Star Navigation Announces Joint Venture Agreement with ProAce Business Solutions Inc.
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.
Il gruppo Star Navigation Systems (CSE: SNA) ha annunciato un accordo di joint venture con ProAce Business Solutions Inc. per creare Star ProAce India Private. Star deterrà inizialmente il 10% della nuova società JV, con un'opzione per aumentare fino al 28%. ProAce si occuperà delle spese per ottenere le necessarie autorizzazioni e contratti per implementare la tecnologia ISMS di Star in India. L'accordo include clausole anti-diluitive per proteggere l'equità di Star.
Si prevede che l'esperienza di ProAce nella gestione di contratti governativi e progetti fornisca a Star l'accesso a queste opportunità. La JV si concentrerà su un approccio 'Built in India', istituendo un ufficio permanente e costruendo unità ISMS di Star localmente. Questa strategia mira a facilitare le approvazioni e l'ingresso nel mercato indiano.
El grupo Star Navigation Systems (CSE: SNA) ha anunciado un acuerdo de joint venture con ProAce Business Solutions Inc. para crear Star ProAce India Private. Star inicialmente poseerá el 10% de la nueva empresa JV, con la opción de aumentar hasta el 28%. ProAce se encargará de los gastos para obtener los permisos y contratos necesarios para implementar la tecnología ISMS de Star en India. El acuerdo incluye cláusulas antidilutivas para proteger la equidad de Star.
Se espera que la experiencia de ProAce en la navegación de contratos y proyectos gubernamentales brinde a Star acceso a estas oportunidades. La JV se centrará en un enfoque 'Built in India', estableciendo una oficina permanente y construyendo unidades ISMS de Star localmente. Esta estrategia tiene como objetivo facilitar las aprobaciones y la entrada al mercado en India.
스타 내비게이션 시스템 그룹 (CSE: SNA)은 프로에이스 비즈니스 솔루션 Inc.와의 합작 투자 계약을 발표하여 스타 프로에이스 인디아 프라이빗을 창립하게 되었습니다. 스타는 새로운 합작 회사에서 처음에는 10%를 보유하며, 최대 28%까지 늘릴 수 있는 옵션이 있습니다. 프로에이스는 인도에서 스타의 ISMS 기술을 구현하기 위해 필요한 허가 및 계약을 얻는 데 드는 비용을 처리할 것입니다. 이 계약에는 스타의 지분을 보호하기 위한 비희석 조항이 포함되어 있습니다.
프로에이스의 정부 계약 및 프로젝트 경험이 스타에게 이러한 기회에 접근할 수 있는 길을 열어줄 것으로 기대됩니다. 이 합작 회사는 '인도에서 제작' 접근 방식에 초점을 맞추고, 지역 내에서 스타 ISMS 장치를 구축하고 영구 사무소를 설립할 것입니다. 이러한 전략은 인도에서의 승인과 시장 진입을 용이하게 하는 것을 목표로 하고 있습니다.
Le groupe Star Navigation Systems (CSE: SNA) a annoncé un accord de coentreprise avec ProAce Business Solutions Inc. pour créer Star ProAce India Private. Star détiendra initialement 10% de la nouvelle société de coentreprise, avec une option pour augmenter à 28%. ProAce prendra en charge les frais pour obtenir les autorisations et contrats nécessaires à la mise en œuvre de la technologie ISMS de Star en Inde. L'accord comprend des clauses anti-dilutives pour protéger l'équité de Star.
L'expérience de ProAce dans la navigation des contrats et projets gouvernementaux devrait permettre à Star d'accéder à ces opportunités. La coentreprise se concentrera sur une approche 'Built in India', en établissant un bureau permanent et en construisant des unités ISMS de Star localement. Cette stratégie vise à faciliter les approbations et l'entrée sur le marché en Inde.
