TORONTO, ONTARIO--(Marketwire - Aug. 10, 2011) - Star Navigation Systems Group Ltd. ("Star" or the "Company") (TSX VENTURE:SNA) is pleased to announce that, subject to TSX-V approval, it has retained First Canadian Capital Corp. ("FCC") to provide strategic marketing and investor relations services to the Company. FCC will introduce the Company to private investors, analysts, brokers, money managers and other financial professionals and will create general market awareness for Star.
The terms of the agreement are as follows: Duration - 12 months. Monthly Cash Compensation - $5,000. Stock Options - 500,000 shares at $CDN.25 per share, 250,000 shares at $CDN.30 per share. The options vest over a period of one (1) year.
The Company is very pleased to announce the appointment of Capt. Gus Nariman to fill a vacancy on the Board of Directors, subject to TSX-V approval. Captain Nariman brings to his position more than 40 years experience as a veteran of the aviation industry. In accordance with Company policy, Capt. Nariman has been granted 120,000 options to purchase common shares of the Company @ $0.20, vesting as to thirty (30,000) thousand options every four (4) months, subject to TSX-V approval. The options expire August 31, 2014.
About Star Navigation Systems Group Ltd.
Star Navigation Systems Group Ltd. (www.star-navigation.com) owns the exclusive worldwide license to its proprietary, patented In-flight Safety Monitoring System, the first system in the world to feature in-flight data-analysis, monitoring and diagnostics with a real-time connection between aircraft and ground. 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.
Certain statements contained in this News Release constitute forward-looking statements. When used in this document, the words "may", "would", "could", "will" 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.
For further information on Star Navigation Systems Group Ltd contact: First Canadian Capital Corp at 416-742-5600 or toll free at 1-866-580-8891 or email to email@example.com.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of the content of this release.