six year old IASA
concept is pressed into service commercially with a vast potential
to firmly resolve the causes of accidents - and even to avoid some.
TORONTO, Sept. 19 /CNW/ - Star Navigation Systems Group Ltd.
("Star Navigation") (TSX Venture: SNA), is pleased to announce
that it has completed a non-brokered private placement totaling $760,000
The private placement comprised of the issuance of 3,040,000 common shares
and an equal amount of warrants entitling the holder the right to purchase
one additional share at $0.45 for a term of one year. Shares issued are
restricted from trading until January 16, 2006. Proceeds are for general
working capital and for Star Navigation's continuing global expansion.
Increased marketing and sales efforts have resulted in key contracts and
alliances for the Company over the past two months, including: acceleration
of the $9 Million SpiceJet contract; a joint marketing agreement with
UK-based Russell Adams Ltd.; and a $2.5 Million contract with Club One
World events have moved Star Navigation firmly onto the industry's radar
screen. Commercial airline crashes in Toronto, Greece
and South America last month resulted in numerous safety-related inquiries
from around the world from airlines, government agencies, and the media.
Rising fuel costs are propelling interest in the cost-saving benefits
of Star Navigation's In-Flight Safety Monitoring System -- ISMS(TM).
"We are in continuing discussion with airlines and aviation companies
around the world," said Company Chairman and CEO Viraf Kapadia. "Our
proprietary technology enhances safety, increases profitability and reduces
maintenance costs. Our efforts are focused on the global opportunity to
provide solutions for currently unmet needs of the aviation industry."
A finder's fee totaling $71,300 was paid to various parties in connection
with the private placement.
About Star Navigation...
Star Navigation Systems Group Ltd. (www.star-navigation.com)
owns the worldwide license to a product without peer, its
proprietary, patented In-flight Safety Monitoring System - ISMS(TM),
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.