TSX Venture Exchange Symbol: SNA
DUBAI, Nov. 14 /CNW/ - Star Navigation Systems Group Ltd. ("Star") and Indus Airways today announced the India-based airline has ordered 50 In-flight Safety Monitoring Systems (ISMSTM) at the Dubai Airshow 2007.
At an official ceremony in Dubai, representatives of Indus Airways and Star finalized contract negotiations and signed the record deal. Indus Airways has prepaid the first system installations since the sale calls for installations to begin on delivery and availability of their aircraft which is anticipated in the next quarter.
Indus Airways is an emerging airline in India, which will fly regional as well as international routes. The contract with Indus requires Star to provide its ISMS solution and satellite phone, two way text messaging and real time flight tracking, with Indus Airways being responsible for installation and all required permits and licences. Until such permits and licences have been received by Indus Airways, Star will provide aircraft approach download solutions.
"Indus Airways is set to become a major factor in the Indian aviation industry, and we are very excited to be a part of that success as they expand their service across the globe," said Viraf Kapadia, CEO of Star Navigation.
The major sale announcement comes less than a month after the Government of India granted a key patent, solidifying Star's position in one of the world's largest aviation markets. According to industry estimates, the Indian aviation market is growing at a record pace of 20% per year and the Indian aviation industry is expected to spend more than $86 billion over the next two decades.
Amir Bhatti, V.P. Marketing and Sales said, "Today's announcement reflects our continuing efforts to be the industry leader by combining superior patented solutions with leading edge and reliable technology."
About Indus Airways: Indus Airways is an emerging commercial airline operator based in Delhi, India, with 50 MA-60s on order, and will be placing orders for Boeing 777s, Boeing 747-400 series and CRJ-200 series.
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.
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