TORONTO, Nov. 30 /CNW/ - Star Navigation Systems Group Ltd. ("Star
Navigation") (TSX.V: SNA) is pleased to announce the signing of a Memorandum
of Understanding, 'M.O.U', for the sale and installation of Star Navigation's
flagship product, the In-flight Safety Monitoring System - 'ISMS(TM)' to an
undisclosed Purchaser located in the Middle East. For reasons of
confidentiality, the Purchaser cannot be publicly disclosed. A formalized
contract is to be concluded on or about January 23, 2006, the value of which
is estimated to be USD $1.5 million at list prices.
The ISMS(TM) is the first system in the world to feature in-flight data
monitoring and diagnostics with a real-time, secure connection between
aircraft and the ground, made possible through current technology and
satellite transmission.
"This is another great win for us, and represents the second direct
M.O.U. signed as a result of our participation at the Dubai Air Show. In
Dubai, it was very evident that our patented In-flight Safety Monitoring
System continues to impress and interest both major airline operators and
manufacturers worldwide. The unprecedented attention our company and product
received was simply overwhelming, making the event a great success for us. We
expect to report continued progress in the coming weeks ahead," reports Viraf
Kapadia, Chairman and CEO.
About Star Navigation...
Star Navigation Systems Group Ltd. (www.star-navigation.com) owns the
worldwide license to a product without peer, 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.
TSX.V - SNA - 50,780,284 shares outstanding.
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