InvestmentPitch Media Video Discusses ProStar Geocorp and its Pending Reverse Takeover of Doxa Energy - Video Available on Investmentpitch.com
Vancouver, British Columbia--(Newsfile Corp. - May 29, 2019) - ProStar Geocorp Inc. has issued an update to shareholders on its pending reverse takeover and subsequent listing on the TSX Venture Exchange as a Tier 2 Technology Issuer. ProStar has executed a definitive merger agreement with Doxa Energy Ltd (TSXV: DXA), and following approval of the transaction by the TSX Venture Exchange, will result in a reverse takeover of Doxa by ProStar. The resulting combined venture is expected to change its name to ProStar Geocorp International Inc.
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ProStar is the leader in developing precision mapping solutions. The company's flagship solution is Transparent Earth® a natively Cloud and Mobile solution offered as Software as a Service.
In North America alone, there are more than 30 million miles of buried utility lines including; electric, gas, fiber optic, water, and sewer works and every minute of every working day damages occur to these systems from construction and maintenance activities. With the highways and roadways that crisscross the nation in desperate need of repair or replacement, not knowing the type, condition and precise location of these facilities poses a serious threat to the construction worker, the public and to the environment.
The company's patented software was developed to precisely locate, record, and provide visualization of what lies below the earth's surface and to improve the management infrastructure and reduce damages that occur far too often during construction and excavation activities.
Page Tucker, Founder and CEO of ProStar, stated: "We are all very excited that ProStar is one step closer to being listed on the Toronto Stock Exchange Venture as this will permit access to resources which will enable us to accelerate our development and growth. This is all very timely as our solution is being widely adopted into several industries and we expect that this will only increase as maintaining and updating infrastructure is now becoming a major concern throughout the world."
Under the terms of the merger, Doxa Energy will liquidate its existing oil and gas assets in Oklahoma and Texas and consolidate its shares on the basis of one new share for every 17 current shares. Each outstanding share of ProStar shall be converted into the right to receive four post-consolidated shares of Doxa.
The shares of Doxa Energy are currently halted and expect to remain halted pending completion of the transaction.
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Barry Morgan, CFO
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