TORONTO, ONTARIO--(Marketwired - April 18, 2013) - Star Navigation Systems Group Ltd. (TSX VENTURE:SNA) ("Star" or the "Company"), is pleased to provide an update on various corporate initiatives.
Star and Astrium Services continue the integration efforts required in order to offer a seamless product to customers. As noted in previous disclosure, significant design and testing has been undertaken by the parties in order to ensure that the data captured and analysed in real time onboard the aircraft is presented to the customer in the most efficient and useful manner. The majority of testing has now been successfully completed, together with Ground Station Services. Client Support Services testing is now underway and is expected to be completed shortly. The Pilot Project with Air North has been extended in order to generate additional functionality and data.
Star continues its efforts in India to secure the necessary Aeromobile License, required to operate Star's STAR-ISMS® System in Indian airspace.
Pakistan International Airlines ("PIA")
Discussions continue with PIA. PIA has recently instituted major changes in top management and Star is currently awaiting a consideration of its recent detailed proposal.
Scheduling extensions continue with respect to the C919, China's first indigenously-manufactured large passenger aircraft. Star is in regular contact with the Commercial Aircraft Corporation of China, Ltd. ("COMAC") and continues to monitor the situation.
Star has also recently initiated discussions with various parties in China and is exploring opportunities in the general aviation sector.
The Company continues discussions with CMC Electronics Inc.
AS9100 Rev. C Update
Star successfully achieved AS9100 Rev. "C" in 2011. AS9100 Rev. "C" is the international quality management system standard for the aerospace industry. The standard provides manufacturers and suppliers with a comprehensive internationally recognized quality system for providing safe and reliable products to the aerospace (civil, military) industry.
Following the annual audit in January 2013, BSI (the certifying organization) recommended Star for continued certification. Star continues to build and improve upon the quality processes, infrastructure, planning strategies and risk management involved in the design and manufacture of our products along the entire supply chain to achieve a high level of customer satisfaction and increased market penetration.
TSX Venture Exchange ("TSX-V") Approvals
The Company wishes to confirm the following TSX-V approvals of applications made by the Company:
Warrant Extension announced November 15, 2012 - Approved
Shares for Debt exchanges announced November 2, 2012 and February 11, 2011 - Approved
Private Placements announced September 17, 2012, February 27, 2012 and June 15, 2011 - Approved
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 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.
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.