Brampton, Ontario--(Newsfile Corp. - January 21, 2021) - Star Navigation Systems Group Ltd. (CSE: SNA) (CSE: SNA.CN) ("Star" or the "Company") is pleased to announce the following Corporate update as of January 21, 2021. Star is diligently working and achieving major milestones towards the aggressive Action Plan 2021 in coordination with all the stakeholders on one page.
The Company is progressively working on 4 major priorities:
- INCREASING STAR'S IMPACT IN BOTH THE DOMESTIC AND INTERNATIONAL MARKETS
- EXPANDING STAR'S REACH WORLDWIDE
- ENHANCING PARTICIPANT ENGAGEMENT
- INCREASING STAR'S ABILITY TO DELIVER STAR'S SOLUTIONS TIMELY AND COST EFFECTIVELY
Star is effectively raising the bars in all the major areas and departments.
- Corporate Business Development - To strengthen the core management structure and to achieve the objectives, Star has hired the services of Nasir Azam, an Aviation Industry veteran as Chief Administrative Officer to explore and expand the STAR ADS® system products and services worldwide.
- Marketing & Sales
- South Korea - The Company is in negotiations to sign with a well-known Partner/Dealer who is already in business in the Aviation and Aerospace MRO industry for South Korea and Asia-Pacific region
- South America - Coordination and efforts are underway to market Star products with local customers directly.
- UAE/Middle East & North Africa - Star is aggressively marketing Star products with various airlines in UAE, Egypt, and Saudi Arabia. Al-Masria airlines is retrofitted on an Airbus A320 that helped the airlines to comply with the corrective action plan for EASA audit.
- South East Asia - Successfully signed the dealer agreement with a strong regional partner Gerry's International to market potential airlines within their footprint.
- The Company has submitted a bid for a tender to partner with a mainstream SatCom company holding a substantial market share.
- The Company is in a stage of finalizing an MoU with a European company that conducts operational and financial restructuring of airlines, leasing any type of aircraft in any form (ACMI, AMI, Operating or Finance Lease) and possesses a large inventory.
- The Company is extending it's proposals to add more aircraft with it's existing customers.
- Northern Ireland, UK, and Europe - Star has approached major airlines in the region and have demonstrated it's value proposition to address the upcoming regulators mandate for GADSS.
- Asia-Pacific - established a satellite office in Singapore to cover the entire region.
- The Company is preparing a marketing plan to attend major air show in 2021.
- Manufacturing and Operations - to deliver timely solutions to Airlines and Air operators
- Finance
- Various Business Models are now in place for different markets, accommodating COVID-19 crisis, and considering the Airlines/Air Operators downsizing of their flight operations.
- Financial Audits:
- a) Year 2019 financial audit is now complete. The financials will be posted on SEDAR soon.
- b) Year 2020 financial audit is in progress.
- Human Resources - The Company is hiring aviation industry experts to support our expansion.
- Web/Social media - Star has overhauled the Company website and have a larger social media presence.
Amir Bhatti, Chief Executive Officer stated, "Star is diligently reorganizing and restructuring the key areas of the Company to achieve its Corporate short and long-time objectives. The whole of management and staff is geared up and working hard to bring Star back to its deserved potential with their state-of-the-art technologies and services for the Airline/Aviation Industry in compliance with their regulatory prerequisites and requirements. We are accomplishing this without spending exorbitant capital on equipment or to carry on any retrofit of their equipment along with ICAO, EASA or other Airworthiness authentication for mandatory compliance. The Airline industry will still be profitable with what Star offers in terms of Engine Condition Monitoring, Flight Operations Quality Assurance [FOQA] analysis and Fuel Management savings."
Certain statements contained in this Release constitute forward-looking statements. When used in this document, the words "may", "would", "could", "will", "expected", "intend" and similar expressions, as they relate to Star or its management or board 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.
The risks posed by the COVID-19 pandemic are real and substantial but cannot be defined or measured in any meaningful way at this time. Mr. Viraf Kapadia's outstanding litigation and the process initiated by Mr. Kapadia under the Bankruptcy and Insolvency Act are risks to Star.
Many other 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.
Please visit www.star-navigation.com or contact
Mr. Amir Bhatti, CEO at 1-416-252-2889 #230 or amir.bhatti@star-navigation.com
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/72536
