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ProStar Holdings ("ProStar" or the "Company") (TSXV:MAPS) is pleased to report that the Colorado Department of Transportation ("CDOT") mandate that requires use of ProStar's™ PointMan® software is effective today. The new mandate requires that over 150 utility companies and more than 1,000 utility installation stakeholders are now required to use ProStar's PointMan mobile software platform to capture and record the precise location of underground utilities.
CDOT's mandate is focused on improving the accuracy and reliability of existing utility records, which has become a national problem. Utility companies, under CDOT's mandate, will be required to leverage PointMan to collect utility data during the installation process. CDOT is committed to reducing the growing number of damages to utilities caused by a lack of accurate utility location data. PointMan is designed to reduce the risks caused by the numbers of incidences of utility damages that include added project costs as well as risks to the public and environment. The new mandate in part is designed to assist CDOT in complying with portions of the state of Colorado, 811 One Call Law.
"ProStar's solution is a specifically designed, utility focused technology that addresses all of our requirements to capture accurate information including the precise location of utility installations," stated Rob Martindale, CDOT's Utilities Program Manager. "Not knowing where utilities are buried has proven to be a major concern at the state, municipal and federal levels. CDOT is striving to be on the forefront of implementing data quality and accuracy standards in order to improve the confidence level of utility locations."
According to Mr. Martindale, who is also CDOT's rules, policies and procedures administrator, the state also selected PointMan because it is intuitive, easy to use, and runs on standard mobile devices.
"Pointman being mandated by a government agency is a significant milestone for the Company and major validation of our solution," stated Page Tucker, ProStar's CEO and founder. "It means our solution will be utilized by several thousands of new users. This is very promising as we are seeing adoption of PointMan by a number of utility owners, construction companies, engineering and surveying firms, with both national and international market presence."
According to Mr. Tucker, with this mandate now in effect, ProStar is seeing a high-level of interest from several other Department of Transportation ("DOT") and government agencies. He also noted that the business partnership with Trimble (NASDAQ: TRMB) ( see Trimble news release, July 8, 2020 ) will further accelerate the adoption of PointMan and the success of this mandate as most DOTs and their stakeholders leverage Trimble's GPS technology"
About ProStar
ProStar specializes in the development of patented mapping software. ProStar's Precision Mapping Solutions™ are natively cloud and mobile and offered as Software as a Service. ProStar's Solutions are designed to improve the business operations and reduce risk of any industry that requires the precise location of infrastructure, including utilities and pipelines. ProStar's Solutions enable real-time access to critical location information in the office and out in the field. Knowing the type, precise location, and condition of infrastructure above and below the ground can significantly decrease risks to the public, damages to the environment, and liabilities associated with the construction and maintenance of infrastructure. For more information visit: prostarcorp.com
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 recent Information Circular filed on SEDAR on November 20, 2020 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 .
The forward-looking statements contained in this press release are made as of the date of this press release. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
View source version on businesswire.com: https://www.businesswire.com/news/home/20210114005188/en/
Alex Moore
ProStar Investor Relations Support
970-822-4792
amoore@prostarcorp.com
