TSX Venture Exchange Symbol: SNA
TORONTO, Dec. 3 /CNW/ - Star Navigation Systems Group Ltd. (TSX: SNA-V) ("Star" or the "Company") is pleased to provide its semi-annual corporate update.
Pakistan International Airlines ("PIA")
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A Star Technical Support Team is still in Pakistan, assisting PIA with the evaluation testing of Star's In-Flight Safety Monitoring System ("ISMS(TM)") aboard one of PIA's Airbus A-310 aircraft. The trial evaluation commenced in late September (see press release August 29, 2007). Mr. Dale F. Sparks, Star's Chief Technology Officer, who was in Pakistan for part of the trial, said "I'm pleased with the trial thus far. The ISMS(TM) operated as expected and has monitored, tracked and transmitted data and produced reports for several flights. We look forward to a decision at the conclusion of the evaluation."
Dubai Airshow
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Star was an Exhibitor at the Dubai Airshow, November 11-15, 2007. As the World's third most influential aviation event, the Dubai Airshow reflects the growth in aviation in the Middle East region, and is a significant part of Star's marketing strategy. A solid team from Star, headed by CEO Viraf Kapadia, showcased Star's product suite, renewed previous relationships and demonstrated recent significant refinements to prospective customers. The Company is now following up with requests for further meetings received at the Show.
As previously announced, orders were received from both Indus Airways and Skylink Aviation.
Indus Airways
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Star has been advised by Indus Airways that it will take delivery this month of the first aircraft to be fitted with Star equipment ordered at the Dubai Airshow. A Star Technical Representative will be on-hand in New Dehli to supervise the installation and Supplemental Type Certificate application process.
Private Placement
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The Company has completed its previously announced Non-Brokered Private Placement offering of 11,810,000 common shares of the Company at a price of $0.10 per share, for total gross proceeds to the Company of $1,181,000. The proceeds of the Placement will be used for marketing, sales support and general working capital purposes.
The shares issued under the Private Placement will be subject to a hold period expiring on March 28, 2008.
Outlook
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Mr. Viraf Kapadia, CEO said .... "I am very pleased with the results of our Management and Operations Review process over the course of 2007. Significant changes have been made, and the results are a credit to the hard work and creativity of both management and staff. I have no doubt that 2008 will be a break-through year in our corporate history."
About Star Navigation : Star Navigation Systems Group Ltd. (www.star-navigation.com) owns the exclusive worldwide license to its proprietary, patented In-flight Safety Monitoring System, the first system in the world to feature in-flight data-analysis, monitoring and diagnostics with a real-time connection between aircraft and ground. Its real-time capability of tracking performance-trends and predicting incident-occurrence enhances aviation safety and improves fleet management while reducing costs for the operator.
Certain statements contained in this News Release constitute forward-looking statements. When used in this document, the words "may", "would", "could", "will" and similar expressions, as they relate to Star or its management are intended to identify forward-looking statements. Such statements reflect Star's current views with respect to future events and are subject to certain risks, uncertainties and assumptions. Many factors could cause Star's actual performance or achievements to vary from those described herein. Should one or more of these factors or uncertainties materialize, or should assumptions underlying forward-looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Star does not assume any obligation to update these forward-looking statements.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of the content of this news
release.
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