On Friday, the shares of the acknowledged as a leader in the remote sensing industry for three decades Intermap Technologies Corporation (TSE:IMP), (PINK:ITMSF) sensed the deepest bottom for the first time in their more than five years of trading history.
Though the slight pull up of IMP on the Toronto Stock Exchange (TSE) last Monday on the news about the appointment of a new President and CEO of the company, the stock was not able to hold the revitalization for more than one trading session.
The strong selling pressure resulted in the “remapping” of IMP price chart. The shares closed the week at $0.395 on a volume of almost three million shares changing hands, drawing the “map” of their weakest performance.
The stock noted not only a new 52-week low, but also the lowest price ever in its trading history. The above mentioned volume also was notable, being the highest for the last two years.
Except for the released by IMP changes in its management body, there was no other official news that could effect the shares’ slump, but despite that fact ITMSF’s downward direction was supported by investors even on the American OTC market. At the end of the week, the price of ITMSF returned back 10.04% in a day, which was 2.18% less than the stock spill on the TSE between the sessions.
At the beginning of November, Intermap Technologies Corporation announced its financial reports for the third quarter and the nine months ended September 30, 2010. There, IMP reported sharp decrease in revenues. The company justified them with the income reduction from the mapping projects in Southeast Asia, where IMP had $14.2 million in revenue for the nine months ended September 30, 2009 compared to $0.8 million for the same period in 2010.[BANNER]
Apart from the not so positive financial statements, even if we take into consideration the company’s initiative to sell its King Air aircraft, the feeling still remains that there is some speculative intervention these days. The heavy volume traded and the confirmed downtrend direction are not in unison with the last developments of the company. Further more, Intermap Technologies Corporation offers services, for which demand is expected to increase in the future.
The company’s similar to its NEXTMap USA programs still give the hope that there is potential for the business and for the stock to grow. NEXTMap USA program was the largest IMP program and it was completed during the second quarter of 2010. It covered over 8.0 million square kilometers of the contiguous United States and Hawaii.
