NavStar Technologies, Inc. Announces Shareholder Approval of Argo Acquisition
NavStar Technologies Announced Today the Final Approval of the Argo Navigation Acquisition and a 1 for 10 Reverse Split
over 50% of the shareholders have officially approved the acquisition of
Argo Navigation. At the same time a reverse stock split was approved and
established at a ratio of 1 for 10. NASDAQ approval has been obtained and
all of the appropriate documents have been filed to accomplish the
acquisition and reverse split. This corporate action will take effect at
the open of business today. The new symbol is NVSR; this replaces the
symbol of NVST.
As announced earlier this month the Argo acquisition is a great fit with
the NavStar overall strategy of providing navigation hardware and services.
Argo is a location-based system (LBS) company focused on tracking sectors
while NavStar is a LBS company focused on navigation sectors. Also
announced last week was the selection of NavStar/Argo as the provider of
asset tracking equipment in support of the public transportation system in
Ecuador. This agreement for hardware and services is expected to generate
$4.5 to $6.0M in revenue over the next 12 months.
“We chose to do a reverse split at this time to better position the per
share price to more closely represent the value of the company’s technology
in relationship to its markets,” said Douglas Pritt, President & CEO. He
continued, “Further, the reverse split will better position the company to
grow domestically and internationally through acquisition and exploit a
variety of new and exciting market opportunities before us for GPS and LBS
services. We are looking at several opportunities in the marketplace and
there are a number of acquisition candidates that would fit nicely with our
overall business strategy.”
The reverse stock split affects all of the company’s common stock, stock
options and warrants outstanding immediately prior to the effective date of
the reverse stock split.
A mandatory exchange is not required; however, current shares may be
swapped for a new certificate with the new CUSIP and symbol number through
the transfer agent at the shareholders option. Contact Karen Naughton[firstname.lastname@example.org].
About NavStar Technologies, Inc.
NavStar Technologies, Inc. is focused on the creation of products and
services for asset tracking and combining hands-free calling with voice GPS
Major Newsire & Press Release Distribution with Basic Starting at only $19 and Complete OTCBB / Financial Distribution only $89