TORONTO, Dec. 11, 2019 (GLOBE NEWSWIRE) -- Star Navigation Systems Group Ltd. (CSE:SNA) (SNA.CN) (SNAVF) ("Star” or the “Company”) announced that it has filed a notice of intention to make a proposal (the “Notice”) pursuant to the provisions of Part III of the Bankruptcy and Insolvency Act (Canada). The filing of the Notice has the effect of imposing an automatic 30-day stay of proceedings that will protect the Company and its assets from the claims of creditors while the Company continues to pursue its restructuring efforts. This 30-day period may be extended with the authorization of the Ontario Superior Court of Justice.
The Company also responded to the latest tactics of a dissident shareholder group and confirms that, as communicated to the dissidents and their counsel, no special meeting of shareholders of the Company (the “Shareholders”) will take place on December 11, 2019. As was previously announced and reiterated to the dissidents and their counsel, the Company’s board of directors have resolved to call an annual and general meeting of Shareholders on March 9, 2020.
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™ 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.
Stars’ 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 News Release constitute forward-looking statements. When used in this document, the words “may”, “would”, “could”, “will”, “expected” 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, 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.