TORONTO, July 9 - Star Navigation Systems Group Ltd. (TSX-V: SNA.V) ("Star" or the "Company") wishes to correct its announcement dated May 16, 2008. The gross proceeds of the placement were in fact $1,222,485.76. Total units issued were 7,640,536 at $0.16 per unit. Each unit consists of one Common Share of the Corporation and one-half of one common share purchase warrant. One full warrant entitles the holder to purchase one additional common share of the Corporation at $0.50 per share during the one year period from the date of issue. In addition, 279,375 common shares were issued by way of finder's fees. Securities issued are subject to four month hold expiring September 28, 2008.
The Company is also pleased to announce that Adam Szweras has been appointed Secretary of the Company, effective May 15, 2008. Mr. Szweras is a partner at Fogler, Rubinoff LLP, Toronto, Ontario, legal counsel to the Company. Mr. Szweras joined Fogler, Rubinoff LLP in 2006, and prior thereto practiced securities and corporate law with another major Canadian firm. Prior to that he was the managing partner of a prominent Bay Street securities law boutique where he represented public issuers and investment dealers. His legal practice and investment bank activities have been focused on corporate finance and going public transactions. In connection with his appointment as Secretary, the Company has granted to Mr. Szweras incentive stock options for the purchase of a total of 200,000 common shares of the Company at a price of $0.13 each until June 30, 2012. The options are being granted pursuant to the terms of the Company's stock option plan.
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.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release.
Contacts
Corporate Inquiries: www.star-navigation.com
Viraf Kapadia
CEO
e-mail: viraf.kapadia@star-navigation.com
Investor Relations: AGORACOM Investor Relations
SNA@agoracom.com
http://www.agoracom.com/IR/StarNavig...
