Brampton, Ontario--(Newsfile Corp. - March 14, 2024) - Star Navigation Systems Group Ltd. (CSE: SNA) ("Star" or the "Company") is pleased to announce that its joint venture partner FlightPath International ("FPI") has executed a two-year exclusive reseller agreement for the Global Aviation Industry with its' AI partner S3iai ("S3") for an integrated AI and AR interactive immersive OEM training platform. FPI will be the first commercial client to use this newly developed product from S3iai. Star has previously executed a binding LOI with S3iai on February 29, 2024 to acquire majority ownership of S3iai and S3iAI has executed a 3-year licensing agreement with ImagineAR (CSE: IP) to provide the AR technology.
FPI provides commercial airline training on all major aircraft fleet types including Boeing, Airbus, and others serving over 150 airlines in over 60 countries. Major Airlines and Operators served by FlightPath include Air Canada, Ethiopian Airlines, Lufthansa, Transport Canada, and various Military and Government Agencies globally.
Andrew Lucas, CEO of FPI, stated "Cultivating excellence in aviation training requires embracing the transformative power of AI. By integrating artificial intelligence into our training programs, we empower our students with personalized, data-driven insights, creating a dynamic learning environment that adapts to their needs. Harnessing the efficiency and precision of AI not only enhances the quality of education but enhances our commitment to safety and innovation, ensuring our graduates soar to new heights in their careers. In the realm of aviation, embracing AI isn't just a choice; it's the propulsion system that propels us toward a future of unparalleled training excellence."
Randy Koroll - Interim CEO of Star, stated "With our recent executed binding LOI with S3iai for the development of advanced AI solutions for the aerospace industry, we are excited for this first exclusive reseller S3iai contract which will help transform the aviation OEM Training Programs and position FlightPath as one of the global leaders."
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.
About S3iai
S3iai is a high tech Generative Artificial Intelligence ("AI") company that specializes in developing the Machine Learning Service Stack. S3 has unparalleled expertise in high-performance computing. They are able to support a diverse group of clients in various industries by offering a platform that is intuitive, immersive and has real-time interactions.
About FlightPath International
FPI is a reputable leader in the aviation industry providing the highest standard of Original Equipment Manufacturer ("OEM") training, and customer service for over 20 years. Star looks to leverage FPI's relationships with its customers and benefit from this new integrated partnership by accessing over 150 new FPI customers, MRO and OEM relationships and offering Star A.D.S ® solutions to new potential customers and existing FPI customers in Autonomous Aircraft Tracking, Aircraft in Distress tracking along with backward and forward DFDR recordings, Flight Operations Performance, Predictive Maintenance and Safety Protocols.
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.
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, Interim Chief Executive Officer at 1-416-252-2889 x228
randy.koroll@star-navigation.com
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