NavStar Technologies, a provider of
products and services for tracking/monitoring and reporting on the location and
condition of high value cargo and other assets, announced that it has secured
$2.4 million in funding from an investment group in Southern California.
NavStar will use the proceeds to invest in
the final development and manufacturing of its GPS tracking and monitoring
products and services, add sales and marketing personnel and expects to be
selling product and services by March 2012. The announcement was made by N.
Douglas Pritt, chairman & CEO of NavStar Technologies.
“The investment from this group will
allow us to start manufacturing products in the 1st quarter of 2012 and
positions us for significant sales in 2012,” said N. Douglas Pritt.
Timing for this funding is ideal as several
new GPS monitoring and tracking market segments are in their very early stages
of development. Our ability to maximize recent technology improvements will
position us extremely well as the personal tracking and monitoring market
segment unfolds in 2012.
“In addition, the Electronic On Board
Recorder (EOBR) mandate by the DOT that requires US Truckers to electronically
record their hours of service (HOS) will also play well into our product and
service strategy,” Pritt added.
NavStar has built a product and services
platform and business model to be among the leaders in the GPS tracking and monitoring
industry. This financing will provide the resources necessary to aggressively
penetrate the market in 2012. The investment group will also provide assistance
with NavStar’s distribution and marketing plans.
By Telecomlead.com Team