Star Navigation Announces Additional Sale of its TERRASTAR Lite(TM) to SkyLink Aviation and Shares for Debt Transaction
TORONTO, Jan. 14 - Star Navigation Systems Group Ltd. (TSX-V: SNA - News; "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 an additional sale of its TERRASTAR Lite(TM) system to SkyLink Aviation. (See press releases June 6, August 29, and December 31, 2008).
This brings the total number of units sold to twenty-two for SkyLink. Revenue to be generated by this sale is, on a pro-rata basis, as set forth in our press release of August 29, 2008.
The TERRASTAR Lite(TM) provides Flight Tracking, Asset Management, Two-way Data/Voice Communications, and Backup Emergency SOS/Distress Capabilities.
SkyLink Aviation Inc. is an international aviation group that specializes in Project Management, Air Charters, Aviation Support, Aircraft Maintenance, Air Courier, Executive Air Charters as well as Flight Planning and Clearance Services. SkyLink Aviation has become a global leader in rapid deployment of peacekeepers and international humanitarian aid, including food and equipment, during war, major disasters and pandemics for clients such as the United Nations, World Food Programme, USAID, INS (Homeland Security), IOM, the Canadian Government, the Red Cross, the Italian Interior Ministry and other national governments and NGOs.
The Company also announces that it has received regulatory approval for a Shares for Debt transaction. The Company has issued 150,605 common shares (the "Debt Settlement Shares") of the Company at a deemed price of $0.15 to Harmeet Gill to settle an outstanding debt of $22,306. The issuance of the Debt Settlement Shares did not result in a change of control.
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(at)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.
Neither TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of the content of this
release.
For further information
please visit www.star-navigation.com or Viraf Kapadia, CEO, (416) 252-2889, viraf.kapadia@star-navigation.com
AGORACOM Investor Relations, Investor Relations, SNA@agoracom.com, http://www.agoracom.com/ir/StarNavig...
