Navtech Acquires Airware Solutions Inc.Business Editors, High Tech Writers WATERLOO, Ontario--(BUSINESS WIRE)--Feb. 5, 2001 Navtech, Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :NAVH NAVH National Association for the Visually Handicapped ), a leading supplier of aviation services and software solutions, announced today the acquisition of Airware Solutions Inc., developers of crew scheduling software. Airware's premiere product is the Preferential Bidding System Preferential Bidding Systems Preferential Bidding is a method of solving transportation workforce schedules consisting of specific flights and certain qualified crewmembers, or "Pairings", while allowing those crewmembers to request periodic work schedules using weighted , CLASS. This latest acquisition provides a powerful synergy The enhanced result of two or more people, groups or organizations working together. In other words, one and one equals three! It comes from the Greek "synergia," which means joint work and cooperative action. with Navtech's current product line and will result in a broader coverage of an airline's flight operations requirements. Navtech acquired all of the outstanding common and preferred shares Preferred shares Preferred shares give investors a fixed dividend from the company's earnings and entitle them to be paid before common shareholders. See: Preferred stock. of Airware for consideration that included cash, the issuance of 133,560 common shares and the issuance of warrants to purchase 56,000 common shares. The acquisition also provided for the settlement of specific liabilities. Mr. Duncan Macdonald, Chief Executive Officer of Navtech, said: "The purchase of Airware represents a significant step toward the realization of an Integrated Operations Control Systems solution for the mid-sized aviation market. This purchase continues the strategy of growth through both acquisition and internal development." Mr. Jose Gomide, former President of Airware Solutions Inc., said: "Airware is excited about linking their products and development expertise with Navtech's marketing and sales network. We view this as a very successful combination and we are looking forward to working closely with the Navtech team to support the success of this acquisition." "Airware's products will extend and complement Navtech's current technology and product line for the aviation industry. Navtech intends to offer the Airware product line to its existing customer base of 120 airlines. This solution will provide the airlines with substantial savings in crewing costs, " said Mr. Macdonald. About Airware: Airware Solutions Inc. is a Canadian software Canadians have been contributing to the development of computer software from the beginning of the 1940s. In 1979 the Basic Software Group was formed by Norm Francis, Ted Comfoltey, Keith Wales and Don Thompson. technology firm headquartered in Montreal, Quebec that develops leading edge scheduling systems for the global airline industry. Products include the Preferential Bidding System, CLASS, and a crew-bidding program, CLASSBid. CLASS allows the user to match available flying to individual crewmember's preferences in order to produce and optimize a final crew schedule that respects contractual constraints and company operating requirements. Airware has proven itself since 1986 through successful collaboration with such major carriers as Northwest Airlines and British Airways British Airways in full British Airways PLC International passenger airline based in London. In 1936 British Airways Ltd. was founded through the merger of three smaller airlines. . Today, Northwest pilots bid their schedules globally via the Internet, which makes the process of crew scheduling simple and efficient. Airware intends to pursue an aggressive strategy of Research and Development in order to fulfill ful·fill also ful·fil tr.v. ful·filled, ful·fill·ing, ful·fills also ful·fils 1. To bring into actuality; effect: fulfilled their promises. 2. the crewing requirements of the mid-sized airlines. About Navtech: Navtech, Inc. and its subsidiaries, Navtech Systems Support Inc. and Navtech (UK) Limited, are engaged in the business of developing, marketing, and supporting flight operations management Operations management is an area of business that is concerned with the production of goods and services, and involves the responsibility of ensuring that business operations are efficient and effective. systems for the commercial aviation industry. These systems are designed to assist commercial passenger and cargo air carriers in the dynamic environment of their daily flight operations. Navtech has offices in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. (Monterey and Denver), Canada (Waterloo and Ottawa) and the United Kingdom (Gatwick). RELEASE DISCLAIMER: This release may include forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. concerning the Company's intent, belief or current expectations with respect to, among other things, trends affecting its financial condition or results of operations and its business and growth strategies. Such forward-looking statements are not guarantees of future performance and involve risks and uncertainties that may cause actual results to differ materially from those projected, expressed or implied. The Company does not undertake any obligation to update or revise any forward-looking statements. All forward-looking statements are subject to the risks and uncertainties detailed in the Company's filings with the Securities and Exchange Commission. |
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