Star Navigation Announces Appointment of CFO and Debt Settlement Agreement



    TORONTO, May 27 /CNW/ - Star Navigation Systems Group Ltd. (TSX-V: SNA)
("Star" or the "Company"), a leading edge technology company focused on
providing Aerospace Solutions, both hardware and software platforms to assist
aviation operators worldwide, is pleased to announce that Mr. Randy Koroll has
been appointed Chief Financial Officer ("CFO") of the Company. Mr. Koroll has
20 years of experience in the accounting industry, focusing mainly on the
small - medium sized business segments for public accounting firms. He has
extensive experience in the role of CFO and is a Director of Citadel Gold
Mines Inc. (NEX: CGM), as well as being a member of that Company's audit
Committee. Mr. Koroll is also a speaker for the TSX-Venture Exchange in their
seminar series,"Managing a Public Company". Previously he worked in public
practice in Toronto, as a Senior Manager - Small Business sector.
    Star also announces that it will apply for regulatory approval of a
Shares for Debt transaction whereby the Company would exchange 4,150,008
common shares of the Company at a deemed price of $0.06, in order to
extinguish $249,005 in debt owed to various creditors. The Debt Settlement
agreements provide for a deemed price at or in excess of recent closing
prices. Included are 1,000,000 common shares to Mr. Hilary Vieira with respect
to settlement of litigation, and 700,000 common shares to two Officers and
Directors to settle $42,000 in outstanding and accrued management fees (the
"Debt Settlement Shares"). 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.
    This press release is available on the company's official on-line
investor relations site for investor commentary, feedback and questions.
Investors are asked to visit http://www.agoracom.com/ir/StarNavigation and
view the Star Navigation IR HUB. Alternatively, investors are asked to e-mail
all questions and correspondence to SNA@Agoracom.com

    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 operator.

    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.

    
    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.
    

    This press release is available on the company's official on-line
investor relations site for investor commentary, feedback and questions.
Investors are asked to visit http://www.agoracom.com/ir/StarNavigation and
view the Star Navigation IR HUB. Alternatively, investors are asked to e-mail
all questions and correspondence to SNA@Agoracom.com

    %SEDAR: 00009078E




For further information:

For further information: www.star-navigation.com or Viraf Kapadia, CEO,
(416) 252-2889, viraf.kapadia@star-navigation.com

Organization Profile

STAR NAVIGATION SYSTEMS GROUP LTD.

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