Star Navigation Systems Group (TSX-V:SNA, StockForum), provider of aerospace solutions, both hardware and software platforms, to assist aviation operators worldwide, made public today the sale of their STAR-A.D.S. (TM) to Almasria Universal Airlines on two of its aircraft, an Airbus A-320 and an Airbus A-321.
According to the press release, “Almasria has been offered a unique choice of payment options. Within seven months of activation of the system, Almasria must elect to either purchase the two systems outright or, in the alternative, Almasria may elect to make no payment for the hardware components of the system, provided that they share the value of fuel savings realized through the use of the system with Star on a 50-50 basis.”
It then concluded, “Should AlMasria feel that the fuel savings exceed their expectations, they can purchase the units outright and discontinue the profit share.”
Star CEO, Viraf Kapadia, commented, “This order from Almasria for installation on board the A-320 and A-321's, two of the most popular commercial aircraft, will provide a stable revenue stream and allow us to further showcase our STAR-A.D.S.™ service.”
Kapadia explained further, “It also allows us to participate in the development of Almasria, a young, dynamic airline, located in a key part of the world. Almasria has indicated that it intends to expand its fleet in the near future and Star looks forward to contributing to its success.”
He then summed up, “Together with our other STC's, we now are able to cover nearly 50% of the world commercial fleet of passenger planes. This order positions us strategically and commercially on several fronts.”
Star Navigation Systems Group was in the news recently when the company announced the appointment of FronTier Merchant Capital Group.
Shares were up 20% on the news to $0.06 per share.
Currently there are 261,586,966 shares outstanding with a market cap of $15.7 million.