Canadian inflight safety specialist Star Navigation Systems has raised C$500,000 to help roll out its satellite-based virtual black box technology.
The company issued 10 million units in the first tranche of a non-brokered private placement, each…
Canadian inflight safety specialist Star Navigation Systems has raised C$500,000 to help roll out its satellite-based virtual black box technology.
The company issued 10 million units in the first tranche of a non-brokered private placement, each comprising one common share and one warrant.
One half of the warrants entitle the holder to buy an additional common share for C$0.06 over two years, while the other half is priced at C$0.12.
“The net proceeds of the placement will be used for research and development, marketing and corporate overhead,” Star said in a brief statement.
The group aims to upgrade inflight safety systems around the world with satellite-based technology that can track and monitor aircraft.
Its Star V-TRK devices use Iridium’s satellite constellation to provide flight data such as GPS location, altitude and heading.
Iridium has its own satellite-based air traffic surveillance venture, Aireon, which will use a payload on the MSS operator’s upcoming NEXT constellation. The company intends to be the first-ever space-based global aviation surveillance system.
The JV’s investors to date include air navigation service providers in Canada, Italy, Ireland and Denmark, with support from the US Federal Aviation Administration and suppliers Harris Corporation and Exelis.
Announcing Iridium’s financial results on 30 April, its CEO Matt Desch said: “Our Aireon joint venture continues to build momentum, having recently signed agreements to collaborate on the potential deployment of space-based global aviation monitoring with the air traffic management agency of India and the Blue Med Functional Airspace Block, a cooperative of Air Navigation Service Providers that control the airspace over the Mediterranean.
“These agreements lay the groundwork for future data services contracts and expand the planned deployment of the AireonSM service in Asia and Europe. With each milestone that Aireon passes, it confirms our belief that it will become the global standard for space-based air traffic surveillance.”
As well as its patent proprietary inflight tracking technology, Star also sells flat panel displays through its STAR-MMI division.
The group bolstered that line of its business in April 2014 when it acquired the assets of Luxell Technologies, a man machine interface (MMI) provider, for 25 million common Star shares.