TORONTO, May 27, 2009 - Star Navigation Systems Group Ltd. (TSX-V: SNA) ("Star" or the "Company"), a leading edge technology company focused on providing Aerospace Solutions, both hardware and software platforms to assist aviation operators worldwide, is pleased to announce that Mr. Randy Koroll has been appointed Chief Financial Officer (“CFO”) of the Company. Mr. Koroll has 20 years of experience in the accounting industry, focusing mainly on the small - medium sized business segments for public accounting firms. He has extensive experience in the role of CFO and is a Director of Citadel Gold Mines Inc. (NEX: CGM), as well as being a member of that Company’s audit Committee. Mr. Koroll is also a speaker for the TSX-Venture Exchange in their seminar series,”Managing a Public Company”. Previously he worked in public practice in Toronto, as a Senior Manager - Small Business sector.
Star also announces that it will apply for regulatory approval of a Shares for Debt transaction whereby the Company would exchange 4,150,008 common shares of the Company at a deemed price of $0.06, in order to extinguish $249,005 in debt owed to various creditors. The Debt Settlement agreements provide for a deemed price at or in excess of recent closing prices. Included are 1,000,000 common shares to Mr. Hilary Vieira with respect to settlement of litigation, and 700,000 common shares to two Officers and Directors to settle $42,000 in outstanding and accrued management fees (the “Debt Settlement Shares”). The issuance of the Debt Settlement Shares will not result in a change of control, and the transaction is subject to TSX-Venture Exchange approval.
This press release is available on the company's official on-line investor relations site for investor commentary, feedback and questions. Investors are asked to visit http://www.agoracom.com/ir/StarNavig... and view the Star Navigation IR HUB. Alternatively, investors are asked to e-mail all questions and correspondence to SNA@Agoracom.com
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.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of the content of this release.
For further information:
please visit www.star-navigation.com or
Viraf Kapadia, CEO, (416 252-2889)
viraf.kapadia@star-navigation.com
This press release is available on the company's official on-line investor relations site for investor commentary, feedback and questions. Investors are asked to visit http://www.agoracom.com/ir/StarNavig... and view the Star Navigation IR HUB. Alternatively, investors are asked to e-mail all questions and correspondence to SNA@Agoracom.com
