January 16, 2013 17:00 ET
TORONTO, ONTARIO--(Marketwire - Jan. 16, 2013) - Star Navigation Systems Group Ltd. (TSX VENTURE:SNA) ("Star" or the "Company"), is pleased to announce that pursuant to its 2006 Incentive Stock Option Plan, as amended, the Board of Directors of the Company has approved the grant of incentive stock options to purchase 1,811,900 common shares in the capital stock of the Company to certain directors and officers of the Company (the "Grantees"). The options expire January 14, 2018, and are exercisable at a price of $0.15 per 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. Each of the Grantees has been associated with the Company for between five and ten years. The stock options granted to the Grantees replace stock options expiring between December 15, 2012 and February 7, 2013, and vest four months after the date of issue.
About Star Navigation:
Star Navigation Systems Group Ltd. (www.star-navigation.com) owns the exclusive worldwide license to its proprietary, patented STAR-ISMS® 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.
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.
Star Navigation Systems Group Ltd.Roger S. PeacockCorporate Secretary(416) email@example.comRenmark Financial Communications Inc.Bettina Filippone(416) 644-2020 or (514) firstname.lastname@example.orgRenmark Financial Communications Inc.Maurice Dagenais(416) 644-2020 or (514) email@example.comMedia: Renmark Financial Communications Inc.Guy Hurd(416) 644-2020 or (514) firstname.lastname@example.org
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