NavStar Technologies, Inc. Restructures and Positions Company for Significant Growth in 2012
(firmenpresse) - ANAHEIM, CA -- (Marketwire) -- 08/29/11 -- NavStar Technologies, Inc. (PINKSHEETS: NVSR); The following is a letter to shareholders from N. Douglas Pritt, Chairman & Chief Executive Officer of NavStar Technologies, Inc.
August 29, 2011
Dear Shareholders,
At a Special Meeting of the NavStar Board of Directors and with support from over 60% of the shareholders, a one hundred to one reverse stock split has been approved. The reverse split takes effect today with the commencement of pre-market trading. This action will reduce the number of shares of outstanding common stock from 65,000,000 to 650,000. NavStar will begin trading on a split-adjusted basis under the trading symbol "NVSRD" for a period of 20 trading days. Commencing September 23, 2011 NavStar's common stock will resume trading under the symbol "NVSR."
The NavStar Board has given considerable thought to the decision of a reverse stock split, the ultimate decision was implemented to help NavStar execution and focus on fundamentals that strengthen the company's financial position and enhance long-term shareholder value.
NavStar is moving from a developmental stage company to a company ready to manufacture and fulfill pending customer orders. This action is consistent with NavStar's overall growth and corporate strategy and will accelerate the ability of the company to raise capital and to execute our overall business plan.
We have spent a great deal of 2011 developing and testing product platforms that fulfill two emerging GPS tracking/monitoring markets. With the DOT mandate that requires US trucking companies to electronically record hours of service (EOBR) and the emerging of the personal tracking market, there is an abundance of opportunities in 2012.
Shareholders who hold their shares in brokerage accounts or "street name" will not be required to take any action to affect the exchange of their shares. Shareholders of record who hold physical certificates have the option to surrender their old stock certificates for new stock certificates reflecting the adjusted number of shares as a result of the reverse stock split. Corporate Stock Transfer, NavStar's transfer agent, will act as the exchange agent for purposes of implementing the exchange of stock certificates.
These steps provide a good base for the company, as we work to create value for both new and existing shareholders.
Look for additional announcements this week.
Thank you for your continued support of NavStar Technologies and the management team at the company. We are looking forward to a great 2012.
Sincerely,
N. Douglas Pritt
CONTACT:
NavStar Technologies, Inc.
Patrick Bannister
714-502-6900
Email Contact:
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Datum: 29.08.2011 - 07:30 Uhr
Sprache: Deutsch
News-ID 1034638
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