Star Signs Agreement to Acquire Manufacturing Assets / Extends Expiry Date of Warrants
20 Febbraio 2014 - 11:00PM
Marketwired
Star Signs Agreement to Acquire Manufacturing Assets / Extends
Expiry Date of Warrants
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.
Star Navigation Systems Group Ltd.Viraf KapadiaCEO(416)
252-2889viraf.kapadia@star-navigation.comwww.star-navigation.comRenmark
Financial Communications Inc.Bettina
Filipponebfilippone@renmarkfinancial.comRenmark Financial
Communications Inc.Barry Mirebmire@renmarkfinancial.comMediaRenmark
Financial Communications Inc.D. Elizabeth Culley(416) 644-2020 or
(514)
939-3989dculley@renmarkfinancial.comwww.renmarkfinancial.com
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