Star Nav Sys Grp - SNAVF STOCK NEWS

Star Navigation Systems Group (CSE: SNA) has completed a shares for debt transaction, issuing 89,505,600 units at $0.005 per unit, reducing debt by $447,528. Each unit comprises one common share and one warrant, with warrants exercisable at $0.05 per share over a 5-year period.

The securities are subject to a four-month statutory hold period. Proceeds will support working capital needs, specifically for operations development and sales/marketing initiatives for the Star-A.D.S.® system.

Star Navigation Systems Group and ProAce Business Solutions have updated their August 2024 joint venture announcement, 'PROACE STAR INDIA PRIVATE ,' aimed at transforming India's aviation and railway sectors. The initiative addresses significant challenges in India's growing transportation industry, including a 36% increase in airline passengers since 2022 and plans for expanding from 148 to 230 airports by 2030 with $15 billion in government investment.

The venture will introduce the Star In-Flight Safety Monitoring System (STAR-ISMS®), featuring AI-enhanced real-time monitoring capabilities. The project aligns with India's 'Make in India' vision, promoting local innovation and manufacturing, backed by over $85 million in research and development investment.

Star Navigation Systems Group (CSE: SNA) has announced it will not proceed with its planned equity investment in AI company S3iai, letting the October 30, 2024 deadline lapse. The decision comes after the company was unable to secure necessary financial support for the investment, which was originally outlined in a Letter of Intent dated February 29, 2024. Despite not moving forward with the equity stake, Star will continue to utilize S3iai's support to enhance their Digital Twin Technology for Star-ISMS (in-flight safety monitoring system).

Star Navigation Systems Group (CSE: SNA) has announced extensions for three sets of share purchase warrants, subject to Canadian Securities Exchange approval. The extensions include: 19.35 million warrants from a November 2023 debt conversion, 66.22 million warrants from a February 2024 private placement, and 50.74 million warrants from a February 2024 debt conversion. All warrants will maintain their exercise price of $0.05 per share, with expiration dates extended to November 2028 and February 2029 respectively.

Star Navigation Systems Group announces changes to its Board of Directors. Mr. Gary Panaich resigned effective October 28th, 2024, after serving for four-and-a-half years during which he helped navigate the company through bankruptcy, COVID challenges, and CSE relisting. The company appointed two new directors: Mr. Allwyn Ronald Mendonca, bringing 8 years of banking experience and 13 years in real estate, and Mr. Harmeet Singh Gill, with 33 years in aviation/airline industry experience and 23 years at Star Navigation. CEO Randy Koroll expressed gratitude to Panaich and enthusiasm for the new appointments.

Star Navigation Systems Group (CSE: SNA) and FlightPath International (FPI) have provided an update on their sales activities in Africa. Key highlights include:

- Star's ISMS® received a 97% technical approval in Ethiopian Airlines' RFP evaluation for a Flight Data Monitoring System.

- The High Commissioner of Canada to Nigeria is supporting the implementation of Star-ISMS® with Nigerian airlines.

- Meetings are scheduled with several Nigerian airlines, including Air Peace, Air Contractors, and IBOM Airlines.

- Star has been invited to present its ISMS® Technology to the United Nations Department of Operations Support in New York City in Q1 2025.

- Star/FPI attended the Aviation Africa summit in Johannesburg and plans to participate in upcoming industry events, including the AFRAA AGM in Cairo and the IATA World Data Symposium in Dublin.

- Star continues to work with the LAPSSET Corridor Development Authority for potential technology implementation.

Star Navigation Systems Group (CSE: SNA) has announced a Joint Venture agreement with ProAce Business Solutions Inc. to create Star ProAce India Private . Star will initially hold 10% of the new JV company, with an option to increase to 28%. ProAce will handle expenses for obtaining necessary permissions and contracts to implement Star's ISMS technology in India. The agreement includes anti-dilutive clauses to protect Star's equity.

ProAce's experience in navigating government contracts and projects is expected to provide Star with access to these opportunities. The JV will focus on a 'Built in India' approach, setting up a permanent office and building Star ISMS units locally. This strategy is aimed at facilitating approvals and market entry in India.

Star Navigation Systems Group, symbol SNAVF, has issued a corporate update highlighting several key sales activities in Africa. Captain Jonathan Kordich attended a Safety Conference in Ethiopia, leading to an invitation from the Ethiopian Aviation Group to participate in a tender for Ethiopian Airlines' Flight Data Monitoring procurement. The tender submission is due by June 26, 2024. Additionally, Star and FlightPath International have been invited to submit a high-level proposal in Ghana by the end of June, involving a job creation plan and technology center. They are also involved in a United Nations request for information on aircraft global tracking and flight data monitoring. Furthermore, strategic communications with Astral Aviation may lead to the installation of STAR-ISMS® on Astral's B767 aircraft in Nairobi, Kenya. Additional joint ventures and initiatives will be detailed in a corporate update expected by the end of July.