Nov 2, 2012 - Star Navigation Announces Debt Settlement Agreement
Star Navigation Systems Group Ltd. (TSX VENTURE:SNA) ("Star" or the "Company"), announces that it has applied for regulatory approval for a shares for debt conversion transaction (the "Debt Settlement").
The Company has entered into agreements with several creditors, including two directors and an officer of the Company, pursuant to which the Company will issue from treasury, 2,550,463 common shares of the Company ( the "Debt Settlement Shares") at a deemed price of $0.0 per share in settlement of outstanding amounts. The Debt Settlement will result in reducing Star's debts by $204,037. The Company decidedto satisfy the indebtedness with shares in order to preserve cash. The issuance of the Debt Settlement Shares will not result in a change of control and the transaction is subject to TSX-Venture Exchange approval. The shares issued will be restricted from sale for a period of four months plus a day after the date of issue.
Certain statements contained in this News Release constitute forward-looking statements. When used in this document, the words "may", "would", "could", "will" 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.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of the content of this release.
Sep 17, 2012 - Star Navigation Announces Completion of Private Placement
Star Navigation Systems Group Ltd. (TSX VENTURE:SNA) ("Star" or the "Company") is pleased to announce that, subject to TSX-Venture Exchange ("TSX-V") acceptance, Star has completed a non-brokered private placement of 26,100,000 units (the "Units") of the Company at an issue price of $0.08 per Unit for gross proceeds totaling $2,088,000. The price was reserved with the TSX-V.
Each Unit consists of one common share and one common share purchase warrant (a "Warrant"). Each Warrant entitles the holder to purchase one common share of the Company (a "Warrant Share") at a price of $0.20 per Warrant Share for a term of 60 months from the closing date. Finder's fees in the amount of $189,850 will be paid in Units in connection with this private placement.
All securities issued in the Offering and any shares issued upon exercise of Warrants are subject to a four month statutory hold period from the date of issuance. The net proceeds of the placement will be used for research and development, marketing and general working capital purposes.
Aug 28, 2012 - Star Extends Term of Warrants
Star Navigation Systems Group Ltd. (TSX VENTURE:SNA) ("Star" or the "Company") is pleased to announce that the TSX Venture Exchange (the "Exchange") has consented to the extension of the term of 10,875,000 common share purchase warrants issued pursuant to a private placement accepted for filing by the TSX Venture Exchange September 20, 2010 (the "Warrants"). The Warrants, set to expire on September 16, 2012, will now expire on September 15, 2015. Each Warrant will continue to entitle the holder thereof to purchase one common share of Star at an exercise price of $0.20.
Jul 19, 2012 - Star Navigation Announces Final Software Approval
Star Navigation Systems Group Ltd. (TSX VENTURE:SNA) ("Star" or the "Company"). Star Navigation Systems Group Ltd. is pleased to announce that it has received a Statement of Compliance for the STAR-ISMS® software from a Design Approval Representative of Transport Canada. The Statement of Compliance certifies that the STAR-ISMS® software complies with Airworthiness Manual Chapter 511 (AWM Chapter 511) issued by Transport Canada and Level E guidelines of the DO-178B standard issued by RTCA, Inc.
This approval is the final step in the software development process and approves the latest version of STAR-ISMS® software (2.0). Installation will be subject to the normal Supplementary Type Certificate process.
Jul 10, 2012 - Star Navigation Announces Initial Pilot Project for Airborne Data Service
Star Navigation Systems Group Ltd. (TSX VENTURE:SNA) ("Star" or the "Company"), announces that Air North, Yukon's Airline ("Air North") will use the ADS for a 3 month period (the "Service Period") on a trial basis. The system is scheduled to be installed on an Air North Boeing 737-500 aircraft late-July, and is expected to be operational by early August, 2012. A Pilot Project such as this one is provided for in the agreement between Star and Paradigm Services Ltd. establishing the ADS.
Entering its 36th year of operation, Air North, Yukon's Airline, is headquartered in Whitehorse. The largest airline in the Yukon, it utilizes a fleet of 5 Boeing 737 and 4 Hawker Siddeley 748 aircraft. Air North provides scheduled service connecting the Yukon with British Columbia, Alberta, the Northwest Territories and Alaska. It also provides charter services throughout Canada and the USA, as well as cargo and ground handling services.
The ADS enables the real-time transmission of flight data to aircraft operators by utilizing on-board processors capable of analyzing actual flight performance against expected parameters, while the aircraft is in flight, using satellite networks. The service uses the STAR-ISMS® system in-flight equipment, which also compresses, encrypts and then securely transmits the data via satellite to a Data Management Centre ("DMC"). The DMC then relays this information to airline operators, enabling in-flight visibility of performance from ground-based facilities as well as offering enhanced safety and security features. The ADS also offers enhanced aircraft tracking, even in remote or trans-oceanic situations, as well as a feature which triggers automatic data transmission in the event of a major event.
The ADS addresses the following other concerns common to all airlines:
the need for accurate fuel monitoring and information to reduce fuel costs
the need to reduce maintenance response times without sacrificing safety
the need for an information system that is easy to use and that does not place an additional burden on staff while receiving data specific to the airline's needs
the need for global coverage
the need for an automated, accurate system which provides readily usable information to reduce data analysis man-hours
the need for engine control and monitoring data
Use the following hash-tags to reference this page on social media