Star penetrates a new niche with resource companies
TORONTO, Aug. 28 - Star Navigation Systems Group Ltd. (TSX-V: SNA.V) ("Star" or the "Company"), a leading edge technology company focused on providing Aerospace Solutions, both hardware and software platforms to assist aviation operators worldwide, is pleased to announce that it has successfully completed the installation of 35 TERRASTAR Land Tracking units and a satellite based terrestrial fleet management solution. (see Press Release May 23, 2008).
"Tethyan Copper", a subsidiary of "Barrick Gold" one of the largest gold mining companies in the world, is impressed with Star's ground personnel, who completed the installation on site under tough living and working conditions. The TERRASTAR system is working well. Star will also benefit from additional monthly revenues in recurring air time usage. Based on existing usage, Star revenue from hardware and airtime for the 35 units is expected to be in a range of a minimum of US$156,000 and a maximum of US$256,000, over a five year period.
This successfully completed installation develops a new niche market for Star's TERRASTAR Land Tracking product. Given the recent increase in profitability for the extraction of precious metals, exploration and production have increased dramatically worldwide. As many of these resource companies explore in remote destinations, the TERRASTAR Land Tracking product is a logical solution for asset management.
This press release is available on the company's official on-line investor relations site for investor commentary, feedback and questions. Investors are asked to visit http://www.agoracom.com/ir/StarNavig... and view the Star Navigation IR HUB. Alternatively, investors are asked to e-mail all questions and correspondence to SNA@Agoracom.com.
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.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of the content of this news
release.
Contacts
please visit www.star-navigation.com or Viraf Kapadia
CEO
viraf.kapadia@star-navigation.com
AGORACOM Investor Relations
Investor Relations
SNA@agoracom.com
http://www.agoracom.com/ir/StarNavig...
