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.
Feb 13, 2012 - Star Navigation Announces Special General Meeting of Shareholders
Star Navigation Systems Group Ltd. (TSX VENTURE:SNA) ("Star" or the "Company"), announced today that it has concluded that the shareholder requisition to call a special meeting of shareholders, announced January 24, 2012, is valid and that the meeting will be held April 6, 2012.
The stated purpose of the meeting is to consider, and if thought advisable, the removal of Mr. Dale F. Sparks as a director of the Company. The shareholders making the requisition have proposed that Mr. Pierre J. Jeanniot, O.C., C.Q., formerly President and CEO of Air Canada and Director General and Chief Executive Officer of the International Air Transport Association ("IATA"), be elected as a director to replace Mr. Sparks.
The Company remains committed to considering the views of its shareholders. Management will provide shareholders with more information by way of a Management Information Circular ("MIC") in advance of the meeting. Shareholders should read the MIC carefully before reaching a decision with regard to their votes.
Jan 30, 2012 - Star Navigation Announces Completion of DO-160E Testing
Star Navigation Systems Group Ltd. (TSX VENTURE:SNA) ("Star" or the "Company"), is very pleased to announce that final DO-160E testing on its STAR-ISMS® Generation 2 Unit ("G2") has now been completed.
RTCA-DO-160E qualification testing is an essential element of Supplemental Type Certificate ("STC") application, required for installation of the STAR-ISMS® on a commercial aircraft. The G2, built to Star's specifications, was designed and manufactured for Star by Luxell Technologies Inc., incorporates additional and upgraded features, is smaller and lighter than the original In-Flight Safety Monitoring System and can be offered at a lower price point.
The certification testing process in the aviation industry is very complex and rigorous. It is this milestone achievement that will shortly enable Star Navigation to fulfill existing sales requirements and move forward to procuring more sales. The first installation of the new G2 is expected to take place aboard a Midwest Airlines (Egypt), Boeing 737-800 aircraft, with STC approval expected in February. Star appreciates Midwest Airlines' patience as we have worked to finalize the new G2 product.
Viraf S. Kapadia, Star's founder and CEO stated: "Star, through its G2 unit, continues to refine and expand the already significant capabilities of the overall STAR-ISMS® System, help to improve safety in the air, and offer airline operators the chance to reduce costs and increase operational efficiencies."
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