Star Reprices Warrants and Grants Stock Options
TORONTO, May 02, 2018 (GLOBE NEWSWIRE) — Star Navigation Systems Group Ltd. (CSE:SNA) (CSE:SNA.CN) (OTCQB:SNAVF) (“Star” or the “Company”) is pleased to announce that it has repriced certain warrants and granted stock options to a consultant.
The Company has applied to the Canadian Securities Exchange (the “Exchange”) to reprice 23,278,000 common share purchase warrants (the “Warrants”) issued pursuant to private placements announced May 14, 2013 and October 18, 2013. The Warrants, due to expire May 14, 2018 and October 23, 2018, carried exercise prices of $0.09 and $0.08.
Subject to Exchange approval, each Warrant will now entitle the holder thereof to purchase one common share of Star at an exercise price of $0.07. The expiry dates of the Warrants will be unchanged.
The Company is also 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 300,000 common shares in the capital stock of the Company to a consultant. The options expire August 31, 2020, and are exercisable at a price of $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.
The stock options granted vest over a period of 18 months after the date of issue.
This Press Release Is Available On The Company’s CEO Verified Discussion Forum, A Moderated Social Media Platform That Enables Civilized Discussion and Q&A Between Management and Shareholders.
About Star Navigation:
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. 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.
Stars’ M.M.I. Division designs and manufactures high performance, mission critical, flight deck flat panel displays for defence and commercial aviation industries worldwide. These displays are found on aircraft and simulators, from P-3 Orion and C-130 aircraft, to Sikorsky and AgustaWestland helicopters, as examples.
Certain statements contained in this News Release constitute forward-looking statements. When used in this document, the words “may”, “would”, “could”, “will”, “expected” 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. Star does not assume any obligation to update these forward-looking statements, except as required by law.
Neither the Canadian Securities Exchange nor its Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of the content of this release.
Please visit www.star-navigation.com or
Viraf S. Kapadia, (416) 252-2889 Ext. 230