leader in processing geospatial data and have decades of experience integrating data derived from a number of different sensor technologies.”
The Geospatial Industry, sometimes referred to as GIS (which stands for geographical information system) by analysts attempting to gauge the growth of this sector, has been expanding at a solid pace.
Esri. Inc., Hexagon AB, The US Geological Survey, and Richmond, B.C.’s MacDonald, Dettwiler and Associates are key vendors in the GIS market.
In a report titled GIS market growth during 2012-2016, the growing size of this space is revealed:
“…the GIS market in Europe is expected to reach US$3,323.62 million by 2016 and one of the key industries who are contributing to GIS market growth is the Government sector.”
Click here to read more.
July’s Stock Challenge tightens up
Only one Pinnacle member, ‘graphiteman’ selected Intermap Technologies for July. His combined average return soared to 31.77% Tuesday – enough for 9th place overall.
Another long-time member ‘Rainendown’ took the lead Tuesday afternoon, with a 48.75% return. Another past Stock Challenge Champ was close on his heels, as ‘BrotherJ’ trailed him with a 45.73% return. BrotherJ’s pick of First Mining Finance hit a new all-time high of $1 per share today as its market cap flirts with $500 million. Mining stocks on the TSX Venture are putting together a memorable rally.
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