Star Navigation Announces sale and installation of ISMS Lite(TM) Units and Change of Position of Co-CEO
TORONTO, March 6 - Star Navigation Systems Group Ltd. (TSX-V: SNA.V) ("Star" or the "Company"), a leading edge technology company focused on providing Aerospace Solutions to assist aviation operators worldwide, is pleased to announce the sale and installation of 2 ISMS Lite units on fixed wing Cessna 406 and Beech 1900 C aircraft owned and operated by Aircraft Sales and Service Ltd. ("ASSL") of Pakistan (www.asslpk.com).
The total value of this sale & recurring tracking revenues over five years is expected to be approximately USD 50,000. The cost of airtime used by the customer is in addition.
ASSL is a local charter service that has been providing commuter services to such clients as British Gas, BHP Billiton Australia, Government of Pakistan (VIP Flight), Tethyan Copper Company Ltd., and Schlumberger Pakistan, amongst others, since 1979. Mr. Ghazi, Director Engineering of ASSL said:
"ISMS-Lite(TM) has been a welcome addition to our operation. Both our pilots and our Operations staff appreciate the increased safety aspects provided by ISMS Lite(TM), and our customers are very happy to have such a system on board our aircraft."
The ISMS Lite(TM) provides Flight Tracking, Asset Management, Two-way Data/Voice Communications, and Backup Emergency SOS/Distress Capabilities.
Dale F. Sparks, Chief Technology Officer of Star said: "We're very pleased that our installation base is continuing to grow - even in these challenging economic times. Our tracking solutions provide added benefit to flight operations management and we're confident that we can continue to grow our market share in this region."
Star also announces that its Co-CEO, Jean-Louis Larmor, has resigned that position, effective December 15, 2008. Mr. Larmor continues to be a valued member of Star's Strategic Advisory Committee. In addition, subject to Board and TSX-V approval, Mr. Larmor's name has been put forward to fill a vacancy created by the resignation of Ben Soave as a Director. Mr Soave's resignation, received March 5, is expressed to be effective February 28, 2009.
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.
Contacts
please visit www.star-navigation.com or Viraf Kapadia
CEO
(416) 252-2889
viraf.kapadia@star-navigation.com
AGORACOM Investor Relations
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