11:54 AM EDT, 08/19/2024 (MT Newswires) -- Intermap Technologies ( ITMSF ) said Monday it won a second phase for its prime contract with the U.S. Air Force to support its development of navigation solutions for GPS-denied environments.

The company did not disclose the value of the contract but said phase two is five times the revenue of the phase one contract.

Intermap ( ITMSF ) said it is developing plans for a future phase that will be materially larger than phase two and may lead to graduating these mission-critical capabilities to a program of record, such as Advanced Battlefield Management Systems (ABMS). Intermap ( ITMSF ) is a team member on ABMS.

It added: "In these GPS-denied environments, battlefield performance of terrestrial, airborne and space platforms require precise PNT [positioning, navigation and timing systems] to enable multidomain operations," Intermap ( ITMSF ) chief executive Patrick Blott said. "Intermap ( ITMSF ) is working on this problem by leveraging several technological capabilities under multiple announced [US Department of Defense] and commercial contracts for GPS-denied environments, including with the U.S. Air Force, NASA Artemis III, and an undisclosed commercial satellite communications company."

Intermap ( ITMSF ) shares were last seen up $0.04 to $0.81 on the Toronto Stock Exchange.

Price: 0.81, Change: +0.04, Percent Change: +5.19