GRAND JUNCTION, Colo., April 27, 2023 (GLOBE NEWSWIRE) -- ProStar Holdings Inc. ("ProStar®" or the “Company") (TSXV: MAPS) (OTCQX: MAPPF) (FSE: 5D00) a world leader in Precision Mapping Solutions®, is pleased to announce that Canadian Patent No. 3,114,919, prepared and prosecuted by Lewis Roca, has been granted to ProStar. The patent is directed to a mobile device designed to collect digital utility asset data, including location data, in a more timely and efficient manner which helps to prevent damages to utilities and the environment during critical infrastructure construction, repair, and groundbreaking activities.
"ProStar is a pioneer in identifying the precise location of installed utilities as well as the innovative distribution and display of digital utility location information," said Raymond R. Tabandeh, the Lewis Roca partner who prosecuted the patent. "This is ProStar's 9th issued and active Canadian patent and further adds to ProStar's extensive U.S. and Canadian patent portfolio," added Tabandeh.
The patent covers a portable electronic device for utility data collection. The portable device may be a mobile phone, a laptop computer, a locator, and a personal digital assistant (PDA) and includes an antenna; and a data collection device to detect a signal from an installed utility asset. A location-determining device is coupled to the data collection device for determining a location of the installed utility asset. The data collection device includes: a wireless transceiver for wirelessly communicating with a remote server computer; a memory including a starter grid map, a password, and a name of an operator of the portable electronic device; a processor coupled to the wireless transceiver and the location determining device for creating a data record for the installed utility asset, the data record including information about a type and location of the installed utility asset, and information about time and date of the collected data. The processor selects an area from the stored starter grid map; transmits the data record and the selected area to the remote server computer; receives a latest grid map from the remote server computer for the area selected the stored starter grid map; generates a map including a representation of the installed utility asset from the data record and the received latest grid map; and displays the location data of the installed utility asset on a moving map as the portable electronic device is being moved.
Optionally, the processor generates a warning signal based on the location data of the installed utility asset, a location and movement direction of the portable electronic device, and a distance of the portable electronic device to the installed utility asset. The data record further includes information about topography of the selected area, a manner of collecting the data, information about the topography integrated into a GIS data transaction.
ProStar's Chief Executive Officer and a coinventor of the issued patent, Page Tucker, stated, "It is another major milestone to have been issued another major Canadian patent. Not only does this issuance validate that we are the pioneer in developing precision mapping solutions, but this issuance also puts us in a strong position supported by an extensive IP portfolio to protect us on any patent infringements, especially in Canada."
The Company granted 300,000 stock options today to Pat Clawson, in conjunction with his appointment as a Director (see news release dated April 12, 2023). The Options were granted at an exercise price of $0.20 and are exercisable for a five-year term, expiring April 26, 2028.
About Lewis Roca:
For more information about Lewis Roca, please visit www.lewisroca.com.
About ProStar:
ProStar is a world leader in Precision Mapping Solutions and is creating a digital world by further integrating the most modern GPS, cloud, and mobile technologies in Precision Mapping Solutions. ProStar is a software development and solution provider company specializing in developing cloud and mobile precision mapping solutions focused on the critical infrastructure industry. ProStar’s flagship product, PointMan®, is designed to significantly improve the workflow processes and business practices associated with the lifecycle management of critical infrastructure assets both above and below the Earth’s surface.
ProStar’s PointMan® is offered as a Software as a Service (SaaS) and seamlessly connects the field with the office and provides the ability to precisely capture, record, display, and manage critical infrastructure, including pipelines, and utilities. Some of the largest entities in North America have adopted ProStar’s Precision Mapping solutions, including Fortune 500 construction firms, Subsurface Utilities Engineering (SUE) firms, utility owners, and government agencies. ProStar has strategic business partnerships with the world’s leading geospatial technology providers, data collection equipment manufacturers, and dealer networks.
The Company has made a significant investment in creating a vast intellectual property portfolio that includes several number of issued patents in the United States and Canada. The patents protect the methods and systems to digitally capture, record, organize, manage, distribute, and display the precise location of critical infrastructure, including buried utilities and pipelines. ProStar’s Executive management team has extensive experience in the management of both early-stage and Fortune 500 technology companies in the private and public sectors.
For more information about ProStar, please visit www.prostarcorp.com.
On behalf of the Company,
Page Tucker on sales / corporate news releases, CEO and Director
Contact:
Joel Sutherland
Investor Relations
970-822-4792
Investorrelations@prostarcorp.com
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Cautionary Statements Regarding Forward-Looking Information
This press release contains forward-looking information within the meaning of Canadian securities laws. Such information includes, without limitation, information regarding the terms and conditions of the Company’s future plans. Although the Company believes that such information is reasonable, it can give no assurance that such expectations will prove to be correct.
Forward-looking information is typically identified by words such as: “believe”, “expect”, “anticipate”, “intend”, “estimate”, “postulate” and similar expressions, or are those which, by their nature, refer to future events. The Company cautions investors that any forward-looking information provided by the Company is not a guarantee of future results or performance and that actual results may differ materially from those in forward-looking information as a result of various factors, including, but not limited to: the state of the financial markets for the Company’s securities; the state of the technology sector; recent market volatility; the COVID-19 pandemic; the Company’s ability to raise the necessary capital or to be fully able to implement its business strategies; and other risks and factors that the Company is unaware of at this time. The reader is referred to the Company’s recent Annual Management’s Discussion & Analysis filed on SEDAR on April 21, 2023, for a more complete discussion of applicable risk factors and their potential effects, copies of which may be accessed through the Company’s issuer page on SEDAR at www.sedar.com.
