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NavStar Technologies, Inc. Shareholder Update
NavStar Technologies, Inc. (PINKSHEETS: NVSR), a multinational firm focused on developing and commercializing asset tracking and monitoring devices for vehicles and high value cargo, today released the following shareholder letter.
Dear Shareholders,
As you know we recently announced that NavStar has secured $2.4M in funding from an investment group in Southern California.
The funds from this investment will be primarily used to complete the final development and manufacturing of our GPS tracking and monitoring products and services. The experience we have gained over the past 12 months from field trials and customer input will allow us to build "state of the art" products and services. We expect to be selling GPS tracking and monitoring products and services by the second quarter of 2012.
Since the funding was announced we had added three additional engineers at our location in Anaheim and have formed a strategic relationship with engineering design firms in Korea and China to accelerate our product development timeline.
Marketing data, customer input and technology improvements have driven us to focus our product and sales efforts on the following market segments:
PowerSports Products (Motorcycles/Scooters/ATV)
Vehicles/Trucks
People
Machine to machine (M2M)
We will continue to monitor the Electronic On Board Recorder (EOBR) mandate by the Department of Transportation that requires United States Truckers to electronically record their hours of service (HOS). Our current product portfolio will support this market segment as it unfolds in 2012 and 2013.
NavStar has 15-20 customers around the world that have purchased over 20,000 units in the past and we expect to see significant revenue contributions from them in the future as we launch our new products.
We also have several significant international opportunities available in South America, Mexico and Canada. We will leverage the US product development efforts (now through 2Q12) and be positioned to sell internationally by 3rd Quarter 2012.
In any business, the ability to distribute products and make customers aware of the "value proposition" is the major factor for any company to succeed. Look for NavStar to announce some major distribution agreements in the next several months that are non-existent in the GPS tracking/monitoring industry today.
We appreciate your support over the past several years and we are looking forward to a great 2012.
Sincerely,
N. Douglas Pritt
Chairman & CEO
NavStar Technologies, Inc.
About NavStar Technologies, Inc.
NavStar (www.navstarinc.com) is focused on the creation of products and services that provide tracking and monitoring of vehicles and high value cargo, equipment, and other valuable and personal assets.
CONTACT:
NavStar Technologies, Inc.
Patrick Bannister
714-502-6900
Email Contact: Email Contact
