ProStar Holdings Announces Corporate Update

GRAND JUNCTION, Colo., May 14, 2024 (GLOBE NEWSWIRE) -- ProStar Holdings Inc., (“ProStar” or “the Company”) (TSXV: MAPS) (OTCQX: MAPPF) (FSE: 5D00), a world leader in Precision Mapping Solutions, is pleased to announce the following corporate update from Page Tucker, CEO.

Dear Fellow Shareholders:

Prostar has made significant progress year-to-date following Q4 2023 momentum.

Financing

We are in the process of closing our current financing previously announced in March. We are actively applying for alternative non-dilutive financings in the form of grants and/or forgivable loans affiliated with the UN Sustainable Development Goals. We expect to know in the near term whether we qualify for any of these financing options.

Milestones achieved year-to-date

1. In Q1 2024 we added 22 new cloud customers, up from 14 new cloud customers in Q4 2023, showing sequential quarter over quarter growth of 57%.
2. Completed integration with all major hardware providers required for precision utility detection, including TopCon.
3. Signed one of the largest utility locating companies in the USA.

Our most notable signings year to date are:

• Garney, one of the largest water and sewerage construction company in the USA.
• Stake Center the 2^nd largest utility locating company in the US conducting over 850,000 locates a month.
• OnTransit a consortium of companies engaged in one of the largest public transit projects in Canadian history. Learn more about this project here and here.

In addition to the opportunity for hundreds of additional license sales , these new customer signings demonstrate a major change in the industry and transformation from manual workflows to digital mapping. These firms also provide ProStar increased exposure throughout the entire infrastructure construction industry. 

Top 3 Near Term Objectives

1. Expand our international footprint from USA, Canada, Australia and New Zealand to include India, the Middle East and Europe.
2. Sign additional US State Department of Transportation agencies as customers.
3. Integration into US based One Call ticket management systems and exposure to their expansive customer bases.

Product Enhancements

The integration of PointMan into leading hardware and software systems creates a vast distribution network for ProStar throughout the world.

In addition to completing integration with electromagnetic hardware equipment noted above, we also completed integration with Propeller Aero which extends functionality for drone mapping and geospatial analytics. We are also pleased to announce that PointMan is now compatible with industry-leading CAD platforms including Bentley’s MicroStation and Autodesk’s AutoCAD.