Brampton, Ontario--(Newsfile Corp. - December 14, 2023) - Star Navigation Systems Group Ltd. (CSE: SNA) ("Star" or the "Company"), a distinguished Company in aviation technology, proudly announces a visionary shift in the trajectory of the Company, embracing the transformative power of Generative Artificial Intelligence ("AI"). This strategic move, approved by the Company's Board of Directors, now helps position Star at the forefront of innovation leading to advances in it's STAR-A.D.S.® System, as well as opening new global vertical markets for exponential growth using AI technology.
Mr. Gary Panaich, Chairman of the Board, emphasizes, "Our commitment to harnessing advanced technologies demonstrates our dedication to elevating our competitive standing and shaping the landscape of new market opportunities. By prioritizing AI, Star aims to unlock opportunities for innovation, efficiency, and lasting value creation for our shareholders."
As indicated by Next Move Strategy Consulting, the global AI Market, valued at $95 Billion USD in 2021, is projected to reach nearly $2 Trillion USD by 2030, with a robust CAGR of 32.9% from 2022 to 2030.
Generative AI, renowned for its autonomous content creation, problem-solving capabilities, and adaptability to dynamic environments, seamlessly aligns with Star's vision for the future. The Company recognizes Generative AI's potential to revolutionize client and brand interactions, propelling Star into a leadership position and therefore becoming a driver for increased growth.
In line with this strategic shift, Star will allocate resources to research and development initiatives focused on advancing Generative AI technologies. This shift will not only strengthen the company's internal capabilities but also foster collaborations with key players in the dynamic Metaverse ecosystem.
"We firmly believe that Generative AI is a transformative force that will redefine our existing operations as well within new industries. This strategic transition is a testament to our commitment to innovation and our unwavering pursuit of excellence," Mr. Panaich affirmed.
Star's aviation division will continue to focus on the marketing and sales activities of its main product line, the STAR-A.D.S.® System.
About Star Navigation Systems - www.star-navigation.com
Star Navigation Systems Group Ltd. manufactures the In-flight Safety Monitoring System, STAR-ISMS®, the heart of the STAR-A.D.S.® System. The STAR-A.D.S.® System has real-time capability of tracking, performance trends and predicting incident-occurrences which enhances aviation safety and improves fleet management while reducing costs for the operator.
Star's MMI Division (Military and Defence) designs and manufactures high performance, mission critical, flight deck flat panel displays for defence and commercial aviation industries worldwide.
Forward Looking Information
Certain statements in this news release may constitute "forward-looking statements". Forward-looking statements are statements that address or discuss activities, events or developments that Star expects or anticipates may occur in the future.
When used in this news release, words such as "estimates", "expects", "plans", "anticipates", "projects", "will", "believes", "intends" "should", "could", "may" and other similar terminology are intended to identify such forward-looking statements.
Forward-looking statements reflect the current expectations and beliefs of Star's management. Because forward-looking statements involve known and unknown risks, uncertainties and other factors, actual results, performance or achievements of Star or the industry may be materially different from those implied by such forward-looking statements.
Examples of such forward-looking information that may be contained in this news release include statements regarding; growth and future prospects of our business; our perceptions of the industry and markets in which we operate and anticipated trends in such markets; expectations regarding the operation of our app; and our future revenues.
Material factors or assumptions that were applied in drawing a conclusion or making an estimate set out in the forward-looking statements may include, but are not limited to, our ability to execute on our business plan, increase visibility amongst consumers and convert users to revenue producing subscribers and the success of the business of our partners. Forward-looking statements involve significant uncertainties, should not be read as a guarantee of future performance or results, and will not necessarily be an accurate indication of whether or not such results will be achieved. The Company's management continues to evaluate opportunities in AI and therefore there is no certainty on the terms or timing. The Company anticipates the need for additional capital to fund such opportunities.
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.
Accordingly, readers should exercise caution in relying upon forward-looking statements and Star undertakes no obligation to publicly revise them to reflect subsequent events or circumstances, 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 THIS RELEASE.
Please visit www.star-navigation.com or contact
Randy Koroll, Chief Financial Officer at 1-416-252-2889 x228
randy.koroll@star-navigation.com
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/191036
