GRAND JUNCTION, Colo., Jan. 08, 2024 (GLOBE NEWSWIRE) -- ProStar Holdings Inc. (“ProStar®” or the “the Company”) (TSXV: MAPS) (OTCQB: MAPPF) a world leader in Precision Mapping Solutions®, is pleased to announce the successful integration of its flagship product, PointMan®, into Rycom Instruments® cable and pipe locating devices. As a result of this integration, Rycom Instrument’s Pathfinder devices now have the ability to capture, record, and share the precise location of buried utilities and pipelines anywhere in the world with PointMan.
“We are very excited about the integration of Rycom Pathfinder with ProStar’s PointMan,” stated Doug Reitz, Executive VP of Rycom. “We recognize PointMan as best in class, and combining it with Rycom’s Pathfinder means that underground utility infrastructure, buried anywhere in the world, can now be precisely located, and the critical location data quickly and efficiently recorded, displayed, and shared with anyone from a standard mobile device.”
ProStar’s goal is to establish strong strategic business partnerships with all major equipment manufacturers of cable and pipe locate devices, ground penetrating radar, and GPS/GNSS receivers throughout the world. These partnerships potentially represent global sales distribution channels in a variety of industry sectors. Further, it allows clients to leverage PointMan into legacy equipment without requiring additional hardware investment.The completion of the integration with Rycom Instruments marks yet another major milestone for ProStar, as it means PointMan is now integrated into almost every major manufacturer of electromagnetic cable and pipe locate device, ground penetrating radar, and GPS/GNSS receivers. ProStar expects to provide more information in early 2024 on the Company’s continued efforts to establish strong business partnerships with the leading hardware equipment manufacturers.
“The mission of Prostar is to increase the Company’s global footprint and distribution network through the creation of strong business partnerships with all of the leading equipment manufacturers, including Rycom Instruments,” stated Page Tucker, CEO and founder of ProStar. By creating business partnerships with all of the major hardware manufacturers in the utility detection space including electromagnetic utility locate devices, ground penetrating radar, as well as GPS/GNSS receivers, ProStar materially increases the probability of having market share dominance. I would like to thank Rycom Instruments and note the partnership with Rycom Instruments is not only a strong indication that the construction industry is entering into a digital transformation, it is also evident that PointMan is leading it.”
About Rycom
Rycom Instruments has become a leading manufacturer of cable, pipe, and fault locating equipment. Originally a developer of telegraph carrier equipment for railroad communications, they began designing and manufacturing locating equipment in the 1950s. Today, Rycom Instruments focuses almost entirely on serving those in the locating industry.
At their manufacturing and production facility in Kansas City, Mo., their engineers continue to design and develop a wide range of industry proven line, cable-identification, and fault locators. Today, they devote all of their efforts to sales, service, manufacturing, and engineering in the locating industry, successfully serving markets around the world. For more information, please visit www.rycominstruments.com.
About ProStar:
ProStar is a world leader in Precision Mapping Solutions and is creating a digital world by leveraging the most modern GPS, cloud, and mobile technologies. ProStar is a software development company specializing in developing patented cloud and mobile precision mapping solutions focused on the critical infrastructure industry. ProStar’s flagship product, PointMan, is designed to significantly improve the workflow processes and business practices associated with the lifecycle management of critical infrastructure assets both above and below the Earth’s surface.
ProStar’s PointMan is offered as a Software as a Service (SaaS) and seamlessly connects the field with the office and provides the ability to precisely capture, record, display, and manage critical infrastructure, including roads, railways, pipelines, and utilities. Some of the largest entities in North America have adopted ProStar’s solutions, including Fortune 500 construction firms, Subsurface Utilities Engineering (SUE) firms, utility owners, and government agencies. ProStar has strategic business partnerships with the world’s leading geospatial technology providers, data collection equipment manufacturers, and their dealer networks. The Company has made a significant investment in creating a vast intellectual property portfolio that includes 18 issued patents in the United States and Canada. The patents protect the methods and systems required to digitally capture, record, organize, manage, distribute, and display the precise location of critical infrastructure, including buried utilities and pipelines. ProStar’s Executive management team has extensive experience in the management of both early-stage and Fortune 500 technology companies in the private and public sectors.
For more information about ProStar, please visit www.prostarcorp.com.
Contact:
Joel Sutherland
Investor Relations
970-822-4792
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Statements Regarding Forward-Looking Information
This press release contains forward-looking information within the meaning of Canadian securities laws. Such information includes, without limitation, information regarding the terms and conditions of the Company’s future plans. Although the Company believes that such information is reasonable, it can give no assurance that such expectations will prove to be correct.
Forward-looking information is typically identified by words such as: “believe”, “expect”, “anticipate”, “intend”, “estimate”, “postulate” and similar expressions, or are those which, by their nature, refer to future events. The Company cautions investors that any forward-looking information provided by the Company is not a guarantee of future results or performance and that actual results may differ materially from those in forward-looking information as a result of various factors, including, but not limited to: the state of the financial markets for the Company’s securities; the state of the technology sector; recent market volatility; the COVID-19 pandemic; the Company’s ability to raise the necessary capital or to be fully able to implement its business strategies; and other risks and factors that the Company is unaware of at this time. The reader is referred to the Company’s recent Annual Management’s Discussion & Analysis filed on SEDAR + on April 21, 2023, for a more complete discussion of applicable risk factors and their potential effects, copies of which may be accessed through the Company’s issuer page on SEDAR + at www.sedarplus.ca.
