ProStar Holdings (TSXV:MAPS), a technology stock that focuses on GPS-assisted underground mapping, has listed on the Frankfurt Stock Exchange under the ticker 5D00 and will commence trading tomorrow (Thursday 3 February). This will be welcome news for our European readers who may have been tracking the stock since it listed in Canada last month.
This represents a cross-listing between the Canadian Venture Exchange (TSXV) and the Frankfurt Stock Exchange. It is only ProStar’s second listing but will make it more accessible to European investors.
“Given that we already have European partnerships, and have expanded the trading platform beyond just North America, I think we can anticipate greater exposure and stronger interest from corporations and investors throughout Europe,” said Page Tucker, CEO of ProStar.
Innovative US technology stock
ProStar is an innovative, US-based technology firm that has developed a SaaS (software as a service)-based database solution for any companies that need to get a better idea of what lies under their feet. This is especially useful for utilities and construction companies that are regularly digging up roads, and inadvertently cutting through essential pipes and cables.
According to the Institute of Civil Engineers, there are 60,000 strikes through important utilities every year in the UK alone. The average cost of cable strikes – just cable strikes – is GBP 20,000 per strike. In some localities – the UK included – authorities have the power to prosecute construction companies in criminal courts if there is evidence of negligence. It is a serious problem that needs a solution.
Listen to our podcast with ProStar CEO & President, Page Tucker
ProStar addresses a major problem
When we first spoke with ProStar we were surprised and shocked at the cost and high frequency of such incidents – globally – and just how inaccurate previous solutions have been. ProStar has a much more accurate solution, called PointMan, that is now app-based and can be easily downloaded onto existing mobile devices.
There is much to like about ProStar, but it ticks the boxes for us on a number of levels. It is highly scalable: new customers will not require dozens of new hires. It is able to operate during the pandemic as the software is delivered remotely, and globally, to dozens of construction firms and utilities which themselves have to continue to operate, or the lights go out. It is not an early stage venture: it has many existing commercial relationships, around the world.
Finally, we like the fact that ProStar’s solution seems to be unique: nobody else sports this level of technical accuracy for an issue which continues to plague thousands of companies around the world. This is further protected by existing patents. The company also has no debt.
It is worth mentioning that the state of Colorado now requires utilities within the state to use ProStar technology. It is also worth mentioning ProStar’s already impressive international client list and a strategic partnership with Trimble (NASDAQ:TRMB), the global navigational technology specialists. And their tie ups with key US engineering faculties like Colorado Mesa University, Louisiana Tech and the Centre for Geospatial Analytics. Among ProStar’s European clients are UK construction firm Kier (LSE:KIE).
The Armchair Trader started following the stock from its initial listing last month.