TORONTO, ONTARIO--(July 27, 2015) - Star Navigation Systems Group Ltd. (SNA:CA) (SNAVF) ("Star" or the "Company") is pleased to announce that it has signed a framework agreement with an undisclosed avionics system manufacturer to launch the world's first 'Real Time' Global Health Monitoring System for all types of aircraft, helicopters and train cars.
The concept combines field proven engine, transmission and vibration monitoring solutions for helicopters and fixed wing aircraft, with Star's STAR-TTT real time satellite based data transmission system.
The end result will provide real time 24/7 tracking and health data, as well as voice streaming to ground operations.
The new system is also designed to adapt to railway cars, providing on-board diagnostic, prognostic analysis and equipment failure prediction. It will drastically reduce the maintenance costs of railway bogies, freight cars and monitor railway tracks throughout the network.
It will monitor and perform diagnostics of all critical components of the airborne or railway platform, providing the operator with real-time health alarms, status, and accurate and reliable usage information. It will enable cost-effective maintenance while keeping the fleet in optimal condition.
Mr. Kapadia, CEO of Star said,
"The coming together of these two technology fields opens new possibilities in the global transport market place. We will be offering a unique technology solution, meeting both aerospace and railway industry challenges.
It will open doors to a massive market that is currently poorly serviced in both the aviation sector for fixed and rotary wing (Helicopters) and the global Railway networks."
"The 'Real Time' Global Health Monitoring System is a major development that will drive the HUMS market in significant way. It opens new markets such as Railway networks, which will be able to benefit from the diagnostic and prognostic analysis that can help to predict equipment failure."
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.
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