TSX Venture Exchange Symbol: SNA
TORONTO, March 17 /CNW/ - Star Navigation Systems Group Ltd. (TSX: SNA-V) ("Star" or the "Company") is pleased to announce a sale of its ISMSTM Lite system to an aircraft operator in Pakistan, for a number of its aircraft. The ISMSTM Lite provides Flight Tracking, Asset Management, Two Way Data/Voice Communications, and Backup Emergency SOS/distress capabilities. Star will be responsible for providing the necessary modification approvals or Supplemental Type certificates as required for installation. Installation will be carried out by the purchaser.
The total value of this sale & recurring revenues over five years is expected to be up to US$ 215,000. Actual figures may vary and are partially dependent upon the amount of airtime used by the customer. A deposit has been received at this time and payment in full is due on the later of April 30, 2008 or completion of installation.
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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