Hi Pat, I am a long-time member of your Inner Circle and a great admirer. I am retired and over 65, but can take some risk with a small portion of my funds. Could you please give me your opinion about Star Navigation Group as a penny stock? Do you see any future for this company and its product?
Star Navigation Systems Group, $0.29, symbol SNA on Toronto (Shares outstanding: 163.9 million; Market cap: $46.7 million), is developing a safety-monitoring system for airliners. Star’s technology collects and records flight data as it happens, and relays it to the company that owns the aircraft.
Star has sold few of its systems to date, and none to major airlines. In the three months ended December 31, 2009, Star’s revenue was $22,377, compared to $59,172 a year earlier. The company lost $581,621, or nil per share, in the latest quarter. A year earlier, it lost $816,838, or $0.01.
Star operates in a narrow and competitive market. To be successful, it will need to spend considerably more than the $90,021 that it spent on research and marketing in the latest quarter.
The company recently issued shares to raise cash. That helped push up its cash reserve to $1.2 million. However, it’s using up its cash at a rate of around $519,000 per quarter. Soon,…
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