GRAND JUNCTION, Colo., June 29, 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 Wayne Moore, former Managing Director and General Partner at Goldman Sachs has joined the Company’s Board of Directors (the “Board”). In connection with this appointment, and to keep the size of the Board at six (6) directors, being the maximum number of directors permitted under corporate law, Mr. Jonathan Richards will resign from the Board. Mr. Richards will remain as Chief Financial Officer and will be nominated for election as a director at the Company’s next annual general meeting.
Herb McKim, Chairman of the Board of ProStar, stated, “We are very excited to announce the appointment of Wayne Moore to our board. As a former managing director and general partner of Goldman Sachs’ M&A division, Wayne is a seasoned executive in all aspects of executive management, operations, and capital markets. We are putting together a well-rounded board to help us navigate to the next level, and we look forward to Wayne’s contributions and guidance.”
Wayne is a former General Partner and Managing Director of M&A at Goldman Sachs. Wayne started Goldman’s dedicated technology M&A practice in Silicon Valley. Today, Wayne is a private equity investor and a consultant at Madison Capital Partners, LLC. He is a principal investor and member of the Board of Directors at EPAY Systems, Inc., a founding partner and board member at PetWell Partners and Sepire, LLC., and serves on the board of Rush Medical Center. Wayne previously served on the Board of Directors at Suncoke Energy Partners (NYSE: SXCP), the Chicago Council on Global Affairs, and was a member of Goldman Sach’s M&A Worldwide Leadership Council. Wayne holds an MBA from Wharton School, University of Pennsylvania, and a M.S. in Mechanical Engineering from the University of Alabama.
“While at Goldman, I worked with some of the most notable technology companies in the world, and I have also been very active as a founding investor and advisor to early-stage companies,” stated Wayne Moore. “What ProStar has developed is a disruptive technology with market potential everywhere in the world. I am excited to work alongside the executive management team to help ProStar succeed and to become a globally recognized brand name.”
The Company granted 500,000 stock options to Mr. Wayne Moore, exercisable at CAD$0.30, and are exercisable for a five-year term, expiring June 29, 2028.
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 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.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accept responsibility for the adequacy or accuracy of this release.
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.