Star Navigation Announces Company Opting Out of S3iai Equity Purchase
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) ha annunciato che non procederà con il suo piano di investimento azionario nella compagnia di intelligenza artificiale S3iai, lasciando scadere la scadenza del 30 ottobre 2024. La decisione è stata presa dopo che l'azienda non è riuscita a ottenere il necessario supporto finanziario per l'investimento, inizialmente delineato in una Lettera di Intenti datata 29 febbraio 2024. Nonostante non stia proseguendo con la partecipazione azionaria, Star continuerà a sfruttare il supporto di S3iai per migliorare la sua Tecnologia del Gemello Digitale per il Star-ISMS (sistema di monitoraggio della sicurezza in volo).
Star Navigation Systems Group (CSE: SNA) ha anunciado que no procederá con su plan de inversión de capital en la empresa de inteligencia artificial S3iai, dejando que venza el plazo del 30 de octubre de 2024. La decisión se tomó después de que la empresa no pudo obtener el apoyo financiero necesario para la inversión, que se había esbozado originalmente en una Carta de Intención fechada el 29 de febrero de 2024. A pesar de no avanzar con la participación de capital, Star continuará utilizando el apoyo de S3iai para mejorar su Tecnología de Gemelo Digital para el Star-ISMS (sistema de monitoreo de seguridad en vuelo).
Star Navigation Systems Group (CSE: SNA)는 AI 회사 S3iai에 대한 계획된 자본 투자 진행을 하지 않을 것임을 발표했으며, 2024년 10월 30일 마감일이 지나가게 되었습니다. 이 결정은 회사가 투자에 필요한 재정적 지원을 확보하지 못한 후 내려졌으며, 원래 2024년 2월 29일자로 작성된 의향서에서 자세히 설명되었습니다. Star는 자본 지분을 진행하지 않더라도, Star-ISMS(비행 안전 모니터링 시스템)를 위한 디지털 트윈 기술 향상을 위해 S3iai의 지원을 계속 사용할 것입니다.
Star Navigation Systems Group (CSE: SNA) a annoncé qu'il ne procédera pas à son investissement en capital prévu dans la société d'intelligence artificielle S3iai, laissant expirer la date limite du 30 octobre 2024. Cette décision a été prise après que l'entreprise n'a pas pu obtenir le soutien financier nécessaire pour l'investissement, qui était initialement décrit dans une lettre d'intention datée du 29 février 2024. Malgré l'absence de progression dans sa participation au capital, Star continuera d'utiliser le soutien de S3iai pour améliorer sa technologie de jumeau numérique pour le Star-ISMS (système de surveillance de la sécurité en vol).
Star Navigation Systems Group (CSE: SNA) hat bekannt gegeben, dass es nicht mit der geplanten Kapitalbeteiligung an dem KI-Unternehmen S3iai fortfahren wird und die Frist vom 30. Oktober 2024 verstreichen lassen wird. Diese Entscheidung folgt, nachdem das Unternehmen die notwendige finanzielle Unterstützung für die Investition, die ursprünglich in einem Absichtsschreiben vom 29. Februar 2024 skizziert wurde, nicht sichern konnte. Obwohl die Kapitalbeteiligung nicht vorangetrieben wird, wird Star weiterhin die Unterstützung von S3iai nutzen, um seine digitale Zwillings Technologie für das Star-ISMS (System zur Überwachung der Flugsicherheit) zu verbessern.
- Continued access to S3iai's AI support for Digital Twin Technology development
- Unable to secure financial support for planned S3iai equity investment
- Failed to execute strategic expansion opportunity outlined in Letter of Intent
Brampton, Ontario--(Newsfile Corp. - November 13, 2024) - Star Navigation Systems Group Ltd. (CSE: SNA) (CSE: SNA.CN) ("Star" or the "Company") announces the Company has let lapse the October 30, 2024 deadline date to purchase an equity stake in the AI company S3iai.
Star's Board has decided not to pursue the previously announced financial investment in S3iai as per the signed Letter of Intent dated February 29th, 2024 due to financial considerations. Nevertheless, Star will continue to leverage support from the AI company as needed to enhance our Digital Twin Technology for Star-ISMS (in-flight safety monitoring system).
Mr. Randy Koroll, Director & CEO of Star, stated that: "Star could not find the financial support needed to purchase an equity position in S3iai at this time."
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 of tracking, performance trends and predicting incident-occurrences which enhances aviation safety and improves fleet management while reducing costs for the operator. Star's MMI Division (Military and Defence) designs and manufactures high performance, mission critical, flight deck flat panel displays for defence and commercial aviation industries worldwide.
Forward-Looking Information
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.
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.
Please visit www.star-navigation.com or contact
Randy Koroll, Chief Executive Officer at 1-416-252-2889 x228
randy.koroll@star-navigation.com
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/229827
FAQ
Why did Star Navigation (SNA) cancel its equity purchase in S3iai?
Will Star Navigation (SNA) still work with S3iai despite not purchasing equity?
When was the original Letter of Intent signed for Star Navigation's S3iai investment?
