TORONTO, April 26, 2018 (GLOBE NEWSWIRE) — Star Navigation Systems Group Ltd. (CSE:SNA) (CSE:SNA.CN) (OTCQB:SNAVF) (“Star” or the “Company”) is pleased to announce the completion of a private placement and notification to shareholders of a potential patent infringement investigation.
Potential Patent Infringement Investigation
Star holds the exclusive, worldwide license to use the patented technology underlying the In-flight Safety Monitoring System, STAR-ISMS®, the heart of the STAR-A.D.S. ® System. This technology is protected by patents in Canada, the United States, Great Britain, India and elsewhere (the “Patents”).
The owner of the Patents has advised Star that it is currently in discussions with legal counsel with respect to initiating an in-depth review of possible infringements of these Patents by third parties.
In the event that infringements by third parties have taken place or are continuing to take place, the owner of the Patents has the right to initiate legal action for the purpose of halting the infringement(s) and recovering damages as appropriate. The owner of the Patents has agreed to fully fund all costs and expenses of any legal action taken to enforce the Patents.
Star has always maintained that it would vigorously defend its rights under its license to the Patents and will fully support any action decided upon.
Star is also pleased to announce that it has closed a non-brokered private placement, having issued 3,766,667 units of the Company (the “Units”) at a price per Unit of $0.06 for gross proceeds of $226,000. Each Unit consists of one common share in the capital of the Company and one warrant. One warrant entitles the holder to purchase one (1) additional common share of the Corporation at seven ($0.07) cents per warrant exercised. The warrants are exercisable during the one (1) year period from the date of issue.
All securities issued in the Offering and any shares issued upon exercise of warrants are subject to a four month statutory hold period from the date of issuance. The net proceeds of the placement will be used for research and development, marketing and corporate overhead. Star has agreed to pay finder’s fees in the amount of ten (10%) percent of gross proceeds in Units. The price was reserved with the CSE.
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.
Star’s 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