Die Star Navigation Systems Group (CSE: SNA) hat eine Joint-Venture-Vereinbarung mit der ProAce Business Solutions Inc. angekündigt, um Star ProAce India Private zu gründen. Star wird zunächst 10% des neuen Joint Ventures halten, mit der Option, auf 28% zu erhöhen. ProAce wird die Kosten für das Erlangen der erforderlichen Genehmigungen und Verträge zur Implementierung der ISMS-Technologie von Star in Indien übernehmen. Die Vereinbarung umfasst anti-dilutive Klauseln, um das Eigenkapital von Star zu schützen.
Die Erfahrung von ProAce im Umgang mit Regierungsverträgen und -projekten wird voraussichtlich Star den Zugang zu diesen Möglichkeiten ermöglichen. Das Joint Venture wird sich auf einen 'Built in India'-Ansatz konzentrieren, indem ein permanentes Büro eingerichtet und lokale ISMS-Einheiten von Star aufgebaut werden. Diese Strategie zielt darauf ab, Genehmigungen und den Markteintritt in Indien zu erleichtern.
- Joint Venture agreement signed to enter the Indian market
- Potential to increase equity stake from 10% to 28% in the JV company
- Anti-dilutive clauses protect Star's minimum 10% equity
- ProAce to cover expenses for permissions and contracts in India
- 'Built in India' approach may facilitate market entry and approvals
- Initial minority stake of only 10% in the JV company
- Dependence on ProAce for navigating Indian government approvals and contracts
Brampton, Ontario--(Newsfile Corp. - August 1, 2024) - Star Navigation Systems Group Ltd. (CSE: SNA) (CSE: SNA.CN) ("Star" or the "Company") announces the signing of a Joint Venture agreement (the "JV agreement") with ProAce Business Solutions Inc. ("ProAce").
Star has agreed to license its ISMS technology to ProAce. The companies will create a new JV corporation which will be formed in India under the name of Star ProAce India Private Ltd. At the initial stage, Star will hold
With extensive experience in navigating through the complexities of attaining government contracts and projects, ProAce can help Star gain unparalleled access to these projects. They have established channels and connections through previous successful ventures that grant them access to a wide array of government contracts and projects. The key to Star ProAce being successful in gaining these approvals is to have a permanent office set up and to build the Star ISMS units in India under the supervision of Star and with approval of every component to the highest standards. ProAce believes the "Built in India" approach will help with the granting of approvals in India.
Randy Koroll, Chief Executive Officer at Star, states: Star has been looking for a Partner to help open up India to the Star technology for many years now. "We have the utmost confidence that ProAce has the People and commitment to tackle this vast market and help market Stars' ISMS technology there."
Gurjot Grewal, CEO & Founder of ProAce, added: "ProAce feels that with its depth of experience and approach that this agreement between Star and ProAce will be successful in the long term and we are excited to partner with Star to market and promote the Star ISMS solution into India as well as expanding into other global markets."
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.
About ProAce Business Solutions Inc. - www.proacebusinesssolutions.com
ProAce is a strategic consulting and process optimization to cutting-edge technology integration and workforce development, we partner with our clients to drive growth, enhance efficiency, and unlock new successful opportunities in the Asian markets.
ProAce operates with a holistic mindset, acknowledging and addressing both the strong points and areas for improvement within businesses. Through meticulous analysis and carefully crafted strategies, we equip enterprises with the tools they need to soar to unprecedented heights of achievement, together with an experienced leadership team, our approach blends creativity with precision and we're committed to crafting tailored solutions that drive sustainable growth for our clients.
Partnering with ProAce opens doors to valuable resources and knowledge from firms across different countries. Our collaborative arrangements enable businesses to access resources that would otherwise be beyond their reach, fostering innovation and growth. We believe that strategic alliances are indispensable tools for global expansion. By forming alliances, firms can pool resources, share risks, and enhance their presence in international markets. ProAce empowers businesses to execute their global strategies with confidence and efficiency.
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/218524
FAQ
What is the purpose of Star Navigation's joint venture with ProAce Business Solutions?
What is Star Navigation's initial equity stake in Star ProAce India Private ?
How does the 'Built in India' approach benefit Star Navigation (SNAVF)?
What protective measures are in place for Star Navigation's equity in the joint venture?
