Star Navigation Announces Completion of Asset Acquisition
01 Aprile 2014 - 1:00PM
Marketwired
Star Navigation Announces Completion of Asset Acquisition
TORONTO, ONTARIO--(Marketwired - Apr 1, 2014) - Star Navigation
Systems Group Ltd. (TSX-VENTURE:SNA) ("Star" or the "Company") Star
Navigation (Star) is pleased to announce that it has completed the
acquisition of the assets of Les technologies LUXELL Limited
("LUXELL"). (See Press Release February 20, 2014).
This acquisition brings to Star new aerospace engineering
capabilities, integrates and solidifies its supply chain,
diversifies its product portfolio and grants immediate access to
additional, complementary business and sales.
LUXELL has developed and produced customized Man Machine
Interface ("MMI") products for large Fortune 500 aerospace and
defense customers worldwide. It has also designed and produced
Star's Gen 2 on-board computer.
"We're very excited with the synergies this acquisition brings,
expanding our client footprint internationally with marquee
customers and operators, while contributing to their current
important programs such as P3s, C-130s, Blackhawk and Merlin
helicopters." said Viraf Kapadia, CEO of Star.
Star and Luxell share the same set of values - providing quality
products and delivering outstanding customer service. "We will
continue to support Luxell customers with the same high level of
service which they are accustomed to with the added reassurance of
now Luxell being part of a publicly owned company." said Viraf
Kapadia..
Star is an AS9100 Rev C and CAR 561 certified company. It has a
highly qualified and trained staff consisting of both Professional
Engineers and other aerospace professionals and has increased its
staffing levels in order to serve its Luxell customers.
The consideration for this acquisition was Twenty-five
(25,000,000) million common shares of Star (the "Shares"). The
Shares are subject to a four (4) month hold period and may not be
traded prior to July 21, 2014. In addition, the Shares are also
subject to the terms and conditions of an Escrow Agreement which
governs the ability of the vendor to sell the Shares prior to
December, 2015.
About Star Navigation:
(www.star-navigation.com)
Star Navigation Systems Group Ltd. owns the exclusive worldwide
license to its proprietary, patented In-flight Safety Monitoring
System, 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.
Certain statements contained in this News Release may 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.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of the content of this release.
Star Navigation Systems Group Ltd.Viraf KapadiaCEO(416) 252-2889
Ext.
230viraf.kapadia@star-navigation.comwww.star-navigation.comInvestor
Relations:Frontier Merchant Capital Groupinfo@frontiermcg.comPublic
Relations & Media interviews:Nelson Hudes(905)
660-9155nelson@hudescommunications.com
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