NavStar Technologies, Inc. Completes Reverse Merger with European Diversified Holdings Company
OVERLAND PARK, Kan., Nov 29, 2007 (BUSINESS WIRE) -- NavStar Technologies, Inc. (PINK SHEETS: NVST), an emerging company focused on the manufacturing and distribution of safe, easy to use and affordable navigation products and services, announced today that the company completed a reverse merger with European Diversified Holdings Company. This merger was negotiated over the summer and became effective on August 1, 2007.
As a result of the reverse merger, NVST shareholders will own 90% of the common stock and EDHC shares holders will own 10%.
N. Douglas Pritt, CEO, stated, "This merger provides an opportunity to become a publicly traded entity and is the first step towards the successful long-term vision of NavStar Technologies. Our product Beta trial period, which concluded in late 2006, gave us the feedback needed to re-enter the GPS navigation market with a very affordable product that is safe, hands-free, and very easy to use." He continued with, "In the U.S. there are more than 300M vehicles and only 9% of them currently have a navigation system in place. One-touch navigation and valuable emergency services at a price point that everyone can afford will allow us to capitalize on the remaining 91%. This reverse merger is providing NavStar with an opportunity to create long-term value for its shareholders and will allow us to execute the NavStar strategy of creating the 'Ultimate Wireless Accessory.' This decision was made with careful consideration to our shareholders, Company direction, and strategy; We believe this is the best course of action to follow at this time."
Shareholders must contact the transfer agent to have their shares exchanged.
The transfer agent can be contacted as indicated below:
Corporate Stock Transfer
3200 Cherry Creek Drive South
Denver, CO 80209
Office 303-282-4800
Fax 303-282-5800
Khaughton@corporatestock.com
About NavStar Technologies, Inc.
NavStar Technologies, Inc. is focused on the creation of products and services that combines hands-free calling with GPS/navigation. Input for calling or requesting a route will be via the user's voice. Product features include the safety of hands-free calling, easy to use navigation via voice input and output, and the accessibility of emergency services at a very affordable price point. Maps will be updated quarterly; user's can choose to input their destinations via the Internet (NavStar server) and access them with the "touch of a button."
NavStar has been a private company for over three years and has spent the majority of this time and resources developing a beta product. User input and product testing was completed in the fourth quarter of 2006. The opportunity to become a publicly traded company was accomplished in August 2007. The goal of NavStar is to become a fully reporting company in the near future.
Strategic partnerships are being pursued that will greatly accelerate the time to market. The goal is to have a "second generation" product for sale by 2nd quarter 2008. The thin client/server platform affords an opportunity to create customized points of interest for a variety of customers groups, to provide unique services for the delivery/service industry and to greatly reduce the effort to expand internationally.
SOURCE: NavStar Technologies, Inc.
NavStar Technologies, Inc.
N. Douglas Pritt, 913-312-5609
Info@navstarinc.com
or
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Copyright Business Wire 2007 End of Story
NVST completes Reverse Merger Today- R/M Play, now .04 was .70 in Oct.
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