Funds to support continued operational excellence, product proliferation and global expansion
Sundsvall, Sweden - January 21, 2008 --[ASDWire]-- navAero Ab, a leading global provider of Electronic Flight Bag computer and display systems and other situational awareness technology solutions for commercial airlines, today announced that it has received a significant investment in equity capital through a private placement of stock with the Saab Group, one of the world’s leading aviation technology companies.
"This is more than just an investment. It is a relationship”, said Håkan Rosen, Head of Saab Ventures. “There is tremendous synergy between Saab and navAero and we look forward to having the opportunity to further the relationship through advancing the commercialization of many of our technologies through this new channel. Stefan Ridderheim and the navAero team have already built a ’best-of-breed’reputation in the commercial aviation industry. It is quite amazing that in a very brief period of time, they have achieved so much and have established themselves as the industry leader in a very traditional market. Their electronic flight bag system and other technology products offer significant economic advantages to fleet owners of all sizes, and the market is ripe for growth. Our investment will provide the support necessary for their next stage of expansion”.
In today's economy, commercial airline operators are looking to improve their overall operational efficiency. One innovative and fully certified business solution from NavAero is to cost-affordably retrofit electronic flight bags into aircraft cockpits to increase operational efficiency and lower operational costs. According to the company, less than ten percent of airlines are currently deployed and benefitting from electronic flight bag technology.
"The infusion of capital along with the substantial resources that the Saab Group brings to our company will fuel our continued R&D investment in the development and
commercialization of new technology for the commercial airline industry and enable us to continue our global expansion”, said Stefan Ridderheim, CEO of navAero.
“We remain dedicated to delivering cost-effective technology solutions for improving our customers' top- and bottom-line revenues and competitive advantages, while increasing shareholder value. We thank our incredible customers, employees and suppliers for their loyalty, dedication and enormous support."
Headquartered in Sundsvall, Sweden, navAero has achieved the industry leadership position in providing Electronic Flight Bag Systems and advanced computer technology to commercial airlines and business aviation owners/operators around the world. The lead product, navAero tBagC22, is a robust yet affordable EFB computer and display system that features the latest in technology and communications interfaces. All navAero systems are designed and manufactured to the highest levels and meet the aerospace industry standards certified to RTCA/DO-160E insuring high reliability. For more information, please visit: www.navAero.com
About The Saab Group
Saab serves the global market with world-leading products, services and solutions ranging from military defense to civil security. Saab has operations and employees on all continents and constantly develops, adopts and improves new technology to meet customers´ changing needs. For more information, please visit: www.saabgroup.com
Company InformationStefan Ridderheim