Business
Star Navigation Systems Group Ltd. Enters Into Shares For Debt Agreement.
Star Navigation Systems Group Ltd. Enters Into Shares For Debt Agreement..
About this update from Star Navigation Systems Group Ltd.
[{"type":"text","content":"\n\n\n\n\nTORONTO, March 21 /CNW/ - Star Navigation Systems Group Ltd. (\"Star\")\n(TSX Venture: SNA), the developer of the In-Flight Safety Monitoring\nSystem(TM) (ISMS(TM)), is pleased to announce the signing of an agreement with\nits management to exchange common shares in Star for outstanding management\nfees. The deemed price per share agreed upon is $0.27. When closed this will\nresult in the issuance of 1,683,622 shares with a hold of 120 days.\nThis agreement, finalized today, assists Star in making the most\nproductive use of resources. No new Control Person will be created by this\nagreement, and the agreement is subject to approval by the TSX-V.\n\nCertain statements contained in this News Release constitute forward-\nlooking statements. When used in this document, the words \"may\", \"would\",\n\"could\", \"will\" and similar expressions, as they relate to Star or its\nmanagement are intended to identify forward-looking statements. Such\nstatements reflect Star's current views with respect to future events and are\nsubject to certain risks, uncertainties and assumptions. Many factors could\ncause Star's actual performance or achievements to vary from those described\nherein. Should one or more of these factors or uncertainties materialize, or\nshould assumptions underlying forward-looking statements prove incorrect,\nactual results may vary materially from those described herein as intended,\nplanned, anticipated, believed, estimated or expected. Star does not assume\nany obligation to update these forward-looking statements.\n\nThe TSX Venture Exchange has not reviewed and does not accept\nresponsibility for the adequacy or accuracy of this press release.\n\n%SEDAR: 00009078E\n\n\n","length":1755,"tagName":"div"}]