Brampton, Ontario--(Newsfile Corp. - January 22, 2020) - Star Navigation Systems Group Ltd. (CSE: SNA) (CSE: SNA.CN) ("Star' or the "Corporation") announces that on Friday, January 17, 2020, the Commercial Court of the Ontario Superior Court of Justice (the "Court") ordered that an Annual General and Special Meeting of the shareholders of Star be held on March 9, 2020. The Special Meeting previously called for February 14, 2020 will be cancelled.
The Court further ordered that if Star's audited financial statements for the financial year ended June 30, 2019 are not available for circulation in accordance with applicable timing rules, Star has leave to adjourn its March 9, 2020 Annual General and Special Meeting for no more than thirty days in order to complete preparation of those financial statements.
The current management team consists of Peter M. Clausi, Interim CEO, Randy Koroll, CFO, Jean-Louis Larmor, Vice-President - Corporate Development, Barney Lassche, Vice- President- Human Resources and Roger S. Peacock, General Counsel. They, together with the Board of Directors, shall operate Star in the normal course of business. The current management team was not appointed by Court Order.
About Star Navigation:
Star Navigation Systems Group Ltd. owns the exclusive worldwide license to its proprietary, patented In-flight Safety Monitoring System, STAR-ISMS ®, the heart of the STAR-A.D.S.® and of the STAR-ISAMM / STAR-LSAMM™ Systems. 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.
Star's M.M.I. Division designs and manufactures high performance, mission critical, flight deck flat panel displays for defence and commercial aviation industries worldwide. These displays are found on aircraft and simulators, from C-130 aircraft, to Sikorsky and Agusta Westland helicopters, as examples.
Stars' subsidiary, Star-Isoneo Inc., is a specialised software firm, developing complex solutions in engineering, simulation and development for Canadian customers. Star-Isoneo works closely with Star in the development of the Company's MEDEVAC (STAR-ISAMM ™ and STAR-LSAMM ™) applications of the patented STAR-A.D.S. ® technology, and on its current R&D program with Bombardier.
Certain statements contained in this Release constitute forward-looking statements. When used in this document, the words "may", "would", "could", "will", "expected", "intend" and similar expressions, as they relate to Star or its management or board 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. Mr. Viraf Kapadia's outstanding litigation and the process initiated by Mr. Kapadia for his personal interests under the Bankruptcy and Insolvency Act are risks to Star. Many other 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, except as required by law.
Neither the Canadian Securities Exchange nor its Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of the content of this release.
Please visit or contact
Mr. Peter Clausi, Interim CEO at 1 416 252-2889 or 1 416 890 1232 or Mr. Lassche at 1 647 779-4274
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