JOINT PRESS RELEASE
Doxa Energy Ltd
" or the "Company
") and ProStar Geocorp Inc.
") jointly announce that Vasa Dasan has joined ProStar's executive team as Chief Operating Officer and member of its Board of Directors. Vasa will be responsible for building, managing and leading the product management, software development, professional services and customer success at ProStar. He will be managing the ProStar teams in Colorado, North Carolina and British Columbia, Canada.
Vasanthan 'Vasa' Dasan is a respected and renowned technology veteran known for driving technical strategy, innovation and execution in cloud computing. Vasa spent more than 15 years of his career at Sun Microsystems where he served as chief technologist for Sun's Cloud Computing Practice and a decade as Distinguished Engineer and CTO for Sun's $5.1 billion SunService division. Prior to Sun, Vasa held engineering positions at Intergraph and Hewlett Packard.
Mr. Dasan stated: "My decision to join ProStar was based on how impressed I was with their solution, the number of patents that had been issued to a start-up, and the depth of the development team. Of equal importance is that ProStar's cloud and mobile solutions provide a tremendous opportunity to address a major global issue of damage to buried infrastructure that impacts the safety of the public and the environment. ProStar's technology has the potential to change the way we view the world. I am very excited to join the management team and to serve as a Board Director."
Before joining ProStar, Vasa led the software development efforts at University of Colorado at Boulder. Prior to that Vasa was the VP of Engineering at Symplified, a single sign-on startup acquired by RSA, a division of DELL-EMC. Prior to Symplified, Vasa was the first engineering hire at Wayin, a mobile and web digital marketing platform founded by Scott McNealy, co-founder of Sun Microsystems. As CTO, Vasa built and led the team that developed Wayin's services for iPhone, iPad and Android devices and Java backend services operating on Amazon Web Services.
Page Tucker, CEO at ProStar Geocorp, stated today: "I'm very pleased to welcome Vasa Dasan to ProStar both as a team member and as a member of our Board. He is a true technologist who brings an extraordinary set of leadership, business, engineering, and project management skills to us in addition to his global network of corporate and academic relationships." Tucker continued: "We are now ramping up our operations in anticipation of being a publicly traded company in just a few months time and Vasa's experience in managing multi-billion-dollar companies and early stage startups will be very beneficial to ProStar in terms of guidance, creating market value, and meeting our corporate objectives."
As announced on November 7, 2018, Doxa and ProStar have entered into a binding letter agreement dated October 26, 2018, as extended, whereby Doxa will acquire all of the issued and outstanding securities of ProStar by way of a share exchange, amalgamation or such other form of business combination as the parties may determine.
Upon completion of the Transaction, Mr. Dasan would join the board of the resulting issuer and be appointed as its Chief Operating Officer.
About ProStar Geocorp
ProStar is a world leader in developing precision mapping solutions. ProStar's precision mapping solutions provide unprecedented geospatial intelligence, location precision, and transparency. ProStar's flagship solution is Transparent Earth(r), a natively Cloud and Mobile solution offered as Software as a Service (SaaS). Transparent Earth is designed to improve the construction, maintenance and repair of underground infrastructure and to better protect the worker, the public and the environment. Visit us at prostarcorp.com
This news release contains certain "forward looking statements" including, for example, statements relating to the transaction between Doxa and ProStar, the proposed composition of the board and management of the resulting issuer and ProStar's business plans. Such forward-looking statements involve risks and uncertainties, both known and unknown. The results or events depicted in these forward-looking statements may differ materially from actual results or events. In addition to other factors and assumptions which may be identified herein, assumptions have been made regarding and are implicit in, among other things: receipt of regulatory approvals, the state of the capital markets, tax issues associated with doing business internationally, the ability of ProStar to successfully manage the risks inherent in pursuing business opportunities in the technology industry, and the ability of ProStar to obtain and maintain qualified staff, equipment and services in a timely and cost efficient manner to develop its business. Any forward-looking statement reflects information available to Doxa as of the date of this news release and, except as may be required by applicable securities laws, Doxa disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise.
On behalf of the board of directors of the Company:
John D. Harvison
President and Chief Executive Officer
For further information contact:
Paul McKenzie, director at 604.669.7330
All information contained in this news release relating to Prostar was provided by Prostar to the Company for inclusion herein. The Company has not independently verified such information and shall bear no liability for any misrepresentation contained therein.
Completion of the Transaction is subject to a number of conditions, including but not limited to, TSX-V acceptance and if applicable pursuant to TSX-V requirements, disinterested shareholder approval. Where applicable, the Transaction cannot close until the required shareholder approval is obtained. There can be no assurance that the Transaction will be completed as proposed or at all.
Investors are cautioned that, except as disclosed in the management information circular or filing statement to be prepared in connection with the Transaction, any information released or received with respect to the Transaction may not be accurate or complete and should not be relied upon. Trading in the securities of the Company should be considered highly speculative.
The TSX-V has in no way passed upon the merits of the Transaction and has neither approved nor disapproved the contents of this news release.
Neither the TSX-V nor its Regulation Services Provider (as that term is defined in the policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this release.