TORONTO, ONTARIO--(Marketwired - April 19, 2017) - Star Navigation Systems Group Ltd. (CSE:SNA)(CSE:SNA.CN)(OTCBB:SNAVF) ("Star" or the "Company) is pleased to provide an update on various corporate developments and initiatives.
Change of Exchange
On April 5, 2017, the Company voluntarily requested that its common shares be delisted from the TSX Venture Exchange ("TSX-V"), where they had been previously been halted following a short delay in filing financial statements and a subsequent TSXV reinstatement review. The Board of Directors of the Company determined that, for ease of administration and an early return to trading, an application to transfer trading to the Canadian Securities Exchange ("CSE") was indicated. Trading of the Company's common shares commenced on the CSE April 7, 2017.
For several years, the Company has considered the Middle East, South-East Asia and China to be excellent sales prospects for the STAR-A.D.S.® System due to rapid growth, expanding air transport industries and the increasing number of passenger miles flown. However, although several contracts were entered into with small regional carriers in these areas, management changes, financial issues and priorities and local regulatory problems resulted in a lack of completion of the contracts. Enforcement options were limited by both differing legal environments, as well as customer relations considerations.
One of the major impediments to sales in this area has been our inability to persuade the Government of India to allow the use of the Iridium satellite communication system in their airspace. As the STAR-A.D.S.® System utilizes Iridium to provide worldwide satellite communications, sales and ongoing operations in India will not be possible until there a change in the Government's position. The Company continues its efforts in this regard.
The Company has now determined that an emphasis will be placed on North American and European sales, while continuing to work with existing sales prospects and partners overseas.
Current Sales Development
Work on the sale of the STAR-A.D.S ® System to a VVIP operator in the Middle East (see press release May 3, 2016) is proceeding on schedule. Installation is complete and awaits only completion of G3 box certification (expected shortly), final post "C" check testing and STC sign off in order to go live.
STAR-A.D.S.® Division Product Development
Star's intermediate product, the enhanced STAR-T.T.T™, is nearing full commercialization, with completion of design and manufacturing drawings, prototyping, testing and approval of the certification plan by Transport Canada. While expressions of interest have been received from several sources, certification will be completed as resources permit.
Star's entry product, Star-V-trk™, is also nearing full commercialization, pending only completion of certification.
Unfortunately, resource constraints have delayed final certification of these 2 products. However, an improvement in the Company's cash flow position is expected to allow this process to resume and see certifications finalized at or near fiscal year end.
MMI continues to receive and process orders from its four major customers for the repair and refurbishment of existing displays, as well as for new units. Its customer base is slowly expanding, with many military users electing to extend the service life of aircraft currently flying rather than purchasing newer versions.
Research and Development Projects
Star and its research partners continue their work on improving Emergency Medical Services (EMS), starting with Air Ambulance transport, by providing real-time direct transmission to the ground medical dispatch center of patients' vital signs, along with visual assessment and geo-positioning.
Other R&D initiatives utilizing the STAR- ISMS® technology are at various stages of development and will be announced if and when they become viable.
About Star Navigation:
Star Navigation Systems Group Ltd. owns the exclusive worldwide license to its proprietary, patented In-flight Safety Monitoring System technology, 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.
Star's MMI Division designs and manufactures high performance, mission critical, flight deck flat panel displays for defence and commercial aviation industries worldwide.
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, except as required by law.
Neither the Canadian Securities Exchange nor its Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of the content of this release.