TORONTO, ONTARIO--(Marketwire - Jan. 24, 2012) - Star Navigation Systems Group Ltd. (TSX VENTURE:SNA) ("Star" or the "Company"), announced today that its board of directors has received a shareholder requisition to call a special meeting of shareholders. The stated purpose of the meeting is to consider, and if thought advisable, the removal of Mr. Dale F. Sparks as a director and officer of the Company. The shareholders making the requisition have proposed that Mr. Pierre J. Jeanniot, O.C., C.Q., formerly President and CEO of Air Canada and Director General and Chief Executive Officer of the International Air Transport Association ("IATA"), be elected in place of Mr. Sparks. These shareholders ("the Requisitioning Shareholders") state that they hold approximately 11.5 % of Star's outstanding shares.
The Board is currently considering the request. The Requisitioning Shareholders are believed to hold sufficient shares of the Company to be able to requisition a meeting under the Business Corporations Act (Ontario).
The Company remains committed to considering the views of its shareholders. The Board will consider the requisition and respond appropriately within 21 days. If the special meeting described proceeds, management will provide shareholders with more information by way of a Management Information Circular ("MIC") in advance of the meeting. Shareholders should read the MIC carefully before reaching a decision with regard to their votes.
About Star Navigation: (www.star-navigation.com)
Star Navigation Systems Group Ltd. owns the exclusive worldwide license to its proprietary, patented In-flight Safety Monitoring System, STAR-ISMS®, 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.
Forward Looking Statements
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.
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