GRAND JUNCTION, Colo., May 24, 2022 (GLOBE NEWSWIRE) -- ProStar Holdings Inc. ("ProStar®" or "the Company") (TSXV: MAPS) (OTCQX: MAPPF) (FSE: 5D00), a world leader in Precision Mapping Solutions®, is pleased to announce that Scout Energy Partners, a private energy producer, has signed a service-level agreement (SLA) for ProStar's cloud and mobile solution, PointMan®.
"To improve the management and safety of pipeline operations, knowing where the assets are located to a very high degree of accuracy is becoming increasingly more critical than in the past," said Lucas Moore, Region Manager - Rockies. "Additionally, both Federal and State regulations are becoming much stricter, and PointMan proved to be a very accurate, easy to use, and low-cost solution that checked all of our boxes."
Scout Energy Partners is a private energy producer based in Dallas TX. Scout focuses on acquiring, operating, and improving upstream energy assets and associated midstream energy infrastructure.
"We are starting to see increased adoption of our solution in a wide variety of verticals," stated Page Tucker, CEO of ProStar. "The adoption of PointMan by an energy company demonstrates that we have developed a valuable product that improves the workflow processes, enhances safety, and creates efficiencies across a broad spectrum of markets, including the energy industry."
About Scout Energy
Scout Energy Partners was founded in 2009, initially working on an advisory basis to private middle market upstream operators and funds, evaluating over $1 billion in assets in the first 24 months and completing over $60 million in transactions. To date, the firm has grown to over $2 billion in acquisitions and produces over 110,000 barrels of oil equivalent per day (boepd) across 4+ million acres from 660+ mmboe of reserves. Today the Scout team has over 830 headquarters and field staff.
About ProStar:
ProStar is a world leader in Precision Mapping Solutions and is creating a digital world by leveraging the most modern GPS, cloud, and mobile technologies. ProStar is a software development company specializing in developing patented cloud and mobile precision mapping solutions focused on the critical infrastructure industry. ProStar’s flagship product, PointMan, is designed to significantly improve the workflow processes and business practices associated with the lifecycle management of critical infrastructure assets both above and below the Earth’s surface.
ProStar’s PointMan is offered as a Software as a Service (SaaS) and seamlessly connects the field with the office and provides the ability to precisely capture, record, display, and manage critical infrastructure, including roads, railways, pipelines, and utilities. Some of the largest entities in North America have adopted ProStar’s solutions, including Fortune 500 construction firms, Subsurface Utilities Engineering (SUE) firms, utility owners, and government agencies. ProStar has strategic business partnerships with the world’s leading geospatial technology providers, data collection equipment manufacturers, and dealer networks.
The Company has made a significant investment in creating a vast intellectual property portfolio that includes 21 issued patents in the United States and Canada. The 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. ProStar’s Executive management team has extensive experience in the management of both early-stage and Fortune 500 technology companies in the private and public sectors.
For more information about ProStar, please visit www.prostarcorp.com.
On behalf of the Company,
Page on sales / corporate news releases, CEO and Director
Vasa on technical update news releases, COO and Director
Contact:
Joel Sutherland
Investor Relations
970-822-4792
Investorrelations@prostarcorp.com
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accept 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 Management’s Discussion & Analysis filed on SEDAR on April 14, 2022, 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.
