TORONTO, ONTARIO--(Jan. 6, 2011) - Star Navigation Systems Group Ltd. (TSX VENTURE:SNA) ("Star" or the "Company") is pleased to announce that the TSX Venture Exchange (the "Exchange") has consented to the extension of the term of 13,182,766 common share purchase warrants issued pursuant to a private placement announced May 16, 2007 (the " May 16, 2007 Warrants"). The May 16, 2007 Warrants, set to expire on April 15, 2011, will now expire on May 15, 2012. Each May 16, 2007 Warrant will continue to entitle the holder thereof to purchase one common share of Star at an exercise price of $0.20.
The TSX Venture Exchange has also consented to the extension of the term of the following warrants:
- 8,488,930 common share purchase one-half (1/2) warrants issued pursuant to a private placement announced November14, 2008 (the "November 14, 2008 Warrants"). The November 14, 2008 Warrants, set to expire on December 1, 2011, will now expire on December 1, 2012. A full November 14, 2008 Warrant will continue to entitle the holder thereof to purchase one common share of Star at an exercise price of $0.30.
- 6,105,500 common share purchase one-half (1/2) warrants issued pursuant to a private placement announced April 9, 2009 (the "April 9, 2009 Warrants"). The April 9, 2009 Warrants, set to expire on April 7, 2011, will now expire on December 1, 2012. A full April 9, 2009 Warrant will continue to entitle the holder thereof to purchase one common share of Star at an exercise price of $0.30.
- 10,776,666 common share purchase warrants issued pursuant to a private placement announced November 4, 2009 (the "November 4, 2009 Warrants"). The November 4, 2009 Warrants, set to expire on November 4, 2011, will now expire on December 1, 2012. Each November 4, 2009 Warrant will continue to entitle the holder thereof to purchase one common share of Star at an exercise price of $0.20.
- 3,428,333 common share purchase warrants issued pursuant to a private placement announced November 26, 2009 (the "November 26, 2009 Warrants"). The November 26, 2009 Warrants, set to expire on November 30, 2011, will now expire on December 1, 2012. Each November 26, 2009 Warrant will continue to entitle the holder thereof to purchase one common share of Star at an exercise price of $0.20.
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
www.star-navigation.com
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