TORONTO, ONTARIO--(Marketwired - Oct. 23, 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 2,975,000 common shares in the capital stock of the Company to certain employees, consultants and officers of the Company (the "Grantees"). The options are granted effective October 21, 2013, expire October 20, 2016, are exercisable at prices between $0.11 and $0.12 per share and vest on varying schedules but not sooner than four months from the date of issue.
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:
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. The STAR-A.D.S.™ service, based upon Star's patented STAR-ISMS® technology, offers airline operators unparalleled real time access to specific, targeted, analyzed performance data from the aircraft, while in flight. It can detect issues as they happen, allowing flight operations to either schedule appropriate maintenance or to take other more immediate action.
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