TORONTO, ONTARIO-- Star Navigation Systems Group Ltd. (TSX VENTURE:SNA) ("Star" or the "Company"), has amended its policy governing its internal controls over financial reporting and disclosure controls and procedures ("DC&P").
The Company files a Venture Issuer Basic Certificate. As such, the Company is not required by NI 52-102 to discuss the design or operating effectiveness of its DC&P in our annual Management Discussion and Analysis ("MD&A"). Nevertheless, in the past the Company has included such a discussion and has indicated that the certifying officers concluded that the Company's DC&P were effective, even though it was also noted in the MD&A for the Company that, due to the size of the Company and limited number of personnel, it was not feasible to achieve complete segregation of incompatible duties.
As the two statements are contradictory, the Company has now revised its policy in this regard. While the full text is contained in the Company's MD&A under the heading "Internal Controls Over Financial Reporting and Disclosure Controls and Procedures", filed on SEDAR on October 28, 2010, an excerpt provides as follows:
"As part of our corporate governance practices, internal controls over financial reporting ("ICFR") and disclosure controls and procedures ("DC&P") have been designed. There has been no formal evaluation of the operation of these controls. The Company has designed its ICFR to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with Canadian GAAP. Management works to mitigate the risk of a material misstatement in financial reporting; however, a control system, no matter how well conceived or operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met."
About Star Navigation: (www.star-navigation.com)
Star Navigation Systems Group Ltd. owns the exclusive worldwide license to its proprietary, patented In-flight Safety Monitoring System, STAR-ISMS(TM), 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.
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 more information, please contact
Star Navigation Systems Group Ltd.
Viraf Kapadia
CEO
(416) 252-2889
viraf.kapadia@star-navigation.com
or
AGORACOM Investor Relations
IR HUB http://www.agoracom.com/ir/StarNavigation
E-mail all questions and correspondence to SNA@agoracom.com
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