TORONTO, ONTARIO--(Marketwired - Feb. 25, 2016) - Star Navigation Systems Group Ltd. (TSX VENTURE:SNA)(OTCBB:SNAVF) ("Star" or the "Company") is pleased to announce that it has commenced the final certification process for its new STAR-T.T.T.™ and STAR V-trk™ products. Transport Canada has approved Star's STAR-T.T.T.™ certification plan, which is being implemented by Star's Engineering Department in Canada and by Star's Chinese partners for approval by the Chinese regulatory authorities. The STAR V-trk™ certification process is also underway.
STAR-T.T.T.™ (Talk, Text and Track), is a simple, cost effective, easy to install tracking and two way communications system, offering worldwide, satellite based coverage. Designed by Star in cooperation with Chengdu Spaceon Technology Co. Ltd. of China, STAR-T.T.T.™ is expected to be fully certified in both Canada and China in the second quarter of 2016.
Star also plans to shortly roll out its STAR V-trk™ product to the market. This product is even smaller in size, and is ideal for quick installation across a wide range of platforms. It provides automatic, real-time, worldwide tracking and flight data analysis, with sat-com transmission capability. Full certification is also expected in Q2, 2016.
Star is now accepting pre-booking orders for these products, which will address both the fixed wing and rotary wing aircraft market segments.
Both these products will provide web based, customized, value added services in addition to improved situational awareness.
Viraf S. Kapadia, Star's CEO mentioned:
"With the launch of these new products, Star's patented technology is continuing to offer customers technologically advanced and effective solutions, not only for commercial aerospace but for air, sea, and land transportation as well as for defense requirements."
TORONTO, ONTARIO--(Marketwired - Jan. 28, 2016) - Star Navigation Systems Group Ltd. (TSX VENTURE:SNA)(OTCBB:SNAVF) ("Star" or the "Company") announces that it intends to complete a non-brokered private placement (the "Offering"), to raise up to $1 million.
The Offering will issue up to 33,333,333 Units at a price per Unit of $0.03 and is being done under a waiver granted by the TSX Venture Exchange ("TSX-V"), pursuant to the Discretionary Waivers of $0.05 Minimum Pricing Requirement bulletin dated April 7, 2014. The waiver requires that the Offering raise a minimum of $882,000.
Each Unit will consist of one (1) common share and one common share purchase warrant ("Warrant"). Each Warrant will entitle the holder to acquire one common share at a price of $0.07 for a period of three years from the date of issue.
The net proceeds from the Offering are to be used for research and development and corporate overhead purposes. Star has agreed to pay finder's fees in the amount of ten (10%) percent of gross proceeds in cash, Units or in a combination of cash and Units. Any Units payable as finder's fees will be valued at $0.05 per Unit.
All securities issued in the Offering and any shares issued upon exercise of warrants are subject to a four month statutory hold period from the date of issuance. The financing is subject to the final approval of the TSX-V.
The proceeds from the private placement will be used by Star for working capital (6 months - $882,000 - payroll, leases, insurance, G&A), payables ($411,000), and short term debt repayment ($125,000), for a total of $1,481,000. There will be no related party payments.
Offsetting these expenses will be minimum estimated revenues amounting to over $420,000 in the next 6 months. This estimate is based upon orders already booked and customer order patterns.
Mr. Viraf S. Kapadia, CEO said,
"The past 15 months saw our revenues grow to over $1.1 million, compared with less than $100,000 per year previously. Based on current orders booked and customer order patterns, we expect sales for the next 12 months to reach $1.5 million."
The Company will update shareholders when the private placement has been completed and TSX-V final approval has been received.
TORONTO, ONTARIO--(Marketwired - Jan. 13, 2016) - Star Navigation Systems Group Ltd. (TSX VENTURE:SNA) (OTCBB:SNAVF) ("STAR" or the "Company"), and Solutions Isoneo Inc. (ISONEO), a subsidiary of Artal Group in France, are pleased to announce their agreement to cooperate on multiple aerospace projects.
STAR will provide its expertise in real-time on-board systems monitoring and tracking. ISONEO will bring its expertise in complex sensors interfacing, information integration, and its Group expertise in avionics integration environment at aircraft manufacturer and OEM levels.
The intent is to provide a multi-purpose real time data gathering and analysis solution for all aerospace applications from research projects to flight tests, and new commercial application insertion.
The companies have started integrating various medical, bio monitoring and environmental detection sensors with the STAR-A.D.S. ® platform and its ground-services capabilities. The first applications are expected to reach the market by Fall 2016.
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