TSX Venture Exchange Symbol: SNA
TORONTO, March 24 /CNW/ - Star Navigation Systems Group Ltd. ('Star
Navigation'), the developer of the In-Flight Safety Monitoring System(TM),
confirmed today that its agreement with senior management exchanging shares
for outstanding management fees includes an undertaking that the common shares
issued pursuant to the agreement will be held for a minimum of one year from
date of issue. The management fees in question were earned in 2002.
Star Navigation also wishes to confirm that this extended hold period was
initiated by the senior management involved, and was not a condition required
by the TSX-V.
The agreement is subject to TSX-V approval.
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.
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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