Mr. Gurdip Panaich reports

STAR NAVIGATION ANNOUNCES BINDING LETTER OF INTENT WITH S3IAI

Star Navigation Systems Group Ltd. has formed a groundbreaking strategic partnership. This collaboration marks a significant milestone in the industry, propelling the machine learning service stack (ML stack) to new heights and has the potential to revolutionize the commercial airline landscape.

Unleashing the transformative power of generative AI (artificial intelligence)

Star, recognized for its forward-thinking approach in the aerospace sector, is committed to driving rapid innovation through strategic investments. By leveraging the immense potential of generative AI, the company aims to help redefine the aviation industry. S3iai brings its unparalleled expertise in high-performance computing and a comprehensive suite of AI capabilities to the table, creating a powerful synergy.

Gurdip Panaich, chairman of the board at Star, enthusiastically stated: "We are unwavering in our commitment to tackling complex business and AI challenges. S3iai's expertise is a perfect complement to our vision, empowering us to develop groundbreaking solutions that have the possibility to transform the aviation industry."

Raebeca Stien, chief executive officer and founder of S3iai, added: "Our innovative AI platform, built with ultramodern technology, empowers us to support diverse clients across various industries. Our platform offers intuitive, immersive and real-time interactions. We are excited to partner with Star to develop exclusive AI solutions, starting in aviation and expanding into other global markets."

A shared vision for the future

S3iai is dedicated to guiding its clients through every stage of their AI journey, from crafting visionary strategies to implementing new and exciting generative AI solutions. In this close collaboration with Star, the combined expertise will focus on creating state-of-the-art products which could revolutionize the commercial airline industry, with plans to explore further expansion into untapped markets.

The future beckons

The future of aviation is powered by AI and, with this collaboration, Star and S3iai are at the forefront of this exciting journey. This partnership promises to unlock unprecedented levels of efficiency and innovation, helping to shape the industry for years to come.

Exclusive partnership and strategic investment

On Feb. 25, 2024, the two companies signed a binding letter of intent, solidifying a historic agreement that positions S3iai as Star's exclusive AI partner. In exchange for this exclusivity and an investment of up to $4.5-million (U.S.), Star will hold a 55-per-cent majority stake in S3iai's issued and outstanding common stock upon the completion of the financing.

The agreement includes a non-refundable deposit of $100,000 (U.S.) from Star, offering an eight-month window to finalize this investment. Additionally, Star will compensate the finders involved with a 20-per-cent finder's fee paid in the form of the company's common shares.

About Star Navigation Systems Group Ltd.

Star Navigation Systems Group 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.

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