TORONTO, ONTARIO--(July 16, 2015) - Star Navigation Systems Group Ltd. ($SNA:CA)($SNAVF) ("Star" or the "Company") is pleased to announce that it has joined forces with Nacora Insurance Brokers, a division of Kuehne + Nagel Ltd., ("Nacora") to offer their mutual commercial aviation customers savings by way of a discount from Star on equipment and services, possible insurance premium reductions, as well as by way of fuel and maintenance cost reduction.
Nacora is known as a leader of innovative insurance solutions in Canada, and, through its network of 42 offices in over 36 countries, Nacora deploys insurance, claims and risk management specialists covering transport and logistics all over the world.
In partnership with Kuehne + Nagel, Nacora has developed market leading cargo insurance solutions tailored to the individual needs of specific industry segments. It focuses on marine cargo, aviation, specialty programs, commercial midmarket and providing comprehensive personal insurance solutions.
Star's STAR-A.D.S. ™ system is an on-board flight data monitoring system. It provides a "virtual window into the aircraft", securely transmitting - in real time - flight data and system alerts. It instantly analyzes the data from multiple selected avionics and transmits - in real time - selected data and alerts to a ground station. It provides detailed flight tracking, allowing the operator to monitor the location and operational status of the flight at all times - worldwide. The system gives the airline operator the opportunity to enhance safety by scheduling proactive maintenance of systems trending out of optimal parameters, while at the same time reducing fuel usage through amendment of operating procedures.
Viraf S. Kapadia, CEO of Star said:
"Nacora has assisted Star with its insurance program for many years and we are delighted to have the opportunity to assist their aviation customers to enhance safety, reduce costs, improve their customer service levels and qualify for possible insurance premium reductions."
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. It is the first system in the world to feature in-flight data-analysis, monitoring and diagnostics with a real-time connection between aircraft and ground. 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 TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of the content of this release.
Please visit www.star-navigation.com.
Star Navigation Systems Group Ltd.
(416) 252-2889 Ext. 230
Frontier Merchant Capital Group
DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of equities.com. Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions. To read our full disclosure, please go to: http://www.equities.com/disclaimer