NavStar Signs a Development and Manufacturing Agreement With Telepet to Jointly Develop Products and Services to Monitor and Track Pets in the US
ANAHEIM, CA--(MARKET WIRE)--Apr 15, 2009 -- NavStar Technologies, Inc. (Other OTC:NVSR.PK - News), a GPS navigation company focused on vehicle, asset, and personal tracking, announced today it has signed a Development and Manufacturing Agreement with Telepet USA, Inc. to develop products and services to be sold into the 35B pet market in the US. Telepet is owned by Salco Enterprises, an industry leader in the pet identification market. Salco products are currently sold in the US at 23,000 retail stores and veterinary offices and at PetTags.com.
The Development and Manufacturing Agreement will combine NavStar's product development, GPS experience and manufacturing expertise with Telepet's existing sales and distribution network, which has been established over the past 22 years. The Pet Tracking Device will notify the owner when their pet has exceeded a predetermined boundary. Once it is determined that the pet is lost, the GPS device on the pet's collar will display on a map the exact location of their missing pet. The multi-year agreement is exclusive and can be expanded to countries outside the US.
"The 30 days it took both companies to move this relationship from LOI to a Development and Manufacturing Agreement is a good indication of the value we place on this opportunity. NavStar has a chance to generate both hardware and service revenue from this agreement while leveraging our GPS knowledge and engineering capabilities in a new market segment," said N. Douglas Pritt, Chairman & CEO, NavStar Technologies, Inc. "The fact that Telepet has a distribution network already in place will allow us to get to market quickly and capitalize on this new GPS/tracking market."
"Telepet has been studying this pet tracking market segment for four years and we believe that the NavStar team is absolutely the best partner we could find to help us executive our business plan. We want this product in all 23,000 of our existing retail stores and veterinary offices before the end of this year. With NavStar's knowledge of GPS and with battery and circuitry miniaturization we can reach price points that make this product very attractive for the 75 million dog owners in the US," said Stephen J. Greenberg, CEO & President, Salco Enterprises.
About NavStar Technologies
NavStar is focused on the creation of GPS products and services that provide wireless tracking of vehicles, equipment, and other valuable and personal assets. The goal is to be a total solutions provider.
About Telepet USA, Inc.
Telepet is a "spin off" from Salco Enterprises which, for over 20 years, has emerged as the leading supplier of products and service in the pet identification market.
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