May 10, 2013 - Star Navigation Announces Change to Midwest Airlines (Egypt) Installation
Star Navigation Systems Group Ltd. (TSX VENTURE:SNA) ("Star" or the "Company") announces that it has been advised by Midwest Airlines (Egypt) ("Midwest") that Midwest is planning changes to its fleet and that it has requested that Star delay the installation planned for a Boeing 737-800 (see press release March 20, 2013) until alternate aircraft are ready to be placed in service.
Star's contract with Midwest remains in place and deposits already received will be applied to the new installations.
May 6, 2013 - 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 10,030,000 units of the Company at a price per Unit of $0.10 (the "Units"), for gross proceeds totaling $1,003,000. 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 36 months from the closing date. Finder's fees on portions of the placement in the amount of $$87,300 will be paid in Units.
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.
Apr 18, 2013 - Star Navigation Provides Corporate Update
Star Navigation Systems Group Ltd. (TSX VENTURE:SNA) ("Star" or the "Company"), is pleased to provide an update on various corporate initiatives.
Star and Astrium Services continue the integration efforts required in order to offer a seamless product to customers. As noted in previous disclosure, significant design and testing has been undertaken by the parties in order to ensure that the data captured and analysed in real time onboard the aircraft is presented to the customer in the most efficient and useful manner. The majority of testing has now been successfully completed, together with Ground Station Services. Client Support Services testing is now underway and is expected to be completed shortly. The Pilot Project with Air North has been extended in order to generate additional functionality and data.
Star continues its efforts in India to secure the necessary Aeromobile License, required to operate Star's STAR-ISMS® System in Indian airspace.
Pakistan International Airlines ("PIA")
Discussions continue with PIA. PIA has recently instituted major changes in top management and Star is currently awaiting a consideration of its recent detailed proposal.
Scheduling extensions continue with respect to the C919, China's first indigenously-manufactured large passenger aircraft. Star is in regularcontact with the Commercial Aircraft Corporation of China, Ltd. ("COMAC") and continues to monitor the situation.
Star has also recently initiated discussions with various parties in China and is exploring opportunities in the general aviation sector. Major Manufacturers The Company continues discussions with CMC Electronics Inc. AS9100 Rev. C Update Star successfully achieved AS9100 Rev. "C" in 2011. AS9100 Rev. "C" is the international quality management system standard for the aerospace industry. The standard provides manufacturers and suppliers with a comprehensive internationally recognized quality system for providing safe and reliable products to the aerospace (civil, military) industry.
Following the annual audit in January 2013, BSI (the certifying organization) recommended Star for continued certification. Star continues to build and improve upon the quality processes, infrastructure, planning strategies and risk management involved in the design and manufacture of our products along the entire supply chain to achieve a high level of customer satisfaction and increased market penetration.
TSX Venture Exchange ("TSX-V") Approvals
The Company wishes to confirm the following TSX-V approvals of applications made by the Company:
Warrant Extension announced November 15, 2012 - Approved
Shares for Debt exchanges announced November 2, 2012 and February 11, 2011 - Approved
Private Placements announced September 17, 2012, February 27, 2012 and June 15, 2011 - Approved
Mar 20, 2013 - Star Navigation Receives Approval for Midwest Airlines (Egypt) Installation
Star Navigation Systems Group Ltd. (TSX VENTURE:SNA) ("Star" or the "Company"), announces that it has received a Supplementary Type Certificate validation from the Egyptian Civil Aviation Authority. This validation allows for the installation of Star's STAR-ISMS® system aboard a Midwest Airlines (Egypt) Boeing 737-800, in accordance with the purchase agreement between Star and Midwest Airlines (Egypt) ("Midwest").
It is expected that Transport Canada approved Star personnel will travel to Egypt shortly in order to oversee the installation and gather the data required for final operational documentation. Full operation is expected within 45 days, subject to normal regulatory approval.
Star's CEO, Viraf S. Kapadia said:
"Any new technology, no matter how innovative and cost-effective, faces challenges to its initial acceptance by the marketplace. I would like to express my sincere appreciation to Midwest for their confidence in Star and the STAR-ISMS® system, and look forward to a long and mutually beneficial relationship. I would also like to thank the Star team for their hard work and dedication, and trust that this sale will enhance our current initiatives with other airlines in the region."
Feb 21, 2013 - Star Navigation Announces Option Grants
Star Navigation Systems Group Ltd. (TSX VENTURE:SNA) ("Star" or the "Company"), is pleased to announce that pursuant to its 2006 Incentive Stock Option Plan, as amended, the Board of Directors of the Company has approved the grant of incentive stock options to purchase 1,700,000 common shares in the capital stock of the Company to certain officers and directors of the Company (the "Grantees"). The options expire February 17, 2018, are exercisable at prices between $0.12 and $0.15 per share and vest four months from the date of issue.
The Board of Directors of the Company utilizes stock options as long-term incentives to certain directors, officers, employees and consultants of the Company as part of its overall strategy. The Compensation and Corporate Governance Committee of the Board of Directors believes that stock option grants serve the Company's compensation philosophy in two ways: firstly, it helps attract, retain, and motivate talent; secondly, it aligns the interests of those granted stock options with those of the shareholders by linking a specific portion of that person's compensation to share price.
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