NavStar Technologies announced today that it has reverse merged with European Diversified Holdings Company. The merger was discussed over the summer and became effective on August 1, 2007. As terms of the agreement, NVST shareholders will own 90% of the common stock while EDHC holders own 10%.
The CEO, Mr. Douglas Pritt, 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 to say, “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.”
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