TORONTO, May 20 /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 it has reached a
settlement in the action commenced by its former President, Hilary Vieira. As
part of the settlement, Mr. Vieira has agreed to dismiss his suit against
Star, Viraf S. Kapadia and former Star director Peter Verbeek, and provide a
full release of all claims made by him in that action. Star has in turn agreed
to dismiss its counterclaim against Mr. Vieira and provide a release to him of
its claims. (See press releases dated May 17 and September 18, 2007). (Star's
claims against Aeromechanical Services Ltd. (TSX-V: AMA) and others are not
part of the settlement).
Mr. Vieira has also agreed to fully and completely cooperate and provide
full disclosure to Star and Mr. Kapadia in any current or future litigation in
relation to U.S. Patent No. 7,113,852 ("the ISMS Patent"), including the
litigation currently outstanding with Aeromechanical Services Ltd. ("AMS") and
Mr. Vieira has further agreed to not have any commercial relations with
Aeromechanical Services Ltd., I-Trax International Corp., Kerrie Acquisition
Corporation or any of their associates or subsidiaries and, for a period of
two years and will not have any commercial relations with any of Stars' direct
competitors, their associates or subsidiaries.
Pursuant to this settlement, the Company has agreed to pay to Mr. Vieira
$116,000 in cash and issue to him 1,000,000 common shares at a deemed price of
$0.06 per share. The Company had accrued a greater amount as being payable to
Mr. Vieira for his past services. The Company will therefore eliminate over
$500,000 in debt from its balance sheet.
In a separate transaction, Mr. Vieira has agreed to assign all of his
interest in the ISMS Patent to Viraf S. Kapadia, CEO of Star and Co-Inventor
of the ISMS Patent. Upon completion of registration of documents at the U.S.
Patent and Trademark Office, Mr. Kapadia will be the sole and unrestricted
owner of the ISMS Patent. No consideration was paid by Star with respect to
this transaction. Star owns the exclusive worldwide license to the ISMS
Patent, upon which Star's Terrastar: RTM(TM) technology is based.
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
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
For further information:
For further information: please visit www.star-navigation.com or Viraf
Kapadia, CEO, (416) 252-2889, email@example.com