SOURCE: NavStar Technologies, Inc.

NavStar Technologies, Inc.

April 27, 2009 17:45 ET

NavStar Shareholder Update

ANAHEIM, CA--(Marketwire - April 27, 2009) - NavStar Technologies, Inc. (PINKSHEETS: NVSR), a GPS navigation company focused on vehicle, equipment, and people/pet tracking, is pleased to provide its shareholders a letter from N. Douglas Pritt, NavStar's Chairman & CEO.

Dear Shareholders,

As many of you are aware, we continue to make significant progress on the customer front and have signed several distribution partners to represent NavStar in various countries. The typical sales cycle for us is:

          Sales lead
          Confirm Interest, validate opportunity and access scope
          LOI
          Distribution Agreement
          Field Trial
          Technology issues (wireless interface, software customization)
          Secure PO

This process takes time and the speed that we proceed through it is lengthened by the current economic climate. Customers are slower to initial purchase orders and investors are extremely cautious with their investment dollars. Every announcement we have made is a valid customer opportunity.

To give you a snap shot of customer status, I have prepared the following table:

                            Revenue
Customer     Country        Potential   Timeframe   Status
----------- -----------     ----------- ----------- -----------
Fixed Group Ecuador         $  3.0M     12 months   Secure PO
GF&T        Mexico          $ 15.0M     36 months   Distribution Agreement
NavMex      Mexico          $  1.0M     12 months   Secure PO
Diamante    Mexico          $  2.0M     24 months   Secure PO
Intellisol  Columbia/Peru   $  2.0M     24 months   Secure PO

We continue to look for a software company to acquire and will either make an acquisition or complete our internal software/services development. The driving factors will be speed to market and lowest cost.

We are working on several additional customer opportunities that will be announced in the next 30 days.

We are as anxious as you are to report real revenue and to see the stock price reflect the true value of our company. I expect the revenue in 2009 to be between $2.0 and $5.0M.

NavStar is still seeking $2.0M to $2.5M 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. I will commit to generate a quarterly shareholder update and your comments are appreciated. 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.

Contact Information

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