"I wanted to take ProStar public in order to access the capital markets in support of our growth plans as well as to create liquidity, to enforce our intellectual property and to support my vision to make ProStar a global leader in geospatial technology," CEO and Founder Page Tucker said in the release.
In addition, ProStar noted that 2020 was an outstanding year, during which it expanded and grew despite the COVID-19 pandemic. This required the company to bolster its sales and marketing and customer support teams.
ProStar reported that last year it advanced its flagship mapping solution PointMan. Along with continuing to hone the software and increasing the number of operating systems on which it runs, the company finished integrating PointMan into the products of several GPS equipment manufacturers, including Trimble's GPS receivers. Trimble incorporated ProStar into its GIS Business Partner Program.
ProStar also integrated PointMan into the cable and pipe tools of additional manufacturers such as Vivax-Metrotech, Radiodetection and Subsite.
In another major development, ProStar released the beta version of its newest product PointMan Pro, which is on track for release in Q1/21, the company stated.
Further, ProStar was granted another U.S. patent, taking its total to 19. The new patent "covers computer-implemented methods for avoiding environmental and property damage within an excavation area," the release explained.
Also last year, ProStar completed a nonbrokered private placement of 14 million subscription receipts for $5.6 million in total gross proceeds. With respect to its capital raises, the company was 40% oversubscribed in Q4/20.
Finally, ProStar will continue to receive tax relief, for four additional years, through the Rural Jump-Start initiative thanks to an extension given by the Colorado Office of Economic Development and International Trade. Through the program, ProStar gets county and city personal property tax breaks, and its employees get state income tax relief.
"From where I sit, the future of ProStar looks very bright," Tucker added.
On January 11, Chris Temple of The National Investor wrote, "ProStar Holdings is started as a BUY and added to my list of Growth-oriented companies."[NLINSERT]
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