GRAND JUNCTION, Colo., Sept. 22, 2023 (GLOBE NEWSWIRE) -- ProStar Holdings Inc., ("ProStar®" or "the Company") (TSXV: MAPS) (OTCQX: MAPPF) (FSE: 5D00), announces that all matters were approved at the Company's recent Annual General Meeting ("AGM") held on Tuesday September 19th. Vasa Dasan, the Company's Chief Operating Officer, did not stand for re-election at this year's AGM, and instead, Jonathan Richards, the Company's Chief Financial Officer, was re-elected to the Board of Directors. All other board members remain the same.
Mr. Dasan will, effective September 30th, be retiring from his position as the Company's Chief Operating Officer. The Company would like to thank Mr. Dasan for all of his contributions to the growth of the Company over the last few years and wishes him well with his future endeavors. Page Tucker, the Company's CEO, stated, "As Vasa embarks on a new chapter in his life, we would like to take this opportunity to express our heartfelt appreciation for his outstanding service and wish him the very best in his well-deserved retirement years. His legacy will continue to inspire us as we strive to maintain the high standards of excellence that have become synonymous with the PointMan solution."
Shareholders of the Company also approved the re-appointment of Davidson & Company as the Company's auditor and approved the adoption of a new Long Term Incentive Plan ("LTIP") for the Company. The LTIP allows for up to 10% of the Company's outstanding common shares at any time to be issued as options and also allows for other share-based compensation to be issued up to a maximum amount of 10,000,000 common shares. Further details regarding the Company's LTIP can be found in the Company's Information Circular prepared for the AGM that is filed on SEDAR + under the Company's profile.
The Company granted 1,000,000 stock options to Mr. Louis Suchy in conjunction with his appointment as CTO (see news release dated August 8, 2023). The Options were granted at an exercise price of $0.36 and are exercisable for a five-year term, expiring September 21, 2028. The options vest according to the following schedule: 1/3 on grant; 1/3 will vest 12 months from the date of issue; and 1/3 will vest 24 months from the date of issue.
ON BEHALF OF THE BOARD OF DIRECTORS
"Page Tucker"
Chief Executive Officer, President and Director
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
Investorrelations@prostarcorp.com
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