TORONTO, Nov. 26, 2019 (GLOBE NEWSWIRE) -- Star Navigation Systems Group Ltd. (CSE:SNA) (SNA.CN) (SNAVF) ("Star” or the “Company”) responds to the latest tactics of a dissident shareholder group (the “Dissidents”) and confirms that no special meeting of shareholders of the Company (the “Shareholders”) will take place on December 11, 2019.
The dissidents' latest initiative involves issuing inaccurate press releases falsely alleging a valid Shareholders meeting will take place on December 11, 2019, apparently soliciting shareholders in contravention of securities laws and inappropriately filing an information circular and form of proxy on the Company’s SEDAR profile. As confirmed in the Company’s press release dated October 17, 2019, and communicated to the Dissidents and the Ontario Securities Commission, the invalid meeting that is purported to be set by two notification of meeting and record dates (the “Notifications”) for December 11, 2019, is being called pursuant to two invalid shareholder meeting requisitions dated September 13, and 16, 2019 (the “Requisitions”).
The Dissidents are conducting themselves in an inappropriate manner that is disruptive and misleading to the market. The Requisitions constitute the fourth and fifth time that the dissidents have submitted an invalid shareholder meeting requisition to the Company. The Notifications constitute the second and third time that the dissidents have inappropriately filed a notification of meeting and record date on the Company’s SEDAR profile pursuant to an invalid shareholder meeting requisition.
The Dissidents' actions have adversely affected the Company’s financing initiatives and operations. Despite the Company’s repeated attempts to work with the Dissidents to achieve a resolution, including repeatedly suggesting that Dissidents retain legal counsel in submitting a properly formulated requisition and offering to provide the Dissidents with assistance in formulating a proper requisition, the Dissidents continue to act inappropriately and undermine shareholders’ rights and divert resources away from the Company’s operations. The reckless behaviour of the Dissidents is irreversibly eroding the Company’s value and threatening the investments and interests of all stakeholders.
As was previously announced on August 12, 2019 and as reiterated to the Dissidents, the Company’s board of directors have already 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.
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.
Star's 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.