In a news release, Precision Mapping Solutions® company, ProStar Holdings Inc. (MAPS:TSX.V) announced that after receiving approval from The Depository Trust Co. (DTC) of New York, N.Y., its common shares are now designated as DTC eligible.
ProStar explained that DTC is the world's largest securities depository offering highly efficient electronic clearing and settlements of trades for brokers along with other related transactional and custodial services. The company stated that gaining DTC eligibility allows its shares to trade more easily and economically via electronic means in the U.S.
ProStar Holdings' CEO Page Tucker commented, "Achieving DTC eligibility to simplify trading of ProStar shares makes us accessible to an even broader range of investors and is expected to assist with our goal of increasing the liquidity and convenience of trading our shares within the U.S. and other jurisdictions."
The firm mentioned that DTC, which is now a wholly owned subsidiary of the Depository Trust & Clearing Corp., was established in 1973 to administer the functions of a Central Securities Depository for U.S. markets. The company facilitates and oversees electronic clearing and settlement of publicly traded companies and each year settles transactions totaling hundreds of trillions of dollars for U.S. public companies as well as companies from over 100 other countries.
ProStar stated that it is "a world leader" in Precision Mapping Solutions and that its native cloud and mobile flagship product called PointMan® is offered as a Software as a Solution (SaaS). The firm listed that its products and software can be deployed to capture, record and display pertinent data to manage critical infrastructure assets such as pipelines, railways, roads and utilities in real-time.
The company stated that its Precision Mapping Solutions are currently being used in North America by government agencies and several of the largest construction companies, subsurface utilities engineering firms and utility owners and operators.
ProStar added that it has entered into partnerships with many leading global geospatial technology firms, data collection equipment makers and dealer networks including Juniper® Systems, Radiodetection®, Trimble® and others.
The company indicated that it has been issued 19 patents in the U.S. and Canada. ProStar advised that "its 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."
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