Star Navigation Updates STAR-M.M.I.™

TORONTO, May 24, 2017 (GLOBE NEWSWIRE) — Star Navigation Systems Group Ltd. (CSE:SNA) (CSE:SNA.CN) (OTCBB:SNAVF) (“Star” or the “Company”), is pleased to provide a further update on its STAR-M.M.I. ™ (“MMI”) activities.

As released earlier (see Press Release re Multi-year Agreement April 20, 2017), MMI continues to benefit from good relationships that it has developed over the past few years with several major aerospace companies. Since 2014, MMI has developed, produced and maintained high end displays under ad-hoc purchase agreements. These displays are primarily deployed worldwide in military applications such as the U.S. Navy’s P-3 Orion program, but are also utilized in civilian aircraft and helicopter retrofits.

Jean-Louis Larmor, Star’s COO said:

“In addition to the recent multi-year agreement for repairs and maintenance of MMI legacy displays, refurbishment orders have been received from Northrop Grumman Italy, and another US customer, Blue Aerospace. These ongoing contracts with large multi-national corporations support Star’s forward planning from both a revenue and resource allocation standpoint. Last week, an additional Display build contract from a long standing Japanese customer, Jepico Corporation, was received for its customer, Fujitsu. Although no long-term agreement is in place with Jepico, it has been a customer on a piece by piece basis since 2014.”

Based on past order volumes, and current pricing, projected total revenue from the maintenance agreements, the new build orders and the new STAR-M.M.I. ™ displays business is projected to reach approximately C$910,000 for CY 2017, with net income (total MMI revenues – cost of labour, parts, rent and depreciation) of approximately C$544,000.

Historically, net income from MMI activities was C$ 237,537 for CY 2014, C$ 185,268 for CY 2015 and C$ 135,950 for CY 2016. The 2016 year was adversely impacted by the suspension of repair activities by our largest customer during the contract renegotiation period. Those activities have now resumed and are subject to a negotiated price increase.

Jean-Louis Larmor, continued:

“Star has two lines of activities, STAR-M.M.I. ™ and STAR- A.D.S. ®.   The STAR-M.M.I. ™ business utilizes our engineering expertise in avionics. Its historical performance and projected revenue numbers improve Star’s position as a whole. However, our attention is primarily focused on developing and improving the STAR-A.D.S. ® activities, which continue to generate negative income for the Company as a whole. In order for it to become our main source of revenue and achieve widespread industry acceptance, additional sales are required.”

About Star Navigation:

Star Navigation Systems Group Ltd. owns the exclusive worldwide license to its proprietary, patented In-flight Safety Monitoring System, STAR-ISMS®, the heart of the STAR-A.D.S. ® System. Its real-time capability of tracking performance trends and predicting incident-occurrence enhances aviation safety and improves fleet management while reducing costs for the operator.

Star’s MMI Division designs and manufactures high performance, mission critical, flight deck flat panel displays for defence and commercial aviation industries worldwide.

Certain statements contained in this News Release constitute forward-looking statements. When used in this document, the words “may”, “would”, “could”, “will”, “expected” and similar expressions, as they relate to Star or its management are intended to identify forward-looking statements. Such statements reflect Star’s current views with respect to future events and are subject to certain risks, uncertainties and assumptions. Many factors could cause Star’s actual performance or achievements to vary from those described herein. 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. Star does not assume any obligation to update these forward-looking statements, except as required by law.

Neither the Canadian Securities Exchange nor its Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of the content of this release.

Please visit www.star-navigation.com

Jean-Louis Larmor, (416) 252-2889 Ext. 221
Jean-louis.larmor@star-navigation.com

Gold Feather Marketing Group
Attn.: Anahadjeet Garewal   (647) 409-3434
info@goldfeathermarketing.com

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Discovery Air Inc. Receives Court Approval for Going Private Transaction

TORONTO, ONTARIO–(Marketwired – May 24, 2017) – Discovery Air Inc. (“Discovery Air” or the “Corporation“) (TSX:DA.A) is pleased to announce that the Ontario Superior Court of Justice (Commercial List) has issued a final order approving the previously announced statutory plan of arrangement under section 192 of the Canada Business Corporations Act, pursuant to which, among other things, all of the shares of the Corporation will be acquired by 10123200 Canada Inc., a wholly owned subsidiary of an investment fund managed by Clairvest Group Inc. (the “Arrangement“). Closing of the Arrangement is scheduled to take place on May 26, 2017.

