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Star Navigation announces corporate update at the request of the TSX Venture Exchange
TSX Venture Exchange Symbol: SNA TORONTO, March 12 /CNW/ - Star Navigation Systems Group Ltd. (TS...
About this update from Star Navigation Systems Group Ltd.
[{"type":"text","content":"\n\n\n\nTSX Venture Exchange Symbol: SNA\n\n\nTORONTO, March 12 /CNW/ - Star Navigation Systems Group Ltd. (TSX: SNA-V)\n("Star" or the "Company") at the request of the TSX Venture Exchange provides\na Corporate Update with respect to certain previous announcements.\n\n\nSpicejet, Air Sahara, A.R. Airways\n\n\n----------------------------------\n\n\nOn January 17, 2006, Star issued a press release stating, among other\nthings, that agreements had been signed in 2005 aggregating $17 million. This\nfigure assumed US dollar denominated sales, converted to C$ at the then\nprevailing rate of exchange, and included $10,600,000 for 34 Spicejet\naircraft, $3,120,000 for 10 A.R. Airways aircraft and $2,900,000 for 15 Air\nSahara aircraft. The number of aircraft and values disclosed were based upon\nprojected fleet buildout conditional upon the initial trials being successful.\n\n\nAll three carriers are based in India, and an Aeromobile license is\nrequired in order to operate the Star ISMS(TM) system in Indian airspace.\nStar's application has been under consideration for over two years and to\ndate, has not yet been granted by the Indian Government. However, the license\nis the subject of current detailed discussions between Star's representatives\nand the Indian Government. Star's Chairman, Viraf Kapadia, will attend the\nnext round of meetings in India next month. Installations were initially\ncompleted on two Spicejet and one Air Sahara aircraft. However, the Aeromobile\nlicense issue prevented system activation and consequently, none of these\nagreements have been concluded at this time.\n\n\nAir Sahara has since been taken over by another airline. Due to the\nlicencing delays and new management at Air Sahara, management believes that\nthe terms of the previous agreement with Air Sahara will require renegotiation\nat such time as the Aeromobile license is granted. Similarly, due to the\nlicencing delays, management believes that the terms of the previous\nagreements with both Spicejet and A.R. Airways will also require renegotiation\nif and when the Aeromobile license is granted.\n\n\nT.A.P / Kharkov\n\n\n---------------\n\n\nOn February 27 and 28, 2006, Star announced the signing of Memorandums of\nUnderstanding ("MOU") with TAP Maintenance and Engineering in Portugal and\nKharkov State Aircraft Manuf...