Adjusted working capital is not a recognized performance measure under IFRS and does not have a standardized meaning prescribed by IFRS. The term working capital consists of current assets less current liabilities. Adjusted working capital is included as a supplemental disclosure because management believes that such measurement provides a better assessment of the Company's near-term cash obligations, by excluding certain non-cash liabilities.

Intermap Reader Advisory

Certain information provided in this news release constitutes forward-looking statements, including the intention of the Corporation to complete the Rights Offering and the Company's plans to align the Company's resources with the on-going revenue opportunities and to seek to return to profitable growth. The words "anticipate", "expect", "project", "estimate", "forecast" 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. You can find a discussion of such risks and uncertainties in our Annual Information Form and other securities filings. While the Corporation 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 Corporation 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 Corporation 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. 

INTERMAP TECHNOLOGIES CORPORATION
Consolidated Balance Sheets
UNAUDITED
(In thousands of United States dollars)