NavStar Technologies, Inc. Announces Shareholder Approval of Argo Acquisition


NavStar Technologies, Inc.

2008-08-19 08:00:00

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

ANAHEIM, CA–(EMWNews – August 19, 2008) – NavStar Technologies, Inc (PINKSHEETS: NVST)

(PINKSHEETS: NVSR) today announced that the NavStar Board of Directors and

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


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


NavStar Technologies, Inc.
Patrick Bannister

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