Remember QPSX, the forerunner of Nearmap?, page-3

Re, Did they have a dispute with the company


It was a Case of:

Too many cooks in the kitchen

Stuart Nixon and Simon Crowther (CEO) did NOT see Eye to Eye on lots of stuff !!

So Stuart Nixon left.


Ipernica Chairman’s Letter


24 September 2010

Dear Shareholders,

Highlights of the 12 months to 30 June 2010 included the successful launch of NearMap and substantial progress in the Company‟s Assertion programs. The acquisition of NearMap has significantly changed the nature of ipernica reflecting an annuity style business delivering regular revenue to complement the Assertion business which is more characterised by large but less regular revenue streams. In the recent challenging and demanding economic climate, the Company has been very focussed on ensuring that it is in a sound financial position so that it could both weather the storm and be well placed to prosper when recovery occurs. We have achieved this without the need for a further dilutive capital raising. The year end cash at bank of $10.5 million and reduction in the cash burn rate further reflects this sound financial management. With the increasing significance to ipernica of the NearMap business, Stuart Nixon, founder of NearMap and a substantial shareholder of ipernica, joined the ipernica Board post year end. Stuart brings many years of international experience to the Board as well as a deep understanding of innovation which complements ipernica‟s focus on intellectual property rights. As the inventor of the NearMap technology, Stuart remains the technology visionary for NearMap and will continue to drive NearMap‟s innovation and competitive advantage. Stuart is a world leading innovator and we look forward to his ongoing contribution to NearMap and also strategically at the ipernica Board level. With the successful launch of NearMap in November 2009, and subsequent validation of the business model through government sales, the Board appointed Simon Crowther as Chief Executive Officer of NearMap (post year end) to support its next stage of growth. Simon brings the right mix of sales, media and international skills and experience that will enable NearMap to continue to deliver core revenue from government agencies, expand into the European market and monetise NearMap‟s value in the media market. The ipernica Board welcomes both Stuart and Simon to their respective roles, and we are confident that they will both make substantial contributions to the Company as it moves towards sustainable revenue and growing profitability, the objective the Board set itself with the acquisition of NearMap in late 2008. During the year, Dr Mary O‟Kane retired from the ipernica Board due to an ever increasing level of commitments, including her roles as Chief Scientist of NSW and as Chairperson of the Australian Centre for Renewable Energy which has oversight of a $652 million Renewable Energy Future Fund. I take this opportunity to thank Mary for her substantial contribution to ipernica over the last six years. In conclusion, I would like to thank my fellow Directors, the management team and our strategic partners for contributing to the performance of the Company during the year and I look forward to a rewarding year ahead.

Ross Norgard
Chairman

Perth
24 September 2010