Star Navigation Announces Amendments to Option Grants
08 May 2014 - 7:00AM
Marketwired
Star Navigation Announces Amendments to Option Grants
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.
Star Navigation Systems Group Ltd.Viraf KapadiaCEO(416) 252-2889
Ext.
230viraf.kapadia@star-navigation.comwww.star-navigation.comInvestor
Relations:Frontier Merchant Capital Groupinfo@frontiermcg.comPublic
Relations & Media interviews:Hudes Communications
InternationalNelson Hudes(905)
660-9155nelson@hudescommunications.com
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