TORONTO, Jan. 16, 2019 (GLOBE NEWSWIRE) -- Star Navigation Systems Group Ltd. (CSE:SNA) (SNAVF) ("Star" or the "Company") announces that Star and Finances Gestion & Développement SAS (“FGD”), the French Holding company managing Artal Technologies (http://www.artal.fr) and Magellium (http://www.magellium.com/), today signed an arm’s length agreement which provides for the acquisition by Star of a majority position in SOLUTIONS ISONEO INC. (“ISONEO”), currently a wholly-owned FGD subsidiary located in Montreal. No finder’s fees were paid. STAR will undertake full operational management of the company, to be renamed STAR-ISONEO Inc.
ISONEO is a specialised software subsidiary of FGD, developing complex solutions in engineering, simulation and development for Canadian customers. ISONEO was already working closely with Star in the development of Stars’ MEDEVAC (STAR-ISAMM™ and STAR- LSAMM™) applications of the patented STAR-A.D.S. ® technology, and on Star’s current R&D program with Bombardier.
Artal Technologies specializes in onboard real-time systems, data simulation and processing and model-based engineering. Magellium specializes in earth observation, GIS and geo intelligence and has expert knowledge of image processing and related services.
Going forward, STAR-ISONEO Inc. will benefit from the combined strengths of both Artal, Magellium and Star, exploring and undertaking new R&D projects related to the business of the two groups. It will develop new applications directed towards both Canadian and North American OEMs. In addition, STAR-ISONEO will market the Artal-Magellium capabilities, in engineering and in sensors and image processing, towards the Canadian market.
Mr. Jean-Louis Larmor, VP-Corporate Development and proposed President of STAR-ISONEO said:
‘The possibilities offered by this operation strengthen the capabilities of both companies and widen our audience, starting with Quebec and Canada but also with France, where Artal will allow us to have a ‘footprint’ for promoting our solutions’
The financial terms of the acquisition are not considered material by the Company.
About Star Navigation:
Star Navigation Systems Group Ltd. owns the exclusive worldwide license to its proprietary, patented In-flight Safety Monitoring System, STAR-ISMS®, the heart of the STAR-A.D.S. ® System. 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.
Star’s MMI Division designs and manufactures high performance, mission critical, flight deck flat panel displays for defence and commercial aviation industries worldwide.
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, 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 the content of this release.
This Press Release is available On the Company's CEO Verified Discussion Forum, A Moderated Social Media Platform That Enables Civilized Discussion and Q&A between Management and Shareholders. https://agoracom.com/ir/StarNavigationSystems/forums/discussion
Please visit www.star-navigation.com or
Viraf Kapadia, CEO, (416) 252-2889 Ext. 230