Brampton, Ontario--(Newsfile Corp. - October 11, 2022) - Star Navigation Systems Group Ltd. (CSE: SNA) (CSE: SNA.CN) ("Star" or the "Company") is pleased to announce the receipt of a Letter of Intent ("LOI") from the LAPSSET Corridor Development Authority ("LCDA") for the purchase of Star Navigation's tracking and monitoring technology to track Marine, Train and Land assets for the LAPSSET Corridor Program.
A MAJOR MILESTONE AND PROGRESSION OF RELATIONSHIP WITH LCDA
The LOI represents a significant milestone in the development of the relationship between Star and LCDA. It represents a major step forward from the initial Letter of Expression (LOE) that was sent to Star by LCDA on June 6th 2022. Since then discussions had been ongoing with respect to further modernization and operational improvements to provide seamless connectivity, enhanced trade and logistics to the LAPSSET program.
The Director General and CEO of LCDA stated in the LOI, "At your earliest convenience we look forward to furthering our discussion to enter into a purchase agreement with LCDA for the purchase of Star Tracking Systems, which will also lay a foundation for strong and positive relations for future engagements."
Amir Bhatti, CEO, Star Navigation Systems stated, "We applaud the country of Kenya and the LAPSSET Corridor Development Authority for this great vision that started in 2013 and is now progressing towards becoming a reality. The LAPSSET Corridor represents world class transformative and game changing infrastructure that will deliver socio-economic development and prosperity to hundreds of millions of people for generations. Star Navigation Systems is honoured to play a vital role in the safety, efficiency and tracking of all the modes of transport that will be moving the people and goods necessary to make LAPSSET a shining success for all the world to see in the coming decades. We look forward to providing our shareholders with even more details as our discussions and relationship progress."
WHAT IS THE LAPSSET CORRIDOR PROGRAM?
The Lamu Port - South Sudan - Ethiopia - Transport (LAPSSET) Corridor project is Eastern Africa's largest and most ambitious infrastructure project, bringing together the Governments of Kenya, Ethiopia and South Sudan via development of airports, highways, oil pipelines, railways lines, dams, ports and resort cities. On 1 April 2013, Kenya's government announced the setting up of a government agency, the LAPSSET Corridor Development Authority, to manage the project on behalf of the Kenyan government.
This mega project consists of seven key infrastructure projects starting with:
- A new 32 Berth port at Lamu (Kenya)
- Interregional Highways from:
- Lamu to Isiolo
- Isiolo to Juba (South Sudan)
- Isiolo to Addis Ababa (Ethiopia) and
- Lamu to Garsen (Kenya)
- Crude Oil Pipeline from:
- Lamu to Isiolo
- Isiolo to Juba
- Product Oil Pipeline from:
- Lamu to Isiolo
- Isiolo to Addis Ababa
- Interregional Standard Gauge Railway lines from:
- Lamu to Isiolo
- Isiolo to Juba
- Isiolo to Addis Ababa
- Nairobi to Isiolo
- 3 International Airports at:
- Lamu
- Isiolo
- Lake Turkana
- 3 Resort Cities at:
- Lamu
- Isiolo and
- Lake Turkana
- And finally the multipurpose High Grand Falls Dam along the Tana River
The LAPSSET Corridor Project covers over half of the country with a planned investment resource equivalent to half of Kenya's GDP for the core investment alone. Statistics estimate that contribution of the LAPSSET Corridor Project to the country's economic growth might range between 8% to 10% of Kenya's GDP and the estimated cost of the project was put at KSh 2.5 trillion (US$29.24 billion). The project is leveraging on the private sector to develop the Corridor.
This News Release is available on the company's official Verified Discussion Forum On AGORACOM, a moderated social media platform that enables civilized discussion and Q&A between Management and Shareholder.
ABOUT LAPSSET https://www.lapsset.go.ke/
In March 2013, the LAPSSET Corridor Development Authority was established through the Presidential Order Kenya Gazette Supplement No. 51, Legal Notice No. 58, The LAPSSET Corridor Development Authority Order 2013 to plan, coordinate and manage the implementation of the Lamu Port-South Sudan-Ethiopia Transport Corridor. A full project presentation can be found in the link http://kenyagreece.com/sites/default/files/lapsset-project-presentation.pdf.
About Star Navigation Systems www.star-navigation.com
Star Navigation Systems Group Ltd. manufactures the In-flight Safety Monitoring System, STAR-ISMS®, the heart of the STAR-A.D.S.® System. The STAR-A.D.S.® System has real-time capability of tracking, performance trends and predicting incident-occurrences which 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.
Forward Looking Information
Certain statements in this news release may constitute "forward-looking statements". Forward-looking statements are statements that address or discuss activities, events or developments that Star expects or anticipates may occur in the future. When used in this news release, words such as "estimates", "expects", "plans", "anticipates", "projects", "will", "believes", "intends" "should", "could", "may" and other similar terminology are intended to identify such forward-looking statements.
Forward-looking statements reflect the current expectations and beliefs of Star's management. Because forward-looking statements involve known and unknown risks, uncertainties and other factors, actual results, performance or achievements of Star or the industry may be materially different from those implied by such forward-looking statements.
Examples of such forward-looking information that may be contained in this news release include statements regarding; growth and future prospects of our business; our perceptions of the industry and markets in which we operate and anticipated trends in such markets; expectations regarding the operation of our app; and our future revenues.
Material factors or assumptions that were applied in drawing a conclusion or making an estimate set out in the forward-looking statements may include, but are not limited to, our ability to execute on our business plan, increase visibility amongst consumers and convert users to revenue producing subscribers and the success of the business of our partners. Forward-looking statements involve significant uncertainties, should not be read as a guarantee of future performance or results, and will not necessarily be an accurate indication of whether or not such results will be achieved.
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.
Accordingly, readers should exercise caution in relying upon forward-looking statements and Star undertakes no obligation to publicly revise them to reflect subsequent events or circumstances, except as required by law.
NEITHER CANADIAN SECURITIES EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE CANADIAN SECURITIES EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
Please visit www.star-navigation.com or contact
Mr. Amir Bhatti, CEO at 1-416-252-2889 #230
amir.bhatti@star-navigation.com
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/140098