Cautionary Statement Regarding Forward-Looking Statements

Certain statements made in this press release are forward-looking statements (as defined in applicable securities laws). These statements include, without limitation, statements relating to the expected timing of the closing of the Arrangement and other statements that are not historical facts.

Forward-looking statements, by their very nature, are subject to inherent risks and uncertainties and are based on assumptions, both general and specific, which give rise to the possibility that actual results or events could differ materially from our expectations expressed in or implied by such forward-looking statements. As a result, we cannot guarantee that any forward-looking statement will materialize and we caution you against relying on any of these forward-looking statements. For a description of relevant assumptions and risks, please consult the management information circular of Discovery Air dated April 20, 2017 (the “Circular“), Discovery Air’s 2017 Annual Information Form dated April 13, 2017, and Discovery Air’s 2017 MD&A for the period ended January 31, 2017, all filed with the Canadian provincial securities regulatory authorities (available at www.sedar.com) and which are also available on Discovery Air’s website at www.discoveryair.com. Additional details regarding the Arrangement are disclosed in the Circular. The forward-looking statements contained in this press release describe our expectations as of the date hereof, and, accordingly, are subject to change after such date. Except as may be required by Canadian securities laws, we do not undertake any obligation to update or revise any forward-looking statements contained in this press release, whether as a result of new information, future events or otherwise.

About Discovery Air

Discovery Air is a global leader in specialty aviation services. We deliver exceptional air combat training, medevac equipped aircraft services, air charter services, helicopter operations, and transport and logistics support to ensure operational readiness, health, safety and vital lifelines for our clients and the communities we serve.

Discovery Air’s Class A common voting shares and unsecured convertible debentures trade on the Toronto Stock Exchange (symbols DA.A and DA.DB.A, respectively).

Contact Information:
Discovery Air Inc.
Paul Bernards
Chief Financial Officer
866-903-3247
Paul.bernards@discoveryair.com

Aerojet Rocketdyne Selected As Main Propulsion Provider for Boeing and DARPA Experimental Spaceplane

LOS ANGELES, May 24, 2017 (GLOBE NEWSWIRE) — Aerojet Rocketdyne, a subsidiary of Aerojet Rocketdyne Holdings, Inc. (NYSE:AJRD), was selected to provide the main propulsion for the Boeing and the U.S. Defense Advanced Research Projects Agency (DARPA) reusable Experimental Spaceplane (XS-1). Aerojet Rocketdyne is a member of the Boeing team that recently announced an agreement to collaborate with DARPA to design, build and test a technology demonstrator for the agency’s XS-1 program.

The reusable experimental spaceplane is designed to deliver small satellites into orbit with high launch responsiveness. The main propulsion is based on the legacy space shuttle main engines (SSME).

“As one of the world’s most reliable rocket engines, the SSME is a smart choice to power the XS-1 launch vehicle,” said Aerojet Rocketdyne CEO and President Eileen Drake. “This engine has a demonstrated track record of solid performance and proven reusability.”

For the XS-1 program, Aerojet Rocketdyne is providing two engines with legacy shuttle flight experience to demonstrate reusability, a wide operating range and rapid turnarounds. These engines will be designated as AR-22 engines and will be assembled from parts that remained in both Aerojet Rocketdyne and NASA inventories from early versions of the SSME engines. Assembly and ground testing will take place at NASA’s Stennis Space Center in Mississippi.

“As threats to our nation’s space systems increase, it is imperative that we have the ability to rapidly deploy replacement assets,” added Drake. “This demonstration program is vitally important to maintaining assured access to space, which remains a top priority for our nation.”

Aerojet Rocketdyne is an innovative company delivering solutions that create value for its customers in the aerospace and defense markets. The company is a world-recognized aerospace and defense leader that provides propulsion and energetics to the space, missile defense and strategic systems, tactical systems and armaments areas, in support of domestic and international markets. Additional information about Aerojet Rocketdyne can be obtained by visiting our websites at www.Rocket.com and www.AerojetRocketdyne.com.

Contact: 
Glenn Mahone, Aerojet Rocketdyne, 202-302-9941
Glenn.Mahone@Rocket.com
Mary Engola, Aerojet Rocketdyne, 571-289-1371
Mary.Engola@Rocket.com

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