Brampton, Ontario--(Newsfile Corp. - March 17, 2020) - Star Navigation Systems Group Ltd. (CSE: SNA) (CSE: SNA.CN) ("Star" or the "Company") announces that the Order of the Ontario Superior Court of Justice dated January 17, 2020, ordering Star to hold an Annual General and Special Meeting of shareholders (the "AGM"), has been varied.
(Please see Press Releases January 22, 2020 and February 12, 2020),
The Company has now been permitted by the Court to hold its next Annual General and Special Meeting on or before June 10, 2020.
Mr. Peter Clausi, Interim CEO said:
"The Board of Directors and senior management of Star are excited to have the opportunity to meet with shareholders and to lay out our vision for the future of the Company. It is regrettable that documentation issues have delayed the preparation of the required audited financial statements. However, I am confident that this problem will be rectified shortly."
"At Star, along with the rest of the World, we are doing our best to keep our families, our staff, our business partners and our community as safe as possible during the current unprecedented pandemic. Aside from the core precautions such as social distancing and hand washing, we are actively investigating the possibility of holding the AGM on a virtual (electronic) or hybrid basis. Briefly, this involves holding the meeting virtually, with no in-person interaction between the Board, Management and the shareholders, or, on a hybrid basis, with some limited in-person contact. While the Board and Management would prefer to have the chance to meet with shareholders in person, the progression of the COVID-19 pandemic may mitigate against large gatherings."
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. 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.
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