GRAND JUNCTION, Colo., Nov. 20, 2024 (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 Ontario Transit Group has adopted ProStar's PointMan for utility damage prevention of underground infrastructure.
Ontario Transit Group, a joint venture between Ferrovial Construction and VINCI Construction Grand Projects, was awarded the CDN$6-billion contract for the Ontario Line - Southern Civil, Stations and Tunnel contract by Infrastructure Ontario and Metrolinx To deliver the project, utility and conduit works are expected, in order to prepare for the rolling stock, systems, operations, and maintenance of mechanical and electrical systems in the future.
"One of the most significant challenges we will face on a project of this magnitude will be identifying the precise location of the existing buried infrastructure, including all of the utilities that have been installed over the past century," stated Hetanshi Patel, GIS Manager at Ontario Transit Group Constructor. "PointMan will be instrumental in mapping and managing the underground utilities, and its precise geolocation capabilities are critical for avoiding disruptions and ensuring that the project is completed safely and efficiently."
Once complete, the Ontario Line will be a 15.6-kilometre subway line that will make it faster and easier to travel within Toronto and beyond. The line will bring 15 new stations to the city and will run from Exhibition Place, through the heart of downtown, all the way to the Eglinton Crosstown LRT at Don Mills Road.
"Being selected for a project of this magnitude by such a respected industry consortium is a testament to the value that PointMan provides and a key indicator of the ongoing transformation of the construction industry from paper and manual business practices into the digital era," remarked Page Tucker, CEO. "This further solidifies ProStar's position as a recognized leader in this transformation."
About Ontario Transit Group: Ontario Transit Group (OTG) is a joint venture between Ferrovial Construction and Vinci Construction Grands Projects (through their subsidiary JANIN ATLAS) to design, build, and deliver the Ontario Line Subway - Southern Civil, Stations and Tunnel contract for Metrolinx and Infrastructure Ontario. For more information about Ontario Transit Group, please visit ontariotransitgroup.ca.
Correction to Finder’s Warrants Issuable in the Company’s Private Placement of Units
Further to the Company’s news release dated November 1, 2024 announcing the closing of the Company’s non-brokered private placement of units (the “Closing News Release”), the Closing News Release incorrectly stated that the Company paid fees to eligible finders consisting of: (i) C$3,360.00 and (ii) 21,000 finder’s warrants. The Company wishes to correct the Closing News Release by clarifying that the Company paid fees to eligible finders consisting of: (i) C$23,912.01 and (ii) 149,450 finder’s warrants.
About ProStar: ProStar is a world leader in Precision Mapping Solutions and is creating a digital world by leveraging the most modern GPS, cloud, and mobile technologies. ProStar is a software development company specializing in developing patented 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 has strategic business partnerships with the world’s leading geospatial technology providers, data collection equipment manufacturers, and their dealer networks. The Company has made a significant investment in creating a vast intellectual property portfolio that includes 16 issued patents in the United States and Canada. The patents protect the methods and systems required to digitally capture, record, organize, manage, distribute, and display the precise location of critical infrastructure, including buried utilities and pipelines.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts 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 most recent Annual Management’s Discussion & Analysis filed on SEDAR + on April 19, 2024, 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.sedarplus.ca.
