- Signed an arm’s length agreement which provides for the acquisition by Star of a majority position in SOLUTIONS ISONEO INC. (“ISONEOâ€), currently a wholly-owned FGD subsidiary located in Montreal.
- No finder’s fees were paid. STAR will undertake full operational management of the company, to be renamed STAR-ISONEO Inc.
TORONTO, Jan. 16, 2019 — Star Navigation Systems Group Ltd. (CSE: SNA) (OTCQB: SNAVF)  (“Star” or the “Company”) announces that Star and Finances Gestion & Développement SAS (“FGDâ€), the French Holding company managing Artal Technologies (http://www.artal.fr) and Magellium (http://www.magellium.com/), today signed an arm’s length agreement which provides for the acquisition by Star of a majority position in SOLUTIONS ISONEO INC. (“ISONEOâ€), currently a wholly-owned FGD subsidiary located in Montreal. No finder’s fees were paid. STAR will undertake full operational management of the company, to be renamed STAR-ISONEO Inc.
ISONEO
is a specialised software subsidiary of FGD, developing complex
solutions in engineering, simulation and development for Canadian
customers. ISONEO was already working closely with Star in the
development of Stars’ MEDEVAC (STAR-ISAMM™ and STAR- LSAMM™)
applications of the patented STAR-A.D.S. ® technology, and on Star’s
current R&D program with Bombardier.
Artal
Technologies specializes in onboard real-time systems, data simulation
and processing and model-based engineering. Magellium specializes in
earth observation, GIS and geo intelligence and has expert knowledge of
image processing and related services.
Going
forward, STAR-ISONEO Inc. will benefit from the combined strengths of
both Artal, Magellium and Star, exploring and undertaking new R&D
projects related to the business of the two groups. It will develop new
applications directed towards both Canadian and North American OEMs. In
addition, STAR-ISONEO will market the Artal-Magellium capabilities, in
engineering and in sensors and image processing, towards the Canadian
market.
Mr. Jean-Louis Larmor, VP-Corporate Development and proposed President of STAR-ISONEO said:
‘The
possibilities offered by this operation strengthen the capabilities of
both companies and widen our audience, starting with Quebec and Canada
but also with France, where Artal will allow us to have a ‘footprint’
for promoting our solutions’
The financial terms of the acquisition are not considered material by the Company.
About Star Navigation:
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. 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.
Star’s
MMI Division designs and manufactures high performance, mission
critical, flight deck flat panel displays for defence and commercial
aviation industries worldwide.
Certain
statements contained in this News Release 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. Star does not assume any
obligation to update these forward-looking statements, 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 the
content of this release.
This Press Release is available On the Company’s CEO Verified Discussion Forum, A Moderated Social Media Platform That Enables Civilized Discussion and Q&A between Management and Shareholders. https://agoracom.com/ir/StarNavigationSystems/forums/discussion
Please visit www.star-navigation.com or
Viraf Kapadia, CEO, (416) 252-2889 Ext. 230
[email protected]
