TORONTO, ONTARIO--(Marketwired - May 7, 2014) - Star Navigation Systems Group Ltd. (TSX VENTURE:SNA) ("Star" or the "Company"), is pleased to announce that that it has received TSX Venture Exchange ("TSX-V") acceptance of amendments to existing stock option grants ( the "options") held by certain officers and directors of the Company. The amendments extend the term of the options, but do not change the exercise price, The new expiry dates of the options range between January 1, 2016 to February 17, 2018.
The Company also announces that, in accordance with its Compensation Policy, it has received TSX-V acceptance of the amendment of the exercise price of certain options previously granted to key employees of the Company. The options, formerly exercisable at between $0.15 and $0.20 per common share, will now be exercisable at $0.07 per common share.
The Board of Directors of the Company utilizes stock options as long-term incentives to certain directors, officers, employees and consultants of the Company as part of its overall strategy. The Compensation and Corporate Governance Committee of the Board of Directors believes that stock option grants serve the Company's compensation philosophy in two ways: firstly, it helps attract, retain, and motivate talent; secondly, it aligns the interests of those granted stock options with those of the shareholders by linking a specific portion of that person's compensation to share price.
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 heart of the STAR-A.D.S. ™ System. It is 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.
Star's MMI Division supplies mission critical displays to Star's MMI Division designs and manufactures high performance mission critical flight deck, flat panel displays for defence and commercial aviation industries worldwide. Some of the Star MMI Division's current customers include;
- Lockheed Martin - USA
- Raytheon - USA
- BAE - UK
- Jepico - Japan
- IRTS - France
Certain statements contained in this News Release may 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.
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.
Please visit www.star-navigation.com.