Brampton, Ontario--(Newsfile Corp. - February 26, 2021) - Star Navigation Systems Group Ltd. (CSE: SNA) (CSE: SNA.CN) ("Star" or the "Company") is pleased to announce that upon application by the Proposal trustee, A. Farber & Partners, the Honourable Mr. Justice Cavanagh of the Ontario Superior Court of Justice has approved the Company's formal Proposal to its Creditors to settle outstanding debts as existed on the date of December 11, 2019. The Company has already put the trustee in funds to satisfy the financial terms of the proposal. The Proposal Trustee will proceed to implement the Proposal in the ordinary course.
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.® and of the STAR-ISAMM / STAR-LSAMM™ Systems. 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 the C-130 aircraft, to Sikorsky and Agusta Westland helicopters, as examples.
Certain statements contained in this Release constitute forward-looking statements. When used in this document, the words "may", "would", "could", "will", "expected", "intend" and similar expressions, as they relate to Star or its management or board 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 other 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 contact
Mr. Amir Bhatti, CEO at (416) 252-2889 Ext. 230, or Amir.Bhatti@star-navigation.com
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/75601
