TSX Venture Exchange Symbol: SNA
TORONTO, Jan. 22 /CNW/ - Star Navigation Systems Group Ltd. ("Star" or the "Company") is pleased to announce that, subject to TSX-V approval, Mr. Charles Wyburn has joined the Board of Directors of the Company.
Mr. Wyburn is a Fellow of the Institute of Chartered Accountants in England & Wales and has been a partner in a professional practice since the early 1970s. He specialises in Management Consultancy and Audit, and has extensive experience in large public companies in a variety of differing sectors. Upon TSX-V approval, Mr. Wyburn is expected to be appointed Chairman of the Audit Committee.
The Company also announces that, pursuant to its 2006 Incentive Stock Option Plan, it has granted incentive stock options to ten of its directors, officers, employees and consultants to purchase up to an aggregate of 1,700,000 common shares in the capital stock of the Company. The options expire at various times between January 1, 2010 and December 15, 2012 and are exercisable at a price of $0.20 per share. The 2006 Stock Option Plan reserves 10% of the issued and outstanding common shares of the Company from time to time for option grants. The grant of options is subject to regulatory approval, including approval of the TSX Venture Exchange.
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.
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responsibility for the adequacy or accuracy of the content of this news
release.
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