TORONTO, Oct. 29 /CNW/ - Star Navigation Systems Group Ltd. (TSX-V: SNA)
("Star" or the "Company"), a leading edge technology company focused on
providing Aerospace Solutions to aviation operators worldwide, is pleased to
announce that it is in discussions with an undisclosed state owned avionics
corporation in China with respect to forming a strategic relationship. A
Memorandum of Understanding ("MOU") has been signed and the terms and
conditions of a detailed Collaborative Framework Agreement ("CFA") have been
agreed upon by the parties.
Star personnel are presently traveling to China to sign the CFA at the
Zhuhai Airshow in Guangdong, China. It will then be used as the basis for
supplying Star's TERRASTAR:Real-Time Monitoring system to Chinese Original
Equipment Manufacturers ("OEM") for installation on new commercial passenger
aircraft manufactured by the biggest commercial aircraft manufacturers in
China as the parties will work together with the intent to enter into a final
partnership agreement/contract. China has already begun making large
commercial aircraft and has raised the possibility of competition for Boeing
and Airbus in the country's booming market for new planes.
This joint collaborative venture is going to assist in bridging the gap
of digital divide in China and should provide the Real-Time Monitoring and
data analysis capabilities needed to satisfy the demands of the aviation
industry in China.
Mr. Viraf Kapadia, CEO of Star stated: "After several months of effort,
we are very excited at this opportunity. China is a strategic region for us
and we will continue to pursue it ambitiously. This Chinese initiative
compliments our other ongoing efforts in the region."
Star will be attending the China International Aviation & Aerospace
Exhibition (Airshow China) which will take place November 4th - 9th in Zhuhai,
Guangdong Province, in southern China. Members of Star's engineering team will
be arriving in China this week to continue with the technical integration
discussions. Airshow China is the only international aerospace trade show in
China that is endorsed by the Chinese central government. It features the
display of real-size products, trade talks, technological exchange and flying
display. With the vigorous development of the Chinese aerospace industry and
especially the launch of the "Large Aircraft Project", Airshow China will
reward exhibitors with unprecedented business opportunities.
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.
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/StarNavigation and
view the Star Navigation IR HUB. Alternatively, investors are asked to e-mail
all questions and correspondence to SNA@Agoracom.com
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of the content of this news
For further information:
For further information: Please visit www.star-navigation.com or contact
Viraf Kapadia, CEO, firstname.lastname@example.org; AGORACOM Investor
Relations, Investor Relations, SNA@agoracom.com,