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NavStar Technologies, Inc.: NavStar Raises $1 Million in Corporate Funding

^{Published on 2009-09-15 06:34:20 - Market Wire}
 

ANAHEIM, CA--(Marketwire - September 15, 2009) - NavStar Technologies, Inc. (PINKSHEETS: [ NVSR ]), a firm focused on developing and commercializing multinational asset tracking and monitoring devices for vehicles and high value cargo, today announced the commitment for $1.0M of funding.

With this new round of funding NavStar plans to expand its hardware and software platform which is designed to facilitate the tracking, monitoring, and recovery of assets in transit. This initial $1.0M in funding will give the company the funds needed to get the current product ready for manufacturing in the last quarter of 2009 and to add key technical staff members. The company is seeking "longer term funding" and is in serious discussions with several additional funding sources.

Interim working capital is the first of four key initiatives that the company announced as a high priority in their September 1, 2009 press release:

"Position NavStar to strengthen their financial structure to enable it to move more quickly and efficiently. Complete the closing of interim working capital which will provide the funding that is needed to execute the company's business plan."

"This funding represents a very significant validation of our company and technology, especially during these challenging times and we extend our thanks to all our investors for their support," said N. Douglas Pritt, Chairman & CEO, NavStar Technologies, Inc. "We will use this initial funding to close the contracts/agreements we have already negotiated, close additional deals that are underway and get ready for manufacturing in the fourth quarter. Our investors believe that NavStar is positioned to play a major role in the Vehicle/Asset tracking worldwide market which is expected to grow to $5.0B by 2011."

FORWARD-LOOKING STATEMENT

This press release contains forward-looking statements within the meaning of US federal securities laws, that involve known and unknown risks and uncertainties that may cause actual results to differ materially from those expressed or implied in this press release.

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.