ipernica in solid cash position: MD

ipernica in solid cash position: MD

Technology and IP group ipernica (ASX:IPR) said it was in a solid cash position as it worked towards achieving profitability from its NearMap aerial mapping service.

In a presentation to investors, managing director Graham Griffiths said the company had started receiving revenue from NearMap, which the company bought for $4 million plus shares in 2008.

The service presents a significant annual revenue opportunity, the company said, with scope for international growth.

The company is targeting a coverage area of 700 cities worldwide once the service becomes profitable in Australia.

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