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NavStar Shareholder Update -- Potential Revenue From Current Agreements Exceed $100M Over the Next 24 to 36 Months.
10:49 AM ET 8/12/09 Symbol Last % Chg NVSR 0.04 20.69% Quotes delayed at least 15 minutes
NavStar Technologies, Inc. (PINKSHEETS: NVSR), a multinational firm focused on developing and commercializing asset tracking and monitoring devices for vehicles and high value cargo, today released the following shareholder letter.
Dear Shareholders,
We continue to make significant progress on the customer front and have completed several distribution agreements with partners to represent NavStar in 5 different countries. The typical cycle for us to secure a distribution partner and to recognize revenue is:
View data Sales lead Confirm Interest, validate opportunity and access scope Field Trial LOI Business and/or Distribution Agreement Field Trial Technology integration (wireless interface, software customization) Secure PO
Sales lead Confirm Interest, validate opportunity and access scope Field Trial LOI Business and/or Distribution Agreement Field Trial Technology integration (wireless interface, software customization) Secure PO
This process takes time and the speed at which we proceed through this cycle has been lengthened by the current economic climate. In spite of these conditions we have been successful with the customers listed below. Every announcement we have made is a valid customer relationship and valid revenue opportunity.
To give you a snap shot of our customer status, I have prepared the following summary:
View data Potential Revenue Customer Country Potential Timeframe Status -------- ------- --------- --------- ------ Fixed Group Ecuador $ 3.0M Now Secure PO GF&T Mexico $30.0M Fall 2009 Distribution Agreement NavMex Mexico $ 1.0M Now Secure PO Diamante Mexico $ 1.0M Now Secure PO Anything Trucking United States $30.0M Fall 2009 Distribution Agreement Haeng Bo Cha Japan $30.0M 2010/2011 Joint Venture Lee & Associates Korea $15.0M 2010/2011 Discussion Acquisition Software Company N/A $20.0M August 2009 In Negotiation
Potential Revenue Customer Country Potential Timeframe Status -------- ------- --------- --------- ------ Fixed Group Ecuador $ 3.0M Now Secure PO GF&T Mexico $30.0M Fall 2009 Distribution Agreement NavMex Mexico $ 1.0M Now Secure PO Diamante Mexico $ 1.0M Now Secure PO Anything Trucking United States $30.0M Fall 2009 Distribution Agreement Haeng Bo Cha Japan $30.0M 2010/2011 Joint Venture Lee & Associates Korea $15.0M 2010/2011 Discussion Acquisition Software Company N/A $20.0M August 2009 In Negotiation
We are working on several additional customer opportunities that will be announced later this month.
We are as anxious as you are to report real revenue and to see the stock price reflect the true value of our company. We expect the initial PO from Ecuador either this month or early next month as the field trial is completed. Revenue in 2009 should be between $2.0 and $5.0M.
NavStar is still seeking $2.0M to $3.0M in longer term financing. We are approaching this fund raising on several fronts and remain optimistic that significant funding will be available in the next several months.
In the coming weeks our press releases will consist of topics relative to NavStar Technologies' previously mentioned negotiations, our funding efforts and more details about our plans for 2009 and beyond. We do listen to our shareholders, and are working hard to build value for you and for NavStar.
Sincerely, N. Douglas Pritt Chairman & CEO NavStar Technologies, Inc.
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.
CONTACT: NavStar Technologies, Inc. Patrick Bannister 714-502-6900 Email Contact
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They have not released any news today, but they had news on 11/04/09. Please read below. Even though it an old news, but it's worth knowing what they are doing....
9:02 AM ET 11/4/09 | Market Wire NavStar Technologies, Inc. (PINKSHEETS: NVSR), a firm focused on developing and commercializing multi-national asset tracking and monitoring devices for vehicles and high value cargo, today issued a shareholder update on several key initiative for the last 60 days of 2009.
Dear Shareholders,
As you know, significant progress has been made this year to identify partners in several countries and to get distribution agreements signed. This effort, while time consuming and difficult, will result in purchase orders for NavStar products in late 2009 and first quarter of 2010. Below is an update on a few of the "near term" opportunities that will unfold in the next 60 to 90 days.
View data * The contract with the transportation department in Ecuador is in the final stages of the field trial and units will ship in early 2010. We are the vendor of choice and delays are due to personnel changes within the government of Ecuador. * Final terms for a Joint Venture in Korea have been finalized and will be signed this month. * A field trial with a US trucking company will begin in late November or early December. * The opportunity that was announced in early October for distribution into the Middle East is still alive but taking much longer than expected to reach agreeable terms and conditions.
* The contract with the transportation department in Ecuador is in the final stages of the field trial and units will ship in early 2010. We are the vendor of choice and delays are due to personnel changes within the government of Ecuador. * Final terms for a Joint Venture in Korea have been finalized and will be signed this month. * A field trial with a US trucking company will begin in late November or early December. * The opportunity that was announced in early October for distribution into the Middle East is still alive but taking much longer than expected to reach agreeable terms and conditions.
The effort to get a distribution agreement signed, conduct a field trial and get a purchase order takes time and has of course been more difficult given the current economic climate. In spite of these conditions we have established a diverse customer base and have 6 significant agreements in place as we conclude 2009 and start 2010.
For a more in-depth review of the company plans for the rest of 2009 and projections for 2010, look for an interview with NavStar's Chairman and CEO N. Douglas Pritt later today at www.tradergains.com.
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.
CONTACT: NavStar Technologies, Inc. Patrick Bannister 714-502-6900 Email Contact
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