TSX Venture Exchange Symbol: SNA
TORONTO, Jan. 22 /CNW/ - Star Navigation Systems Group Ltd. ("Star" or
the "Company") is pleased to announce that, subject to TSX-V approval, Mr.
Charles Wyburn has joined the Board of Directors of the Company.
Mr. Wyburn is a Fellow of the Institute of Chartered Accountants in
England & Wales and has been a partner in a professional practice since the
early 1970s. He specialises in Management Consultancy and Audit, and has
extensive experience in large public companies in a variety of differing
sectors. Upon TSX-V approval, Mr. Wyburn is expected to be appointed Chairman
of the Audit Committee.
The Company also announces that, pursuant to its 2006 Incentive Stock
Option Plan, it has granted incentive stock options to ten of its directors,
officers, employees and consultants to purchase up to an aggregate of
1,700,000 common shares in the capital stock of the Company. The options
expire at various times between January 1, 2010 and December 15, 2012 and are
exercisable at a price of $0.20 per share. The 2006 Stock Option Plan reserves
10% of the issued and outstanding common shares of the Company from time to
time for option grants. The grant of options is subject to regulatory
approval, including approval of the TSX Venture Exchange.
About Star Navigation: Star Navigation Systems Group Ltd.
(www.star-navigation.com) owns the exclusive worldwide license to its
proprietary, patented In-flight Safety Monitoring System, the first system in
the world to feature in-flight data-analysis, monitoring and diagnostics with
a real-time connection between aircraft and ground. Its real-time capability
of tracking performance-trends and predicting incident-occurrence enhances
aviation safety and improves fleet management while reducing costs for the
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. Star does not assume
any obligation to update these forward-looking statements.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of the content of this news
For further information:
For further information: Please visit www.star-navigation.com or Viraf
Kapadia, CEO, firstname.lastname@example.org