GRAND JUNCTION, Colo.--(BUSINESS WIRE)--ProStar Holdings Inc. (“ProStar” or the “Company”) (TSXV: MAPS) is pleased to announce that its common shares will commence trading on the TSX Venture Exchange (“TSXV”) on Monday, January 11, 2021 under the symbol “MAPS.”
ProStar specializes in the development of Precision Mapping Solutions™. ProStar's Solution is patented, natively cloud and mobile and offered as a SaaS recurring revenue model. ProStar's Solution is designed to improve the business operations of any industry that requires the precise location of sub-surface infrastructure including utility, oil & gas, construction, engineering & surveying, 811 and contract locating. ProStar's Solution enables real-time access to precise location information where and when it is most needed. Knowing the type, precise location and condition of what lies below the earth's surface can significantly reduce costs, decrease liabilities, improve environmental stewardship and increase productivity during construction and maintenance activities.
The Company is also pleased to provide the following update to shareholders from ProStar’s CEO and founder, Page Tucker.
“Despite unprecedented and frequently challenging times, 2020 proved to be an outstanding year for ProStar. The opportunities we capitalized on throughout the year, included expanding our customer base in several verticals, introducing our most advanced product offerings, and developing the most strategic business partnerships in our history, all of which have us entering 2021 with a very high level of optimism.
“With many companies forced to cut back and lay off personnel last year, we were fortunate to expand and grow. This enables the Company to be well positioned in 2021 in order to capitalize on what will be the new, post COVID economy. An economy expected to be driven in part by increased government spending on improving our infrastructure and new technologies designed to address the growing concern for our environment and public safety. By providing our customers with better infrastructure management tools, we are being recognized as part of the solution.
“When I founded ProStar back in 2014, I had several key objectives: I wanted to create a Software as a Service (SaaS) company that offered a game changing, patent enforceable and disruptive technology that benefited the worker, the public, and our environment. Second, I wanted to surround myself with a proven world-class team that could help me to develop, scale and deliver this disruptive technology globally.
“Thirdly, I wanted to take ProStar public in order to access the capital markets in support of our growth plans as well as to create liquidity, to enforce our IP and to support my vision to make ProStar a global leader in geospatial technology.
“I am happy to report that in 2020 we made tremendous headway towards accomplishing these goals all in the midst of a pandemic. I believe this clearly demonstrates ProStar’s resiliency to economic downturns, including one of the sharpest global recessions endured in modern history. Below are just a few highlights from this past year:
Building a team to create and deliver a world-class product:
“The remarkable team assembled by ProStar’s COO, Mr. Vasa Dasan (previous CTO to Sun Microsystems Inc.) continues to refine our flagship solution, PointMan. Our development team also completed the integration of our software with several key GPS equipment manufacturers, including, our most in-depth integration to date, with Trimble (NASDAQ – TRMB) GPS receivers. (see Trimble news release, July 8, 2020) They also expanded PointMan’s integration with the largest manufacturers of cable and pipe locate tools, that included Vivax-Metrotech, Radio Detection and Subsite, while simultaneously expanding the operating systems that PointMan operates on. These strategic partnerships not only create increased visibility and credibility, they are now providing a significant increase in sales through their user base and dealer distribution networks throughout North America and abroad.
“In 2020 we also expanded our sales & marketing team along with the customer support department. Together they have been successful in acquiring new customers, which included the expansion into several additional US states and Canadian provinces.
“In terms of product development, what I am most excited about is that following more than two years of development we have released the beta version of our newest and most disruptive product to date, PointMan Pro™. PointMan Pro operates on the new AWS (Amazon) cloud platform and is on schedule to be released this quarter. It is already generating significant interest, and we are now processing pre-orders from some of the largest engineering and surveying, construction, and utility-locating firms in North America
Drive value for all stakeholders:
“In final quarter of last year, we were 40% oversubscribed in our capital raise initiatives. As further set out in the ProStar news release dated October 26, 2020 and December 29, 2020, we completed a non-brokered private placement of 14,000,000 subscription receipts for aggregate gross proceeds of $5,600,000, from which proceeds are already being implemented towards our growth plans. ProStar would like to correct the disclosure in its news release dated December 29, 2020 to confirm that the common share purchase warrants issued by the Company in connection with the Private Placement are transferable.
Other 2020 milestone events include:
“Trimble, recognizing the value we bring to both their business and the infrastructure industry, incorporated ProStar into their GIS Business Partner Program.
“One of the leading engineering and construction firms in North America, recognizing the significant operational benefits and risk reduction that ProStar provides them, incorporated the use of ProStar’s solution into several departments and signed a Master Service Agreement with ProStar, expanding its use into additional major US and Canadian infrastructure projects that include roadways, Light Rail and power.
“We’re also appreciative of the Colorado Office of Economic Development and International Trade for granting ProStar a four-year extension within their Rural Jump-Start tax initiative. The program provides relief to ProStar from county and municipal personal property taxes and relief from state income taxes to ProStar employees. We were the first Colorado company to successfully complete a four-year term and then receive an extension after our performance review.
“We were granted another United States patent (No. 9,619,573). The patent covers computer-implemented methods for avoiding environmental and property damage within an excavation area. That brings the total number of ProStar patents in our IP portfolio to 19 with several more pending.
“Together with our customers, whose foresightedness led them to choose ProStar, we are preventing countless utility strikes caused by construction activities thereby helping to reduce the growing number of incidences that far too often result in injuries, loss of life, disruption of services to households and businesses, and environmental contamination.
“As we begin this new year, I’m grateful for everything we managed to achieve last year, I am grateful for our remarkable leadership team, I’m grateful for the incredible support and the appreciation we received from our customers throughout the year and I am grateful that we remain safe and healthy. We are proud to service all of the ProStar stakeholders from the employees, vendors, clients and shareholders and we will continue to work diligently on your behalf. From where I sit, the future of ProStar looks very bright, and in closing I would like to thank all of you for continuing to bring my vision into reality.”
For further information, please contact:
ProStar Investor Relations
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Statements Regarding Forward-Looking Information
This press release contains forward-looking information within the meaning of Canadian securities laws. Such information includes, without limitation, information regarding the terms and conditions of the Company’s future plans. Although the Company believes that such information is reasonable, it can give no assurance that such expectations will prove to be correct.
Forward-looking information is typically identified by words such as: "believe", "expect", "anticipate", "intend", "estimate", "postulate" and similar expressions, or are those, which, by their nature, refer to future events. The Company cautions investors that any forward-looking information provided by the Company is not a guarantee of future results or performance, and that actual results may differ materially from those in forward-looking information as a result of various factors, including, but not limited to: the state of the financial markets for the Company's securities; the state of the technology sector; recent market volatility; the COVID-19 pandemic; the Company’s ability to raise the necessary capital or to be fully able to implement its business strategies; and other risks and factors that the Company is unaware of at this time. The reader is referred to the Company’s recent Information Circular filed on SEDAR on November 20, 2020 for a more complete discussion of applicable risk factors and their potential effects, copies of which may be accessed through the Company’s issuer page on SEDAR at www.sedar.com.
The forward-looking statements contained in this press release are made as of the date of this press release. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.