|
Post by captsmith77 on Oct 6, 2016 7:58:18 GMT
Broadly agree with Navin and JHam. Without sounding bullish; I would disagree with SmallCap's (Knicksman on SH) assertion that todays PR forgoes the business strategy of Spatial Data Contract pursuit. JHam makes a strong point that it is the other business streams while outstanding SDIs close. Also Vertex essentially runs the show completely-- Their professional managers are in control. Another point is that: As long as IMP is still equipped (staffed) to carry out SDI work, the financing process and remaining items will be carried out by the Prime and various multi-laterals. I e-mailed Cory about this but no response as yet. Knicksman could be right. I just don't know why they wouldn't want to pursue it if by winning a bid it potentially gives you a gold mine. But maybe I am understating what goes into pursuing an SDI deal. Wow, wouldn't that suck for Oseth. Spend a decade and hundreds of millions developing a technology only to have it taken away from you and shelved. Perhaps Blott will sell the ORION platform to a bigger company and continue moving Intermap forward with Insite Pro etc... The problem with Orion is that the majority of your clients are third world countries, often with major stability and political issues. The irony is that Intermap never had the resources itself to offer such a program to build SDIs, and this was Oseth's greatest error in judgement.
|
|
|
Post by JHam on Oct 6, 2016 8:26:39 GMT
Just thinking out loud, but couldn't it be where the countries involved in these mega deals will only work with a company that's taken private? I mean, Intermap is always broke, and remains fixated on these major SDI projects, with limited revenues on the side coming in. While it's believed that they would do well with NSDIs in general, what they offer is brand new and hasn't been tested yet. New ownership may be what they're looking for to get the ball rolling. Not sure if Vertex would take it private even for a short while, but if you have several hundred million dollars sitting on the table then anything is possible. I would add, too, that I think this is all about Vertex and their best interests at this stage, and that the common shareholders are of little relevancy. That said, I still believe that some money can be made, just not sure how much. It'll be interesting to see where new management takes this company. I have wondered about that too. There is a reason why all of these companies are private. Maybe Intermap's financial woes are what keeps these deals from happening, or maybe it is just utter incompetence from Oseth. I also agree that it is all about Vertex and that they don't directly care about shareholders, but don't you think that because of their huge ownership that they are indirectly aligned with shareholders, even if they don't necessarily intend to be?
|
|
|
Post by JHam on Oct 6, 2016 8:30:56 GMT
Last thought of the night: It is similar to a classic corporate finance case-- "valuable company assets and value proposition created by highly technical and specialized staff"--then the professional managers (B-School, Hedge Funds, I-Bank etc.) take over because the level of managerial competence is absent; to truly monetize the asset. Basically Todd brought IMP to a place where there are significant assets to be monetized that have competitive advantage-- the challenge for Blott et al. is to monetize this into material value for Vertex and shareholders. There are still some disgruntled former employees of Intermap out there, and I think there was some belief that the company's shift towards developing Orion was a big mistake because the company was great at data acquisition and had plenty of revenue possibilities from that alone. One thing is certain, and that is that the company bit off way more than they could chew by investing in Orion without having proper revenue streams in place to fund it. Now the company has Orion and an even bigger money problem. I'm sure some of these former employees are cheering at Oseth's departure. Agree with this too, which is why I think they either a) License out ORION or parts or ORION platform to a bigger company or b) Sell ORION to a bigger company c) Sell the entire company. I don't think that ORION is worthless, even if it isn't worth the $200M that was put into it. At some point, ORION will bring some kind of value to Intermap through one of the above imo.
|
|
|
Post by seamonkey on Oct 6, 2016 13:01:56 GMT
Still trying to figure out why Geographic Data Tech was listed on IIRC site yesterday under IMP as IMP stock was halted. That's one hell of an "oops".
Makes me believe there's a little something else brewing behind the scenes that might have been accidentally let out the bag.
|
|
|
Post by prokofiev on Oct 6, 2016 13:15:22 GMT
I have contacted IIROC and will post here once I get more information. Should have moved to this board at long time ago... Prokofiev Still trying to figure out why Geographic Data Tech was listed on IIRC site yesterday under IMP as IMP stock was halted. That's one hell of an "oops". Makes me believe there's a little something else brewing behind the scenes that might have been accidentally let out the bag.
|
|
|
Post by seamonkey on Oct 6, 2016 13:23:51 GMT
I have contacted IIROC and will post here once I get more information. Should have moved to this board at long time ago... Prokofiev Still trying to figure out why Geographic Data Tech was listed on IIRC site yesterday under IMP as IMP stock was halted. That's one hell of an "oops". Makes me believe there's a little something else brewing behind the scenes that might have been accidentally let out the bag. Welcome prokofiev! Im new(er) to this board myself after watching and being invested in this company for 2 years now. Thank you for taking the bull by the horns and contacting IIRC...should have done that myself! Any new/additional info you may have would be welcome as we all try to figure out this goofy company!
