TSX Venture Exchange Symbol: SNA
TORONTO, Jan. 8 /CNW/ - Viraf Kapadia, President and co-CEO of Star Navigation Systems Group Ltd. (Star), developer of the In-Flight Safety Monitoring System (ISMS(TM)), is delighted to announce the appointment of Dale F. Sparks as Chief Technical Officer.
Mr. Sparks, who has a strong technical background, was involved in the original design and development of the ISMS(TM). Welcoming him back to Star, Mr. Kapadia commented, "I am confident that Dale Sparks' intimate knowledge of the ISMS(TM) together with his innovation and management skills will prove to be invaluable as we enter into full commercialization of this product."
As part of his compensation package, Mr. Sparks has been awarded one hundred thousand (100,000) options to purchase common stock of Star at an exercise price of $0.15 per share over five years. Four hundred and eighty thousand (480,000) stock options have also been granted to senior management personnel at an exercise price of $0.30 per common share over five years.
The employment of Hilary Vieira, formerly President and Technical Director, has been terminated.
About Star Navigation:
Star Navigation Systems Group Ltd. (www.star-navigation.com) owns the worldwide license to its proprietary, patented, In-flight Safety Monitoring System - ISMS(TM). The first system in the world to feature in-flight data-analysis, monitoring and diagnostics with a real-time connection between aircraft and the ground, the capabilities of ISMS(TM) in tracking performance-trends and predicting incidence-occurrence represent major improvements in fleet management capabilities and cost reduction.
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 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 this press release.
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