Brampton, Ontario--(Newsfile Corp. - January 30, 2024) - Star Navigation Systems Group Ltd. (CSE: SNA) ("Star" or the "Company") is pleased to announce that it has signed a NEW joint venture agreement with FlightPath International ("FPI") for five years for the purposes of managing Star's Aviation division which will include leading sales initiatives and training future customers on leveraging maximum business insights from the Star A.D.S ® products and data services.
This agreement between Star and FPI includes both cost sharing and profit-sharing components between the two companies.
FPI is a reputable leader in the aviation industry providing the highest standard of Original Equipment Manufacturer ("OEM") training, and customer service for over 20 years. Star looks to leverage FPI's relationships with its customers and benefit from this new integrated partnership by accessing over 160 new FPI customers, MRO and OEM relationships and offering Star A.D.S ® solutions to new potential customers and existing FPI customers in Autonomous Aircraft Tracking, Aircraft in Distress tracking along with backward and forward DFDR recordings, Flight Operations Performance, Predictive Maintenance and Safety Protocols
"This is a huge step for Star as it will benefit the Company with cost savings on both labour and travel and also gives Star a share of profits," says Gurdip Panaich, Chairman of the Board at Star.
Andrew Lucas, CEO of FPI, stated that since FlightPath's inception more than 20 years ago, it has earned a trusted reputation in the aviation industry by providing the highest standard of training, and customer service. Star and FlightPath have come together under this joint venture, and we are in better position to provide further remarkable services that will bring operating costs down for airlines, as well as develop an even higher standard of safety to our customers' operations. I am truly motivated that together, we can provide an exponential service to airlines worldwide.
With the signing of this joint venture agreement, Andrew Lucas has assumed the President role of the Star Aviation division while Anoop Brar has stepped down and become Star Navigation's Chief Technical Officer effective immediately.
About Star Navigation:
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.
About FlightPath International:
Founded in 2003, FlightPath International, a Canadian based company, is a leading provider of Training and Operational Support services for the commercial airline industry worldwide. FlightPath offers Technical, Pilot, Multi-Crew Pilot Licensing, Cabin and Dispatcher training, with aircraft types that include Airbus, Boeing, Bombardier, De Havilland, and Embraer. It serves over 160 Operators in over 60 Countries.
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.
A number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements, including, without limitation: those relating to potential disruptions to product delivery; failure to meet regulatory requirements; changes in the market; potential downturns in economic conditions; availability of financing (as necessary); and other risk factors described in our Filing Statement which is available on SEDAR at www.sedarplus.ca. These risks, as well as others, could cause actual results and events to vary significantly. 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.
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. 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.
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. Randy Koroll, Interim CEO at 1-416-252-2889 #228 or randy.koroll@star-navigation.com.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/196145
SOURCE: Star Navigation Systems Group Ltd.