|
|
|
Post by JHam on Oct 6, 2016 13:31:29 GMT
I have contacted IIROC and will post here once I get more information. Should have moved to this board at long time ago... Prokofiev Still trying to figure out why Geographic Data Tech was listed on IIRC site yesterday under IMP as IMP stock was halted. That's one hell of an "oops". Makes me believe there's a little something else brewing behind the scenes that might have been accidentally let out the bag. Glad you are here. I've always liked your posts over at SH. Welcome!
|
|
|
Post by furbush87 on Oct 6, 2016 15:00:07 GMT
For those that are following. Kabila in the DRC has finally stated he is not pursuing a 3rd term in office, they are down playing the political unrest. I think this is coming to an end, and should relieve any political concern that may or may not be holding up the SDI. Malaysia as of the 27th is drafting and preparing to adopt an official Geospatial policy that lays out who is responsible for what, who pays, and standardizes all data. From the last CC, Todd Oseth indicated this confusion was part of the holdup. With an official policy, there would be no more holdup.
|
|
|
Post by JHam on Oct 6, 2016 16:02:11 GMT
Interesting. Michael Hoehn (our new CFO) has been a shareholder since 2.5 weeks BEFORE being named to the BoD: Jul 22, 2015 12:28:00 PM
DENVER, July 22, 2015 - Intermap Technologies Corporation (TSX:IMP), (ITMSF:BB), a leading provider of geospatial solutions on-demand created from its uniform, high-resolution 3D digital models of the earth's surface, today announced the appointment of Mike Hoehn to its Board of Directors.
Todd Oseth, President and CEO of Intermap Technologies, commented, “We are very pleased to welcome Mike Hoehn to the Intermap Board. Mr. Hoehn has held financial and executive roles in the financial sector throughout his entire career. His analytical capabilities, knowledge of the financial markets, and experience in finance will be an asset to Intermap. We are excited about the extensive experience he brings to the Company and we are confident that he will be an immediate, valuable and contributing member of the Board.”
Mr. Hoehn is a private investor who previously served as Vice President at Morgan Stanley Principal Strategies in New York. In this capacity, Mr. Hoehn analyzed, and made recommendations on a number of investments across multiple industries and geographies, including scenarios involving pre-distressed/distressed companies, leveraged buyouts, restructurings, recapitalizations, mergers and acquisitions, spin-offs, and divestitures. Prior to this, Mr. Hoehn served as Associate Analyst at National Bank Financial in Toronto, initiating and maintaining firm research coverage on first the Income Trust sector and later the Industrial Products sector. Mr. Hoehn earned a B.A. in Chartered Accounting from the University of Waterloo and an M.B.A from the University of California Los Angeles. He is a CFA Charterholder.
www.intermap.com/pressreleases/2015/07/intermap-announces-appointment-of-new-directorHoehn, Michael - Latest filing date: July 6, 2016 Direct Ownership Common Shares Class A: 1,724,395 & Options 53,000
|
|
|
Post by kclawdog on Oct 6, 2016 16:07:22 GMT
He's laid the groundwork to stay in office with the elections delayed for years, so he doesn't actually need to be elected to a third term. But the opposition don't just want him to not run again, they want him out, because that's a pretty blatant way of staying in power despite constitutional term limits. Unless he's explicitly said he's stepping down in December when his term ends and actually does so, more violence is all but certain.
|
|
|
Post by JHam on Oct 6, 2016 17:22:26 GMT
Well, call me crazy, but I just added to my position. My reasoning is simple. In the worst case scenario Vertex can't file for bankruptcy until the end of March 31st. I also think that when all is said and done, Vertex will not be satisfied with the current $7M market valuation. I mean how much would Insite Pro be worth alone? It may take a while, but that's OK. I've waited this long
|
|
|
Post by furbush87 on Oct 6, 2016 17:33:12 GMT
Well, call me crazy, but I just added to my position. My reasoning is simple. In the worst case scenario Vertex can't file for bankruptcy until the end of March 31st. I also think that when all is said and done, Vertex will not be satisfied with the current $7M market valuation. I mean how much would Insite Pro be worth alone? It may take a while, but that's OK. I've waited this long www.geospatialworld.net/need-for-malaysia-national-geospatial-act/I like the paragraph that says they have plans in place already to centralize data.
|
|
|
Post by harleyquinn on Oct 6, 2016 18:57:33 GMT
The other positive about this is that those who are now in charge of this company are in complete alignment with the interests of shareholders. They hold a massive stake (not company gifted shares) and are currently worse off than most of us. If we lose they lose. They are going to everything in their power to turn this into a good investment for shareholders, which I can't say for sure about past management. I really think this is the key. I think if management interests are truly in alignment with shareholders, this will come out okay. If there is a way this could play out that throws the retail shareholder under the bus and leaves the management whole, then I worry. I think that now would be a great time for management to break silence. Not guidance per se, but just spell out rationale and reassurance. I find myself wondering why they don't do that, and if it means announcement part two is coming.
|
|
|
Post by JHam on Oct 7, 2016 3:35:44 GMT
What are the chances that Oseth/Mohr being replaced is responsible for the delay in the DRC down payment? I'm starting to wonder if whatever Vertex/Blott are up to in regard to the transformation/sale of the company in fact did put a halt to the entire project.
