02/02/2009 - 18:16

ipernica streamlines business focus

02/02/2009 - 18:16

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West Perth-based ipernica says it has made a number of operational changes in order to focus its activities on the two main value drivers, intellectual property assertion and the newly acquired NearMap business.

West Perth-based ipernica says it has made a number of operational changes in order to focus its activities on the two main value drivers, intellectual property assertion and the newly acquired NearMap business.

This streamlining of activities will ensure that the ipernica Board and Management team remain focused on:

- growing the Company's successful IP Assertion business, which has delivered most of the previous two years record revenue and profit, and

- the successful launch of NearMap, including accelerating its plans for global expansion by leveraging ipernica's IP and licensing expertise, and working capital.

NearMap is a new media company formed to generate revenues from online location centric advertisements. It addresses the growing online advertising market with photomaps which are current, high resolution and offer multi angled views of aerial imagery which are captured at a fraction of the cost and time of traditional systems.

NearMap also licenses its very high resolution photomaps to Government agencies and to the real estate, insurance and resources industries, and to other commercial users.

ipernica remains in a very strong financial position with cash at bank at the end of December 2008 of $23.3 million.

The changes implemented include reducing the number of Consulting staff and retiring the ASSOB capital raising program and Decipher software reseller program. None of these activities contributed to profit in the past two years of record profits.

Simultaneously, ipernica is investing additional staff and resources into NearMap, which has substantial potential upside.

With the refocusing of the business, the Board is confident that the Company will achieve its objective of generating sustainable revenues and profit in the medium to long term.

 

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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