Thursday, October 21, 2010

Intermap Raises $3.5M From Aircraft Sale

Denver-based Intermap Technologies, the provider of digital mapping and geographical information systems data, said today that it has raised $3.5M from the sale of one of its three corporate aircraft, a King Air 200T. The firm said the sale came due to the completion of its NEXTMap Europe and NEXTMap USA mapping programs. The firm said the King Air had been used as a "special missions" aircraft used for digital camera or radar systems. The sale of the aircraft follows a a major headcount reduction by the firm in September--17 percent--plus the loss of its CFO earlier in September.