FYI > Star Navigation Announces Major Agreement With SAMRI, a subsidiary of Chin
posted on
Nov 12, 2008 03:13AM
Attention Business Editors:
Star Navigation Announces Major Agreement With SAMRI, a subsidiary of China Aviation Corporation (AVIC), to supply a jointly branded version of Stars Terrastar: Real Time Monitoring(TM) to the Big Commercial Aircraft Project
TORONTO, Nov. 12 /CNW/ - Star Navigation Systems Group Ltd. (TSX-V: SNA)
("Star or the Company"), a leading edge technology company focused on
providing Aerospace Solutions to aviation operators worldwide, is pleased to
announce that a detailed Collaborative Framework Agreement ("CFA") has been
signed with the Shanghai Aero Measurement-controlling Research Institute
("SAMRI"), a subsidiary of AVIC - China Aviation Industry Corporation. (Please
see press releases October 29 and November 10, 2008).
The CFA outlines the working relationship between SAMRI and Star with the
objective of supplying a jointly branded version of Star's TERRASTAR:Real-Time
Monitoring(TM) system ("TERRASTAR:RTM(TM)") to Chinese Original Equipment
Manufacturers ("OEM") for installation on new and existing commercial
passenger aircraft in China as part of the Big Commercial Aircraft ("BCA")
project, China's entry into the large commercial aircraft field. As noted in
Star's press release dated October 29, China has already begun making large
commercial aircraft and has raised the possibility of competition for Boeing
and Airbus in the country's booming market for new planes. China is expected
to be the world's fastest-growing aviation market, and is expected to need
3,710 aircraft to meet unprecedented demand over the next 20 years. (Source:
Boeing/AFP Oct. 29/08) The partners are moving ahead to establish joint teams
to address the following:
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- Requirements specific to the Chinese aviation industry,
- Engineering specific to the Chinese-developed aircraft,
- Production and delivery of technology and components to satisfy
Chinese aviation industry requirements, and,
- Installation, training, support and operation of the jointly-branded
BCA-TERRASTAR:RTM(TM).
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COMAC - "Commercial Aircraft Corporation of China, Ltd." (previously
CACC) has already booked over 208 ARJ21 (100 seat) aircraft orders. Mr. Viraf
Kapadia, CEO of Star stated, "The rapid development of our relationship with
SAMRI (a subsidiary of AVIC) and COMAC is a good indication that the next
generation of commercial aircraft will be a significant market for our
products. We are looking forward to building upon this relationship to include
other members of the Chinese aviation industry. We always look at both the
short-term and the long-term. In the short-term, we are constantly improving
and innovating, improving our processes and building our sales force. This
agreement is for the long-term; it is a part of building sustainable
relationships and this success helps us with our other ongoing efforts in
Europe, North America and Asia.
Mr. Dale F. Sparks, CTO of Star, in Calgary presenting at the Air
Transport Association of Canada Annual general meeting and enroute to China,
commented "Part of the OEM process is to ensure that the technology not only
delivers significant immediate value, but also provides a means for future
benefit and support, as the demands of the aviation environment change - and
our TERRASTAR:RTM(TM) system does exactly that. We look forward to the
cross-training of the SAMRI technical personnel and the subsequent integration
discussions. This is a strategic partnership opportunity and a very exciting
project."
Star's V.P. Marketing & Sales, Mr. Amir Bhatti said at the Zhuhai Air
Show, "This agreement is vital in order to enable Star to meet the demands of
the relatively untapped commercial aviation industry of China. We are very
glad to partner with SAMRI."
About Star Navigation:
Star Navigation Systems Group Ltd. (www.star-navigation.com) owns the
exclusive worldwide license to its proprietary, patented In-flight Safety
Monitoring System, 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 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.
This press release is available on the company's official on-line
investor relations site for investor commentary, feedback and questions.
Investors are asked to visit: http://www.agoracom.com/ir/StarNavig... and
view the Star Navigation IR HUB. Alternatively, investors are asked to e-mail
all questions and correspondence to SNA@Agoracom.com
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The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of the content of this news
release.
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%SEDAR: 00009078E
For further information: Please visit www.star-navigation.com or contact
Viraf Kapadia, CEO, viraf.kapadia@star-navigation.com; AGORACOM Investor
Relations, Investor Relations, SNA@agoracom.com,
http://www.agoracom.com/ir/StarNavig...
http://www.newswire.ca/en/releases/a...