TORONTO, Nov. 29 /CNW/ - Star Navigation Systems Group Ltd. ("Star
Navigation") (TSX.V: SNA) is pleased to announce it has signed the formal
contract between Bexair and Star Navigation for the sale and installation of
Star's flagship product, the In-flight Safety Monitoring System, the ISMS(TM),
for Bexair's entire fleet of aircraft. The formalized contract has an
estimated value of 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 ground, made possible through current technology and satellite
transmission.
"Having just commenced commercial sales this spring, we are very pleased
to have Bexair as Star's third deal bringing the total value of Star's signed
contracts to date at an estimated USD $13 Million at list prices. The speed in
which this particular M.O.U translated into a firm and binding contract is yet
again another indication of the tremendous demand and traction the ISMS(TM) is
receiving industry wide." Reports Viraf Kapadia, Chairman and CEO. "We are
very pleased with our success and wish to thank all of our dedicated staff."
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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