Star Navigation finalizes A.R. Airways sales contract
2005-08-22 09:42 ET - News Release
Mr. Hilary Vieira reports
STAR NAVIGATION ANNOUNCES CONTRACT WITH A.R. AIRWAYS (CLUB ONE AVIATION) FOR ISMS(TM) SALE
Star Navigation Systems Group Ltd. has signed a contract for the sale and installation of Star's flagship product, the ISMS (in-flight safety monitoring system), with A.R. Airways (Club One Aviation) of New Delhi, India.
As reported in Stockwatch on July 26, 2005, Star Navigation signed a letter of intent with A.R. Airways (Club One Aviation). The now-formalized contract between the parties is worth an estimated $2.5-million.
"In less than one month, we have moved from a letter of intent to a firm and binding sale. Our capability to enhance flight safety and, at the same time, reduce operating costs has made a powerful impression on the aviation industry. The private jet market represents a tremendous niche opportunity for Star Navigation. Those who own and operate private jets are very, very wealthy, making the purchase of our product, the ISMS, an easy decision. With an estimated 12,800 business jets operating worldwide, this single niche has a potential market size of approximately $2.5-billion for Star Navigation. This is only one of many sales verticals which the company will be actively pursuing," reports Viraf Kapadia, chairman and chief executive officer.
Star is in discussions with airlines operators worldwide for the sale and installation of its ISMS product.
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