Star Navigation Systems Group Ltd.

Star Navigation Systems Group Ltd.

May 30, 2005 07:47 ET

Star Navigation Completes Debt to Equity Conversion

TORONTO, ONTARIO--(CCNMatthews - May 30, 2005) - Star Navigation Systems Group Ltd. ("Star Navigation") (TSX VENTURE:SNA), is pleased to announce receipt of TSX Venture Exchange acceptance for the debt to equity conversion as previously announced March 22, 2005.

Debt of $954,505 has been converted into 6,363,369 common shares of Star Navigation at $0.15 per share that are restricted from trading until September 26, 2005.

"With the debt to equity conversion complete our current obligations are vastly reduced. All of us at Star are focused and unwavering in our determination for global sales, marketing and installation our flagship product, the In Flight Safety Monitoring System - ISMS™ and accelerating the tremendous global opportunity that is now before us." reports Viraf Kapadia, Chairman and CEO.

Star Navigation is presently in discussions with several airlines worldwide for the sale and installation of its ISMS™ product.

About Star Navigation

Star Navigation Systems Group Ltd. ( owns the worldwide license to a product without peer, its proprietary, patented In-flight Safety Monitoring System - ISMS™, 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. ISMS™ is certified by the FAA and Transport Canada and patented in the United Kingdom. The Company has applied for a patent under the PCT and has patents-pending in the United States, Canada, Germany, Japan, Hong Kong, Australia and India. An independent valuation by Evans and Evans of Vancouver, British Columbia in 2002 placed the value of the Company's technology in excess of $50 million based on its business plan.

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.

46,694,451 shares outstanding

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this press release.

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