May 18, 2012 - FLYHT Aerospace Solutions Ltd. (formerly Aeromechanical Services Ltd.) and STAR Navigation Systems Group Ltd. Announce Settlement of Litigation
FLYHT Aerospace Solutions Ltd. (formerly Aeromechanical Services Ltd.) (TSX VENTURE:FLY) and Star Navigation Systems Group Ltd. (TSX VENTURE:SNA) announce that they have reached a full and final settlement of outstanding litigation between them, and that they have agreed to file dismissals of all outstanding claims and counterclaims.
The parties (FLYHT Aerospace Solutions Ltd. (formerly Aeromechanical Services Ltd.), Star Navigation Systems Group Ltd., Star Navigation Systems Inc., Peter Verbeek, and Viraf Kapadia) have agreed to a dismissal of their existing litigation in Ontario on a without costs basis, with no admissions of liability.
May 1, 2012 - Star Navigation Appoints Pierre Jeanniot as Director
Star Navigation Systems Group Ltd. ("Star" or the "Company") (TSX VENTURE:SNA) is very pleased to announce the appointment of Pierre Jeanniot, O.C, C.Q. to the Board of Directors of the Company.
Mr. Jeanniot brings to his position a lifetime of experience as a veteran of the aviation industry. He was appointed Executive Vice President and Chief Operating Officer of Air Canada in 1980, and was President and CEO from 1984 to 1990. He was appointed Director General andChief Executive Officer of International Air Transport Association (IATA) in 1992. Under his leadership, IATA evolved into the voice and recognized leader of international civil aviation, strongly defending and promoting the interests of the airline community and its partners throughout the world.
He was Chairman of THALES Canada, a wholly-owned subsidiary of the worldwide THALES Group, from 2003 to December 2009. THALESCanada is a leading supplier of hi-tech systems to commercial aviation, metro and light rail, as well as military requirements throughout Canada and offshore.
In 1990, Mr. Jeanniot established Jinmag Management and Investment Inc. which provides advice to airlines, various governments and international civil aviation authorities, as well as to a wide range of aviation and transportation-related companies. He currently serves on the Boards of a number of companies, and spent 14 years on the Board of Scotia Bank, while devoting himself to many social and charitable causes.
The Company very much looks forward to Mr. Jeanniot's advice and guidance as it enters into full commercialization of its STAR-ISMS®, the heart of the Airbourne Data Services being rolled out by Star and Paradigm Services Limited, an Astrium company, part of EADS.
In accordance with Company policy, Mr. Jeanniot will be granted 300,000 options to purchase common shares of the Company @ $0.10, vesting over one year, expiring April 30, 2015, subject to TSX-V approval.
Apr 16, 2012 - Star Navigation Announces Resignation of Dale F. Sparks
Star Navigation Systems Group Ltd. (TSX VENTURE:SNA) ("Star" or the "Company") announces that, during a Special General Meeting of shareholders held April 13, 2012, Dale F. Sparks, formerly an officer of Star, resigned as a director of the Company.The Special General Meeting, held at the Company's expense, had been called at the request of shareholders for the sole purpose of considering a resolution removing Mr. Sparks as a director. Mr. Spark's unexpected resignation came immediately prior to discussion of the resolution. The resignation was accepted.
The meeting was also advised that the Board, at its next meeting, will consider a change of Company policy to implement majority voting for directors at the next Annual General Meeting of shareholders. This would allow shareholders to vote on the election of directors on an individual basis, as opposed to voting for or against a slate of directors.
The vacancy now existing on the Board of Directors will be filled shortly.
Mar 26, 2012 - Star Navigation Receives Transport Canada STC for Boeing 737-800
Star Navigation Systems Group Ltd. (TSX VENTURE:SNA) ("Star" or the "Company"), is very pleased to announce that Transport Canada has granted it a Supplemental Type Certificate ("STC") with respect to the installation of its STAR-ISMS® system on the Boeing 737-800 aircraft.
This is the first STC granted for the recently completed Second Generation ("G2") STAR-ISMS® system, and is a significant milestone in the commercial evolution of the G2. The G2 offers enhanced functionality, and is smaller, lighter and more cost effective to the user than the original system.
The Boeing 737 series is the bestselling jet airliner in history. 737-800's are operated by Quantas, KLM Royal Dutch Airlines, American Airlines and United Airlines, amongst many others.
Viraf S. Kapadia, Chairman and CEO of Star said: "We are very pleased to receive this STC for the 737-800. To us at Star, it is a significant event with respect to both the ongoing refinement of the STAR-ISMS® system and the new G2, as well as our Company's progress towards full commercialization."
Feb 28, 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 15,200,000 units (the "Units") of the Company at an issue price of $0.10 per Unit for gross proceeds totaling $1,520,000.
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 $0.30 per Warrant Share for a term of 24 months from the closing date. Finder's fees in the amount of $152,000 will be paid in shares 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.
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