ProStar Announces Ohio Cumberland Gas Company Adopts PointMan to Enhance Their Gas Line Operations

GRAND JUNCTION, Colo., Oct. 16, 2023 (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 Ohio Cumberland Gas Company (“Ohio Cumberland”), has adopted ProStar’s precision mapping technology, PointMan to enhance the management of their gas service and distribution lines.

“Knowing the location of our assets is critical to the success of our operations and servicing our customers,” stated Austin Stritmatter, VP of Ohio Cumberland Gas Co. “We believe PointMan will be an ideal solution to help transition us from paper maps, which have serious limitations, to precise digital mapping records of our entire utility infrastructure.”

Established in 1906, Ohio Cumberland is a privately owned natural gas public utility. Ohio Cumberland currently has over 300 miles of gathering and distribution lines servicing parts of Knox, Ashland, Coshocton, Holmes, Licking, Morrow, and Richland counties. They serve about 2400 residential, commercial, and industrial customers. As a public utility, Ohio Cumberland is subject to the supervision and jurisdiction of the Public Utilities Commission of Ohio and the United States Department of Transportation.

“PointMan is specifically designed to help transition companies like Ohio Cumberland Gas away from paper maps to a cloud and mobile digital mapping solution, which aims to improve operations and address safety and environmental concerns,” stated Page Tucker, CEO of ProStar.

The Company is also pleased to announce that it has engaged Independent Trading Group (ITG), Inc. (“ITG”), an arm’s length party to the Company, to provide market making services with the objective of maintaining a reasonable market and improving the liquidity of the Company’s securities.

Under the agreement dated April 1, 2023, ITG will trade the common shares of ProStar on the TSX Venture Exchange (the “TSXV”). The engagement has an initial term of three month and will renew for subsequent one-month terms, unless either party provides 30 days written notice prior to the end of a term. The Company will pay ITG a $5,000 fee plus applicable taxes on the first business day of each month, for as long as the agreement is in force. At the time the parties entered into the agreement ITG did not own any securities of the Company; however, ITG has since acquired a direct interest in the securities of the Company. There are no performance factors contained in the agreement between ITG and the Company and ITG will not receive any shares or options from the Company as compensation for services it will render. The capital used for market making will be provided by ITG and will be done in accordance with TSXV policies and securities laws. The agreement is subject to acceptance for filing by the TSX Venture Exchange.