Brampton, Ontario--(Newsfile Corp. - December 11, 2019) - Star Navigation Systems Group Ltd. (CSE: SNA) (CSE: SNA.CN) (OTCQB: SNAVF) ("Star' or the "Corporation") reports that at the Special Shareholder Meeting ("Meeting") held on December 11, 2019, the shareholders passed the resolutions proposed in the Concerned Shareholders Proxy Circular.
Peter Clausi, Brian Crawford, Birks Bovaird, Ali Jomaa, Stephen Coutts, Zachery Goldenberg, and Randy Hoback were elected as directors of the Corporation with the support of 99% of the shareholders voting at the Meeting.
The motion to authorize the directors to investigate any and all related party transactions in respect of the Corporation was passed with the support of 99% of the shareholders voting at the Meeting.
At a board of directors' meeting immediately following the Special Shareholder Meeting, the following were appointed to management positions:
· Peter M. Clausi was appointed Star's Interim Chief Executive Officer;
· Randy Koroll was appointed Star's Chief Financial Officer and Corporate Secretary;
· Jean-Louis Larmour was confirmed as Star's Vice-President, Corporate Development;
· Barney Lassche was appointed as Star's Vice-President, Human Resources;
· Birks Bovaird was appointed as Star's Chairman of the Board.
Star has learned that the former CEO, Viraf Kapadia, has purported to file security documents related to a debt he claims was incurred to him by Star during his tenure as CEO. This alleged debt is part of the related party transactions to be investigated in the shareholder-sanctioned investigations. Star will investigate this debt and will report to the shareholders when better facts are known.
The new board intends to take steps to finance Star, bring it into compliance with the regulators, file the financial statements and MDA that the former CEO failed to file resulting in a cease trade order, and advance Star's business plan.
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' 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/50707