The Company is in negotiations with various investment entities, both foreign and domestic, to secure the long term funding needed to manufacture and sell their “state of the art” GPS/Wireless tacking and monitoring products and service. “We are actively engaged in discussions with a variety of possible candidates for a long term funding package that will allow us to manufacture and sell product and services in the 3rd quarter of 2011," stated N. Douglas Pritt, Chairman and CEO of NavStar Technologies, Inc. "The response has been very positive and potential investors share our view of the potential GPS/Wireless tracking and monitoring opportunity in markets that are in their early stage of growth.
The very next day after this PR was the initial company disclosure statement (June 1st) that said "final stages of securing $2.75M in funding", so I'm assuming they had narrowed down their choice of funding sources around the same time and began the process of writing the financing deal details and beginning the legal process of dotting i's and crossing t's.
I'm certain that 2.75M in funding isn't completed by a couple of "gentlemen handshakes". anyone involved in any type of business setting knows that ANY financing deals are extensive and require proper Legal attention for all parties involved, and I think we all know how anything that comes across a lawyer's desk takes time to be processed....especially a multi-MILLION financing deal.
Even if the deal isn't announced for another month wouldn't lead me to believe the deal isn't going thru according to plan....but I think it will be sooner than that, in my personal opinion.
Furthermore, the PR said they would begin manufacturing in the 3rd quarter of 2011, so that fact leads me to believe that even NavStar management knew it would take another month at a mimimum to complete the details when they announced it. Remember, today is the FIRST day of the 3rd quarter. So there isn't any "delay" as you've specified.
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