Hey All. didnt have a lot of time the other day but thought would clarify for you and sorry this will be quite long. There seems to be some people that can't read properly so I am going to spell it out.
The Exchange has found that Star had contravened several of the Exchange's policy requirements including but not limited to:
- The omission of some material information concerning certain terms and conditions of certain contracts/agreements, shipments and installations, provision of updating disclosure of prior announcements and use of overly promotional words and phrases in certain press releases; Star issued a comprehensive press release updating and clarifying these issues on March 12, 2008. Note the date
This copy paste is from the news release dated March 12 2008
Now before you read on... take a guess who was responsible for these releases and the embellishment found therein. I do believe it was Hilary Viera, the same Hilary Viera who if you check further down (I highlited it for you) was the former president of SNA. The very same Hilary Viera whos name is also found on the SNA's patent. Anyways, this was dealt with a long time ago. Since that time I know that every news release that SNA has made since that time has been viewed and approved by the TSX before being posted. If you would like to do some homework on your own check out the news release dated September 18, 2007.
[1]News release via Canada NewsWire, Toronto 416-863-9350 -ME-
Attention Business Editors:
^Star Navigation announces corporate update at the request of the TSX
Venture Exchange@
TSX Venture Exchange Symbol: SNA
TORONTO, March 12 /CNW/ - Star Navigation Systems Group Ltd. (TSX: SNA-V)
("Star" or the "Company") at the request of the TSX Venture Exchange provides
a Corporate Update with respect to certain previous announcements.
Spicejet, Air Sahara, A.R. Airways
----------------------------------
On January 17, 2006, Star issued a press release stating, among other
things, that agreements had been signed in 2005 aggregating $17 million. This
figure assumed US dollar denominated sales, converted to C$ at the then
prevailing rate of exchange, and included $10,600,000 for 34 Spicejet
aircraft, $3,120,000 for 10 A.R. Airways aircraft and $2,900,000 for 15 Air
Sahara aircraft. The number of aircraft and values disclosed were based upon
projected fleet buildout conditional upon the initial trials being successful.
All three carriers are based in India, and an Aeromobile license is
required in order to operate the Star ISMS(TM) system in Indian airspace.
Star's application has been under consideration for over two years and to
date, has not yet been granted by the Indian Government. However, the license
is the subject of current detailed discussions between Star's representatives
and the Indian Government. Star's Chairman, Viraf Kapadia, will attend the
next round of meetings in India next month. Installations were initially
completed on two Spicejet and one Air Sahara aircraft. However, the Aeromobile
license issue prevented system activation and consequently, none of these
agreements have been concluded at this time.
Air Sahara has since been taken over by another airline. Due to the
licencing delays and new management at Air Sahara, management believes that
the terms of the previous agreement with Air Sahara will require renegotiation
at such time as the Aeromobile license is granted. Similarly, due to the
licencing delays, management believes that the terms of the previous
agreements with both Spicejet and A.R. Airways will also require renegotiation
if and when the Aeromobile license is granted.
T.A.P / Kharkov
---------------
On February 27 and 28, 2006, Star announced the signing of Memorandums of
Understanding ("MOU") with TAP Maintenance and Engineering in Portugal and
Kharkov State Aircraft Manufacturing Company in Ukraine. Due to a reallocation
of available resources to the Middle East, India and Pakistan by Star,
discussions leading to definitive agreements with these firms were suspended.
Bexair
------
Further to the Company's press releases dated November 29, 2005 and April
27, 2006, this purchase did not proceed due to problems encountered with
availability of the customers' Challenger 604 Supplemental Type Certificate
("STC") certification and contract issues with Bexair. Star intends to revisit
opportunities with Bexair when resource allocations permit.
Indian Airforce Glider Project
------------------------------
On January 12, 2006 and April 27, 2006, Star announced that it had been
selected to provide technical assistance to the Indian Airforce Round the
World Glider Expedition 2006. The Expedition was postponed by the Airforce
until 2007. Without notice to Star, the Expedition proceeded with the
assistance of other providers. This issue forms a part of current litigation
of the Company against its former president, Hilary Vieira (see press release
dated September 18, 2007).
Air Arabia
----------
Star's announcements dated November 30, 2005 and April 27, 2006, referred
to a MOU entered into between Star and an "undisclosed" purchaser, Air Arabia.
The Company was unable to satisfactorily conclude those negotiations. Star's
new sales team will revisit this customer as resource allocations permit.
Medical Monitoring
------------------
In reference to Star's press release dated May 15, 2006 announcing a MOU
regarding a Medical Monitoring project, we advise that this has been on hold
for some time due to a corporate reorganization involving Star's partner in
the venture. However, the project has recently been reactivated and
design/development work is underway. A formal agreement is being negotiated
and further disclosure will be provided when completed.
Etihad Airways
--------------
Further to Star's press release dated September 22, 2006, Star's
technical team continues to work with Etihad to overcome their internal timing
and personnel allocation issues. The required Airbus A-340 300 Series STC,
together with a full design and installation package, has been provided by
Star. Star expects that installation on an Etihad aircraft for trial
evaluation should follow in due course.
Zain Aviation
-------------
Star's press release dated October 25, 2006 disclosed that it had
received a purchase order from Zain Aviation with respect to purchase of a
Satellite Telephone, Cabin Information System and ancillary services. Prior to
delivery and installation, Zain Aviation ceased operations resulting in this purchase order not being fulfilled.
