Star Navigation Announces Completion of Asset Acquisition
April 1, 2014, Toronto, Ont. - Star Navigation Systems Group Ltd. Star Navigation has announced that it has completed the acquisition of the assets of Les technologies LUXELL Limited.
April 1, 2014, Toronto, Ont. – Star Navigation Systems Group Ltd. Star Navigation has announced that it has completed the acquisition of the assets of Les technologies LUXELL Limited.
This acquisition brings to Star new aerospace engineering capabilities, integrates and solidifies its supply chain, diversifies its product portfolio and grants immediate access to additional, complementary business and sales.
LUXELL has developed and produced customized Man Machine Interface products for large Fortune 500 aerospace and defense customers worldwide. It has also designed and produced Star's Gen 2 on-board computer.
"We're very excited with the synergies this acquisition brings, expanding our client footprint internationally with marquee customers and operators, while contributing to their current important programs such as P3s, C-130s, Blackhawk and Merlin helicopters." said Viraf Kapadia, CEO of Star.
Star and Luxell share the same set of values – providing quality products and delivering outstanding customer service. "We will continue to support Luxell customers with the same high level of service which they are accustomed to with the added reassurance of now Luxell being part of a publicly owned company." said Viraf Kapadia..
Star is an AS9100 Rev C and CAR 561 certified company. It has a highly qualified and trained staff consisting of both Professional Engineers and other aerospace professionals and has increased its staffing levels in order to serve its Luxell customers.
The consideration for this acquisition was 25 million common shares of Star. The shares are subject to a four month hold period and may not be traded prior to July 21, 2014. In addition, the Shares are also subject to the terms and conditions of an Escrow Agreement which governs the ability of the vendor to sell the Shares prior to December, 2015.
For more information visit: Star Navigation at www.star-navigation.com