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Thu, September 24, 2009
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NavStar Technologies, Inc.: Major Breakthrough for NavStar in the Philippines
ANAHEIM, CA--(Marketwire - September 23, 2009) - NavStar Technologies, Inc. (
The agreement is focused on establishing a joint venture to sell and distribute NavStar products and services and could include manufacturing in the Philippines. The agreement combines NavStar's product development and GPS/wireless knowledge with the Philippines investor/partner in-country experience and extensive business connections. The agreement for hardware and services is targeted at $15.0M over the next two years and product could be shipping as early as the first quarter 2010.
"We have been working on this relationship for the past two months and last week we had a breakthrough on business terms and deal structure," said N. Douglas Pritt, Chairman & CEO, NavStar Technologies, Inc. "The Philippine business partners have excellent distribution contacts and can potentially manufacture the product and host the service applications in the Philippines and South East Asia. The enthusiasm and support that has been demonstrated from our investor/partner will move this opportunity to the top of our list as we prepare for 2010."
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.