SOURCE: NavStar Technologies, Inc.

NavStar Technologies, Inc.

August 04, 2009 09:45 ET

NavStar Announces Initial Inquiry From Investors to Sell and Distribute Products in Korea Which Could Represent $15M in Revenue

ANAHEIM, CA--(Marketwire - August 4, 2009) - NavStar Technologies, Inc. (PINKSHEETS: NVSR) (www.navstarinc.com), a multinational firm focused on developing and commercializing asset tracking and monitoring devices for vehicles and high value cargo, today announced a series of meetings this week with a group of investors to sell and distribute products and services in Korea.

The discussions will range from a possible joint venture to sell and distribute and could include manufacturing to a straight multi-year distribution and sales agreement. Whatever form the agreement takes, it will combine NavStar's product development and GPS/wireless knowledge with the Korean investors'/partners' in-country experience and extensive business connections. The agreement for hardware and services should be in the $15M range for fiscal years 2010 and 2011.

"We have been working on this relationship for the past 3 months and are pleased that the investors are making a trip to the US to accelerate the process and are determined to reach agreement on the deal structure," said N. Douglas Pritt, Chairman & CEO, NavStar Technologies, Inc. "The potential Korean investors have an extensive distribution capacity and a range of contacts in Korea that would take us years to duplicate. The early conversations have been centered around the purchase of a minimum of 10,000 units every 12 months."

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 Information

  • CONTACT:
    NavStar Technologies, Inc.
    Patrick Bannister
    714-502-6900
    Email Contact