Star Navigation Announces Share Lock-up Agreement
June 08 2017 - 5:00PM
Star Navigation Systems Group Ltd. (CSE:SNA) (CSE:SNA.CN)
(OTCBB:SNAVF) ("Star" or the "Company"), announces that certain
major shareholders, including all directors and management of the
Company, have entered into a formal strategic Voluntary Lock-Up
Agreement in respect of over 30% (120 million) of the issued
and outstanding common shares of the Company, effective
immediately.
The Voluntary Lock-Up Agreement stipulates that these
shareholders shall not offer to sell, transfer, assign, pledge or
hypothecate these common shares or any beneficial interest in them,
or enter into any transaction to such effect, directly or
indirectly, on or before October 6, 2017.
Star’s CEO, Viraf Kapadia, said,
"These directors and major shareholders of the Company have
reconfirmed their long-term belief in Star's management, its vision
and and its ability to increase shareholder value."
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 MMI Division designs and manufactures high performance,
mission critical, flight deck flat panel displays for defence and
commercial aviation industries worldwide.
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
Jean-Louis Larmor, (416) 252-2889 Ext. 221
Jean-louis.larmor@star-navigation.com
Gold Feather Marketing GroupAttn.: Anahadjeet
Garewal (647) 409-3434
info@goldfeathermarketing.com
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