Brampton, Ontario--(Newsfile Corp. - December 19, 2019) - Star Navigation Systems Group Ltd. (CSE: SNA) (CSE: SNA.CN) (OTCQB: SNAVF) ("Star' or the "Corporation") announces that the Commercial Court of the Ontario Superior Court of Justice (the "Court") has dismissed the injunction requested by terminated CEO Viraf Kapadia to suspend the results of the Shareholder Meeting held on December 11, 2019, at which a new board of directors was elected. An application to the Court on the underlying merits will follow in normal course.
The directors of Star are Peter M. Clausi, J. Birks Bovaird, Dr. S. Coutts, Dr. Ali Jomaa, Zachary Goldenberg, Randy Hoback and Brian Crawford. The board now consists of two Ontario lawyers, a Chartered Professional Accountant, an Ontario medical doctor, a Ph.D., a federal Member of Parliament and a highly experienced corporate finance / public company executive. Six of the directors reside in Ontario, and one in Saskatchewan.
Mr. Clausi has been appointed Interim CEO. Mr. Randy Koroll returns to Star in the role of Chief Financial Officer. Mr. Barney Lassche also returns to Star, this time as VP Human Resources. Mr. Roger Peacock continues as General Counsel. Mr. Bovaird is the Chair of the Board and Mr. Crawford is the Chair of the Audit Committee.
The new board intends:
to operate Star in the normal course of business;
to defend against Mr. Kapadia's expected attempts to re-insert himself into Star;
to defend Star's interests in the process initiated by Mr. Kapadia for his personal interests under the Bankruptcy and Insolvency Act;
to take steps to finance Star, whether directly or indirectly;
to bring Star into compliance with the regulators by filing the financial statements and MDA that Mr. Kapadia had failed to file, which failure resulted in a cease trade order and a halt trade order against Star;
to then take steps to have the cease trade and halt trade orders revoked;
to hold the annual shareholder meeting as soon as possible, likely in March 2020;
to carry out the investigations authorized by Star's shareholders into all related party transactions; and
throughout, to operate Star for the benefit of its shareholders and employees.
For further information please contact Mr. Clausi at 1-416-890-1232 or Mr. Lassche at 1-647-779-4274.
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' 80 % owned 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.
Please visit www.star-navigation.com or contact:
Mr. Peter Clausi, Interim CEO at 1-416-890-1232 or Mr. Lassche at 1-647-779-4274
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/50958