Business
Star Navigation Announces Settlement of Litigation and Assignment of Patent Rights
TORONTO, May 20 /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 20 /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 it has reached a\nsettlement in the action commenced by its former President, Hilary Vieira. As\npart of the settlement, Mr. Vieira has agreed to dismiss his suit against\nStar, Viraf S. Kapadia and former Star director Peter Verbeek, and provide a\nfull release of all claims made by him in that action. Star has in turn agreed\nto dismiss its counterclaim against Mr. Vieira and provide a release to him of\nits claims. (See press releases dated May 17 and September 18, 2007). (Star's\nclaims against Aeromechanical Services Ltd. (TSX-V: AMA) and others are not\npart of the settlement).\n\n\nMr. Vieira has also agreed to fully and completely cooperate and provide\nfull disclosure to Star and Mr. Kapadia in any current or future litigation in\nrelation to U.S. Patent No. 7,113,852 ("the ISMS Patent"), including the\nlitigation currently outstanding with Aeromechanical Services Ltd. ("AMS") and\nothers.\n\n\nMr. Vieira has further agreed to not have any commercial relations with\nAeromechanical Services Ltd., I-Trax International Corp., Kerrie Acquisition\nCorporation or any of their associates or subsidiaries and, for a period of\ntwo years and will not have any commercial relations with any of Stars' direct\ncompetitors, their associates or subsidiaries.\n\n\nPursuant to this settlement, the Company has agreed to pay to Mr. Vieira\n$116,000 in cash and issue to him 1,000,000 common shares at a deemed price of\n$0.06 per share. The Company had accrued a greater amount as being payable to\nMr. Vieira for his past services. The Company will therefore eliminate over\n$500,000 in debt from its balance sheet.\n\n\nIn a separate transaction, Mr. Vieira has agreed to assign all of his\ninterest in the ISMS Patent to Viraf S. Kapadia, CEO of Star and Co-Inventor\nof the ISMS Patent. Upon completion of registration of documents at the U.S.\nPatent and Trademark Office, Mr. Kapadia will be the sole and unrestricted\nowner of the ISMS Patent. No consideration was paid by Star with respect to\nthis transaction. Star own...