Business
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")...
About this update from Star Navigation Systems Group Ltd.
[{"type":"text","content":"\n\n\n\nTORONTO, May 27 /CNW/ - Star Navigation Systems Group Ltd. (TSX-V: SNA)\n("Star" or the "Company"), a leading edge technology company focused on\nproviding Aerospace Solutions, both hardware and software platforms to assist\naviation operators worldwide, is pleased to announce that Mr. Randy Koroll has\nbeen appointed Chief Financial Officer ("CFO") of the Company. Mr. Koroll has\n20 years of experience in the accounting industry, focusing mainly on the\nsmall - medium sized business segments for public accounting firms. He has\nextensive experience in the role of CFO and is a Director of Citadel Gold\nMines Inc. (NEX: CGM), as well as being a member of that Company's audit\nCommittee. Mr. Koroll is also a speaker for the TSX-Venture Exchange in their\nseminar series,"Managing a Public Company". Previously he worked in public\npractice in Toronto, as a Senior Manager - Small Business sector.\n\n\nStar also announces that it will apply for regulatory approval of a\nShares for Debt transaction whereby the Company would exchange 4,150,008\ncommon shares of the Company at a deemed price of $0.06, in order to\nextinguish $249,005 in debt owed to various creditors. The Debt Settlement\nagreements provide for a deemed price at or in excess of recent closing\nprices. Included are 1,000,000 common shares to Mr. Hilary Vieira with respect\nto settlement of litigation, and 700,000 common shares to two Officers and\nDirectors to settle $42,000 in outstanding and accrued management fees (the\n"Debt Settlement Shares"). The issuance of the Debt Settlement Shares will not\nresult in a change of control, and the transaction is subject to TSX-Venture\nExchange approval.\n\n\nThis press release is available on the company's official on-line\ninvestor relations site for investor commentary, feedback and questions.\nInvestors are asked to visit http://www.agoracom.com/ir/StarNavigation and\nview the Star Navigation IR HUB. Alternatively, investors are asked to e-mail\nall questions and correspondence to [email protected]\n\n\nAbout Star Navigation:\n\n\nStar Navigation Systems Group Ltd.(www.star-navigation.com) owns the\nexclusive worldwide license to its proprietary, patented In-flight Safety\nMonitoring System, the first system in the world to feature in-flight\ndata-analysis, monitoring a...