Business
Star Navigation Announces Additional Sale of its TERRASTAR Lite(TM) to SkyLink Aviation and Shares for Debt Transaction
TORONTO, Jan. 14 /CNW/ - Star Navigation Systems Group Ltd. (TSX-V: SNA) ("Star" or the "Company"...
About this update from Star Navigation Systems Group Ltd.
[{"type":"text","content":"\n\n\n\nTORONTO, Jan. 14 /CNW/ - Star Navigation Systems Group Ltd. (TSX-V: SNA)\n("Star" or the "Company"), a leading edge technology company focused on\nproviding Aerospace Solutions, both hardware and software platforms to assist\naviation operators worldwide, is pleased to announce an additional sale of its\nTERRASTAR Lite(TM) system to SkyLink Aviation. (See press releases June 6,\nAugust 29, and December 31, 2008).\n\n\nThis brings the total number of units sold to twenty-two for SkyLink.\nRevenue to be generated by this sale is, on a pro-rata basis, as set forth in\nour press release of August 29, 2008.\n\n\nThe TERRASTAR Lite(TM) provides Flight Tracking, Asset Management,\nTwo-way Data/Voice Communications, and Backup Emergency SOS/Distress\nCapabilities.\n\n\nSkyLink Aviation Inc. is an international aviation group that specializes\nin Project Management, Air Charters, Aviation Support, Aircraft Maintenance,\nAir Courier, Executive Air Charters as well as Flight Planning and Clearance\nServices. SkyLink Aviation has become a global leader in rapid deployment of\npeacekeepers and international humanitarian aid, including food and equipment,\nduring war, major disasters and pandemics for clients such as the United\nNations, World Food Programme, USAID, INS (Homeland Security), IOM, the\nCanadian Government, the Red Cross, the Italian Interior Ministry and other\nnational governments and NGOs.\n\n\nThe Company also announces that it has received regulatory approval for a\nShares for Debt transaction. The Company has issued 150,605 common shares (the\n"Debt Settlement Shares") of the Company at a deemed price of $0.15 to Harmeet\nGill to settle an outstanding debt of $22,306. The issuance of the Debt\nSettlement Shares did not result in a change of control.\n\n\nThis press release is available on the company's official on-line\ninvestor relations site for investor commentary, feedback and questions.\nInvestors are asked to visit http://www.agoracom.com/ir/StarNavigation and\nview the Star Navigation IR HUB. Alternatively, investors are asked to e-mail\nall questions and correspondence to [email protected]\n\n\nAbout Star Navigation:\n\n\nStar Navigation Systems Group Ltd.(www.star-navigation.com) owns the\nexclusive worldwide license to its proprietary, patented In-flight Safety\nMonitoring Sys...