TORONTO,
ONTARIO--(Marketwire - Feb. 4, 2010) - Star Navigation Systems Group Ltd. (TSX
VENTURE:SNA) ("Star" or the "Company"), a leading edge
technology company focused on providing Aerospace Solutions to assist aviation
operators worldwide, is pleased to announce that on January 8, 2010, pursuant to its 2006
Incentive Stock Option Plan, it granted 500,000 incentive stock options to a
director and to an officer of the Company. The options have exercise prices of
$0.12 and $0.15 respectively and expire January 1, 2015. 300,000 of the options
were granted to replace options which had previously expired. The grants of
options are subject to shareholder and regulatory approval.
The Company is also please to announce that, effective
January 1, 2010, it has renewed its contract for Investor Relations services
with Agoracom Investor Relations Corp. (see Press Release May 16, 2008), for a
period of one year. The terms of the renewal provide for monthly cash
compensation of $3000 and 600,000 options to purchase common shares of the
Company at $0.15 per share. The renewal agreement was negotiated in December,
2009. The option grant is subject to shareholder and regulatory approval.
About
Star Navigation:
Star
Navigation Systems Group Ltd. (www.star-navigation.com) owns the exclusive
worldwide license to its proprietary, patented In-flight Safety Monitoring
System, 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. Star does not assume any obligation to update these forward-looking
statements.
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.