TORONTO, Nov. 26 - Star Navigation Systems Group Ltd. (TSX-V: SNA.V) ("Star" or the "Company"), a leading edge technology company focused on providing Aerospace Solutions to aviation operators worldwide, is pleased to announce an important Memorandum of Understanding (MOU) that has been signed in Beijing at the offices of the Aviation Data Communication Corporation ("ADCC") - a jointly owned subsidiary of Civil Aviation Administration of China ("CAAC") and 9 other airlines in China. This MOU is an important step that will help facilitate a formal agreement for retrofit installations of Star's TERRASTAR:RTM(TM) on the current aircraft fleets in China.
Mr. Viraf Kapadia, Star CEO said, "This is yet another example of the ongoing effort in China started by Star this year. The objective is to be in all emerging markets to promote and provide Star's TERRASTAR:Real-Time Monitoring(TM)."
Dale F. Sparks, Star CTO stated: "This MOU not only signifies a positive level of cooperation from the ADCC, but also demonstrates Star's multifaceted approach to entering the aviation market in China. Moving ahead, our collaboration with the ADCC will focus on developing integration plans and negotiating a formal agreement. We look forward to working closely with the ADCC and greatly appreciate their support."
The MOU will be used as the basis for supplying Star's TERRASTAR:Real-Time Monitoring(TM) system to the current Chinese fleet for installation as a retrofit product, providing efficiency, cost savings and facilitating our comprehensive Fuel Management Information System, with an ROI that strives for the quickest return possible. Both the parties will continue to work together with the intent to enter into an agreement in the near future.
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.
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 or contact www.star-navigation.com or Viraf Kapadia, CEO, viraf.kapadia@star-navigation.com
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
investors are asked to e-mail all questions and correspondence to SNA@Agoracom.com
or contact
www.star-navigation.com
or
Viraf Kapadia
CEO
viraf.kapadia@star-navigation.com
