Star Navigation Systems Group Ltd.
TSX VENTURE : SNA

Star Navigation Systems Group Ltd.

April 01, 2014 07:00 ET

Star Navigation Announces Completion of Asset Acquisition

TORONTO, ONTARIO--(Marketwired - April 1, 2014) - Star Navigation Systems Group Ltd. (TSX VENTURE:SNA) ("Star" or the "Company") Star Navigation (Star) is pleased to announce that it has completed the acquisition of the assets of Les technologies LUXELL Limited ("LUXELL"). (See Press Release February 20, 2014).

This acquisition brings to Star new aerospace engineering capabilities, integrates and solidifies its supply chain, diversifies its product portfolio and grants immediate access to additional, complementary business and sales.

LUXELL has developed and produced customized Man Machine Interface ("MMI") products for large Fortune 500 aerospace and defense customers worldwide. It has also designed and produced Star's Gen 2 on-board computer.

"We're very excited with the synergies this acquisition brings, expanding our client footprint internationally with marquee customers and operators, while contributing to their current important programs such as P3s, C-130s, Blackhawk and Merlin helicopters." said Viraf Kapadia, CEO of Star.

Star and Luxell share the same set of values - providing quality products and delivering outstanding customer service. "We will continue to support Luxell customers with the same high level of service which they are accustomed to with the added reassurance of now Luxell being part of a publicly owned company." said Viraf Kapadia..

Star is an AS9100 Rev C and CAR 561 certified company. It has a highly qualified and trained staff consisting of both Professional Engineers and other aerospace professionals and has increased its staffing levels in order to serve its Luxell customers.

The consideration for this acquisition was Twenty-five (25,000,000) million common shares of Star (the "Shares"). The Shares are subject to a four (4) month hold period and may not be traded prior to July 21, 2014. In addition, the Shares are also subject to the terms and conditions of an Escrow Agreement which governs the ability of the vendor to sell the Shares prior to December, 2015.

About Star Navigation: (www.star-navigation.com)

Star Navigation Systems Group Ltd. owns the exclusive worldwide license to its proprietary, patented In-flight Safety Monitoring System, STAR-ISMS®, the heart of the STAR-A.D.S. ™ System. It is 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 may 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.

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.

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