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TSX Venture Exchange Symbol: SNA
TORONTO, May 17 /CNW/ - Mr. Viraf Kapadia, Co - C.E.O. of Star Navigation Systems Group Ltd. ("Star"), developer of Flight Safety and Fleet Monitoring Systems, is pleased to provide the following update concerning ongoing initiatives at Star.
PRIVATE PLACEMENT
The Company has now closed a non-brokered private placement of 13,182,766 Units priced at $0.15 per Unit. Each unit consists of one common share and one common share purchase warrant. Each warrant will entitle the holder to purchase one common share until April 15, 2008 at a price of $0.30 per share. All securities issued pursuant to the offering are subject to a hold period of four months commencing on the date of closing.
Proceeds of the private placement will be used for general working capital purposes.
STRATEGIC ADVISORY BOARD
The Spring meeting of the Star's Strategic Advisory Board ("SAB") was held in Montreal recently. Pierre J. Jeanniot, formerly President and CEO of Air Canada (1984 - 1990) and Director General and CEO of the International Air Transport Association ("IATA") (1993 - 2003), Chairman of the SAB, presided over a most effective meeting. Other members of Board present were Jean-Louis Larmor, Star's Co-CEO, Karel Ledeboer, formerly EVP- Operations at KLM Royal Dutch Airlines, and Captain Charles Simpson, former Chairman of the Transportation Safety Board of Canada (please see News Release January 10, 2006).
Members of the Senior Management Group at Star updated the SAB on recent developments, product line expansion and ongoing sales initiatives. The members of the SAB made several significant operational suggestions, all of which have now been implemented. In addition, a number of new sales avenues were provided by members, and these are being actively pursued.
The SAB meets formally with the Senior Management Group on a semi-annual basis, and informally by telephone conference as required. The next formal meeting will be held in early Fall, 2007.
PAKISTAN INTERNATIONAL AIRLINES ("PIA")
Star has sent a 3 person technical team to PIA Operations in Karachi, Pakistan. For the past few days, they have been engaged in pre-installation testing of the In-Flight Safety Monitoring System ("ISMSTM") on one of PIA'S A-310 aircraft.
PRODUCT LINE ENHANCEMENT
As an adjunct to the Company's product profile, Dale F. Sparks, Chief Technical Officer, and his department began advanced software compatibility and integration testing with a number of OEM's, with a view to joint marketing and sales initiatives for the coming year. In many cases, the addition of Star software capabilities to other avionics products can significantly increase the functionality and marketability of the base product.
CONFERENCES
In April, Star partnered with NatSeattle, builder of the Star Server Unit, to showcase their respective product lines at the Avionics Maintenance Conference in Phoenix. This close cooperation benefits both organizations and resulted in increased visibility.
Star and NatSeattle are also slated to attend the European Business Aviation Convention and Exhibition ("EBACE") in Geneva May 22-24, 2007. Attended by close to 10,000 business leaders, operators, aircraft maintenance personnel and regulatory officials from Europe, the Middle East and North America, this is one of the most important conventions of the year.
About Star Navigation.
Star Navigation Systems Group Ltd. (www.star-navigation.com) owns the worldwide license to its proprietary, patented In-flight Safety Monitoring System - ISMS(TM), 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 this press release.
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