Business
Shareholder approval and reverse Split
Shareholder approval and reverse Split.
About this update from Energy Resource Abundance
[{"type":"text","content":"NavStar Technologies, Inc. Announces shareholder approval of Argo acquisition \n \nNavStar Technologies announced today the final approval of the Argo Navigation acquisition and a 1 for 10 reverse split. \n \nAnaheim, California, August 19, 2008 (Market Wire NavStar Technologies, Inc (Pink Sheets: NVST/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 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. \n\nAs 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. \n\n\"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.\"\n\nThe 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.\n.\nA 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 opt...