TORONTO, ONTARIO--(Marketwired - Feb. 20, 2014) - Star Navigation Systems Group Ltd. (TSX VENTURE:SNA) ("Star" or the "Company") is pleased to announce that it has entered an agreement of purchase and sale whereby Star will acquire the assets, client list and IP (including numerous patents) of an aerospace products company in Canada. The assets to be acquired will expand Star's ability to secure and improve the efficiency of its supply chain, enhance its product offering in commercial and military equipment, generate additional revenue and integrate its manufacturing and research and development areas more effectively.
The transaction is subject to a due diligence period, the negotiation and preparation of supporting documentation and to the filing of required TSX Venture Exchange (the "Exchange") material.
The Company is also pleased to announce that the Exchange has consented to the extension of the term of 15,200,000 common share purchase warrants issued pursuant to a private placement accepted for filing by the Exchange February 29, 2012 (the " Warrants"). The Warrants, set to expire on February 24, 2014, will now expire on February 24, 2017. Each Warrant will continue to entitle the holder thereof to purchase one common share of Star at an exercise price of $0.30.
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.
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.
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.