Star Navigation Announces Revocation Order Respecting FFCTO Brampton, Ontario--(Newsfile Corp. - November 29, 2021) - Star Navigation Systems Group Ltd. (CSE: SNA) (CSE: SNA.CN) ("Star" or the "Company") announces that its previously announced failure-to-file cease trade order ("FFCTO") has been revoked by the Ontario Securities Commission ("OSC").
On November 1, 2019, the OSC issued a FFCTO against the Company due to the Company's failure to file by the prescribed filing deadlines:
-audited annual financial statements for the year ended June 30, 2019;
-management's discussion and analysis relating to the audited annual financial statements for the year ended June 30, 2019; and
-certification of the foregoing filings as required by National Instrument 52-109
As a result, the Canadian Securities Exchange (the "CSE") also suspended trading of the Company's common shares. The Company's auditors have now completed the audits of the Company's financial statements for the years ended June 30, 2019, June 30, 2020 and June 30, 2021 and the Company has now filed the audited financial statements for 2019, 2020 and 2021, the quarterly financial statements for September 30, December 31, 2019, March 31, 2020, September 30 and December 31, 2020 and March 31, 2021. and the accompanying Management's Discussion and Analysis and certifications for all relevant periods (the "Filings").
The Company applied to the OSC in June 2021 to have the FFCTO fully revoked, and applied to the CSE on November 25, 2021 to have the Company's shares resume trading after the FFCTO had been fully revoked. The OSC granted the full revocation with respect of the FFCTO on November 24, 2021. The Company is following up with the CSE to remove its suspension and resume the trading of the Company's common shares, which resumption when effected will be confirmed in a follow up press release.
The Company confirms that its business has not changed, the Company remains active.
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