Brampton, Ontario--(Newsfile Corp. - June 1, 2023) - Star Navigation Systems Group Ltd. (CSE: SNA) (OTC Pink: SNAVF) (FSE: S3O) ("Star" or the "Company") is pleased to announce the Letter of Intent "LOI" with Caverton Helicopters Limited for the STAR-ISMS® (In-Flight Safety Monitoring System) as its complete aviation solution for their current Fleet of Helicopters and Aircraft. Caverton will also become a Channel Partner, and Maintenance Repair and Overhaul ("MRO") installation service provider in West Africa.
Caverton Helicopters Limited is a subsidiary of Caverton Offshore Support Group Plc. Caverton Offshore Support Group is the first fully integrated offshore support company in Sub-Saharan Africa providing quality Aviation and Marine logistics services to businesses operating in the oil and gas industry. By embracing technology and building a formidable asset base and several physical infrastructures in the region, the Caverton Group is well positioned to harness the abundant opportunities currently available in the African market with the highest level of Safety and Efficiency. With a total staff strength of 650 employees across 4 West African countries and a combined fleet of 30 Helicopters and Aircraft, the Caverton Group has emerged as a true Pan African success story and partner of choice for the major players in the oil and gas sector, and certainly the Partner of choice for Star Navigation in bringing this technology to West Africa.
Capt. Ibrahim Bello, Managing Director and Accountable Manager of Caverton Helicopters Limited stated, "Our focus has always been to provide an efficient unwavering commitment to highest standards of safety' reliability, quality and customer experience, which has uniquely positioned Caverton to exceed all our clients' expectations with the STAR-ISMS® product and provide for Maintenance, Engineering, Offshore Oil & Gas, Military/Defense, the inspiration in embracing the latest Technological improved developments within the aviation sector of Africa."
Capt. Jonathan Kordich Executive VP, Star Navigation Systems stated, "We are very impressed by the capability, services, forward-looking thinking of Caverton. We praise the intent of Caverton to implement such significant technological changes in the interest of Air Incidents and Accident Preventions, Operational Optimization, Cost Savings, and precision Tracking to the ICAO GADSS (Global Aeronautical Distress Safety Systems) Standard. Additionally, we are pleased to announce our intent to become a Channel Partner with Caverton Helicopters in Lagos, Nigeria and are confident the relationship will be further solidified within 30 days of this LOI."
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 with GADSS capability Tracking, All Aircraft Systems Performance trends and predicting incident-occurrences which enhances aviation safety and improves fleet management while reducing costs for the operator. In addition, Star's MMI Defense Division designs and manufactures high performance, mission critical, flight deck flat panel displays for defence and commercial aviation industries worldwide.
About Caverton Offshore Support Group Plc. www.caverton-offshore.com
Caverton Offshore Support Group Plc is an integrated provider of logistics, aviation, and marine services in Africa, listed on the Nigerian Stock Exchange (NSE) and operates out of Lagos, Nigeria.
The group's flagship company, Caverton Helicopters Limited, is the largest indigenous aviation logistics support company in Nigeria, with two decades of experience providing services to the oil and gas industry. Since 2021, our aviation business is also offering third party training and maintenance services via a recently commissioned Maintenance Repair and Overhaul (MRO) facility and the Caverton Aviation Training Centre, both in Lagos.
The marine subsidiary, Caverton Marine Limited, is one of Nigeria's oldest shipping companies and has been repositioned for growth through a foray into the local manufacturing of Glass Reinforced Plastic boats servicing the growth of Nigeria's mass transit ferry transportation.
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 risks posed by the COVID-19 pandemic to the airline industry are real and substantial but cannot be defined or measured in any meaningful way at this time.
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.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/168336