Total speculation here, but for example, if IMP was about to merge with a bigger company, certainly the DRC and others would want to wait until the merger was complete before commencing he project, for purely logistical reasons. They'd likely also have to re-write the contract agreement. Again, complete speculation, but just trying to make sense of things.
|
|
|
Post by upthendownagain on Oct 7, 2016 6:46:14 GMT
Since we're speculating, it could also be as simple as Oseth/Mohr being the obstacles to getting the SDI secured and now that they've been canned it will finally close. Again, just speculating, but as plausible as anything else at this point.
|
|
5s
New Member
Posts: 20
|
Post by 5s on Oct 7, 2016 11:43:16 GMT
Could also be that they got canned because of their negligence in there communications. Hopefully the new execs will be able to do all of the above, close sdi, communicate efficiently, and prep for a takeover at a proper valuation.
I was always critical of the management, now I can only hope someone can do better. If not then it's the company/services that are flawed.
If I wasn't fully stocked on IMP and didn't do the mistake of investing in Concordia I would add some here to average down. This would cover my back in case of a takeover with valuation of SDI being subtracted.
|
|
5s
New Member
Posts: 20
|
Post by 5s on Oct 7, 2016 12:22:51 GMT
I think JHam's thesis on the SDI being continent on Oseth and co. leaving makes sense logically, but from a substantive point of view the Prime selected Intermap with both of them at the helm, (RFP award etc.) on behalf of the DRC. I do agree that Blott is not really an operations guy-- more of a pure finance person. So from that we can draw some conclusions: Basically the monetization of existing projects (SDIs) and a return to recurring revenue models (Non SDIs). Now what makes me wonder slightly is the mention of the other firm in the halt PR--- seems a bit too odd that it would be mentioned as a mistake. I hope if they are doing a take-over it would be on the average price of the last year and not todays price. This is purely conjecture. Happy Friday. The problem is that the average 12M price included the SDI. So for the buyer the SDI would have to be financed and confirmed if they wanted to use that threshold for valuation. Would they be looking to sell if this SDI was financed? This might be where V1 and us shareholders diverge in interest. V1 could sell and retain the royalty agreement... they wouldn't put too much emphasis of price of sell as the revenue would be from royalty.
|
|
|
Post by furbush87 on Oct 7, 2016 14:48:00 GMT
Really difficult to know. Would love to have a response from IR to clarify I suspect it had more to do with the fact that in the last year over a dozen SDI deals were tendered, and they didn;t bid on any of them. In addition since 2013 they have been talking about $500m pipeline, but no money in 4 years coming from those opportunities. They may have been in over their heads, or they may just be the scapegoats. We won't know. Next CC will be interesting to see how Blott handles questions and information.
|
|
|
Post by JHam on Oct 7, 2016 15:54:01 GMT
Really difficult to know. Would love to have a response from IR to clarify I suspect it had more to do with the fact that in the last year over a dozen SDI deals were tendered, and they didn;t bid on any of them. In addition since 2013 they have been talking about $500m pipeline, but no money in 4 years coming from those opportunities. They may have been in over their heads, or they may just be the scapegoats. We won't know. Next CC will be interesting to see how Blott handles questions and information. Do you think they will even have a CC?
|
|
|
Post by mitshu35 on Oct 7, 2016 16:45:57 GMT
Well, call me crazy, but I just added to my position. My reasoning is simple. In the worst case scenario Vertex can't file for bankruptcy until the end of March 31st. I also think that when all is said and done, Vertex will not be satisfied with the current $7M market valuation. I mean how much would Insite Pro be worth alone? It may take a while, but that's OK. I've waited this long I swore I wasn't going to, but I added to my position today as well under 7 cents. Blott was brought in to sell the company, not run it long-term. Too much of a coincidence that Geographic Data Tech was shown as the company being halted under the Canadian IMP ticker (if it was another company in a totally unrelated business/industry, I would chalk 100% of it up to just being a mistake, but the company is similar and the change in wording in Todd's comments in the last release lead me to believe something will come of this). Anyway, looks like buyers have started stepping in at this fire-sale price so I am game for seeing how this plays out in the next 2-3 months with a bit more capital being tied up here. Just hope we get a decent/reasonable buyout price if that is what happens here in the near-term.
|
|