Brampton, Ontario--(Newsfile Corp. - November 7, 2024) - Star Navigation Systems Group Ltd. (CSE: SNA) (CSE: SNA.CN) ("Star" or the "Company") announces the resignation of Mr. Gurdip Panaich from the Board of Directors and the additions of Mr. Harmeet Gill and Mr. Allwyn Mendonca as new Board of Director members.
The Company announces the resignation of Mr. Gary Panaich from the Board of Directors for personal reasons, effective October 28th, 2024. Over the past four-and one-half years, Mr. Panaich Gary has been a steadfast champion for Star. He dedicated countless hours to help navigate the Company through the challenges of the bankruptcy process it faced in early 2020, providing crucial financial support during the COVID pandemic that same year, helping get the Company relisted on the CSE, and working to resolve numerous issues faced by the Company. The Company extends its deepest gratitude to Mr. Panaich for his unwavering service and commitment to Star and wishes him the best with his future endeavors.
The Company is also announcing the addition of two new Directors to the Company's Board of Directors.
Mr. Allwyn Ronald Mendonca, is a graduate of Mumbai University who immigrated to Canada in 2005 with his wife and three children, He brings a unique perspective to Star with eight years in banking across various management roles and 13 years as a top-performing real estate agent (ranking in the top 2% of agents in Canada with Royal LePage). He has extensive expertise in finance and will help the Company further enhance its strategic direction in the future.
Mr. Harmeet Singh Gill, has been in the Aviation/Airline Industry for over 33 years and is currently a Business Consultant and Director at Star Navigation Systems. Mr. Gill graduated in Mechanical Engineering from the UK. He came to Canada in 1982 where he has worked for Air Canada in Aircraft Maintenance, Indal Technologies specializing in Rast and Radar Systems for the Navy across the globe.
He has been with Star for over 23 years working initially with the Engineering Department before joining Investor Relations department. He has raised substantial amounts of money for Star Navigation over the years. He has presented to numerous Brokers, Institutions and individual investors across Canada. He has presented Star's technology at international airshows in Dubai, Singapore, India, and was instrumental with presentations at recent conferences in Nairobi, Rwanda Africa.
He has a proven track record of delivering compelling presentations across diverse markets. He will be a vital asset in guiding and developing Star's future strategic initiatives. As we innovate and expand our market presence, Mr. Gills expertise will be instrumental in propelling our vision forward. His previous role with Air Canada further underscores his ability to drive impactful results on a global scale.
Mr. Randy Koroll, Director & CEO of Star, expresses a large amount of gratitude for the help that Mr. Panaich gave to the Company over the years and is enthusiastic about the new appointments, stating, "We are thrilled to welcome Allwyn and Harmeet to our Board.
Their extensive backgrounds will serve as invaluable resources as we intensify our focus on growth and new opportunities. We remain committed to exemplary governance practices, ensuring a majority of our Board members operate independently of management."
About Star Navigation Systems - www.star-navigation.com
Star Navigation Systems Group Ltd. manufactures the In-flight Safety Monitoring System, STAR-ISMS®, the heart of the STAR-A.D.S.® System. The STAR-A.D.S.® System has real-time capability of tracking, performance trends and predicting incident-occurrences which enhances aviation safety and improves fleet management while reducing costs for the operator. Star's MMI Division (Military and Defence) designs and manufactures high performance, mission critical, flight deck flat panel displays for defence and commercial aviation industries worldwide.
Forward Looking Information
Certain statements in this news release may constitute "forward-looking statements". Forward-looking statements are statements that address or discuss activities, events or developments that Star expects or anticipates may occur in the future.
When used in this news release, words such as "estimates", "expects", "plans", "anticipates", "projects", "will", "believes", "intends" "should", "could", "may" and other similar terminology are intended to identify such forward-looking statements.
Forward-looking statements reflect the current expectations and beliefs of Star's management. Because forward-looking statements involve known and unknown risks, uncertainties and other factors, actual results, performance or achievements of Star or the industry may be materially different from those implied by such forward-looking statements.
Examples of such forward-looking information that may be contained in this news release include statements regarding; growth and future prospects of our business; our perceptions of the industry and markets in which we operate and anticipated trends in such markets; expectations regarding the operation of our app; and our future revenues.
Material factors or assumptions that were applied in drawing a conclusion or making an estimate set out in the forward-looking statements may include, but are not limited to, our ability to execute on our business plan, increase visibility amongst consumers and convert users to revenue producing subscribers and the success of the business of our partners. Forward-looking statements involve significant uncertainties, should not be read as a guarantee of future performance or results, and will not necessarily be an accurate indication of whether or not such results will be achieved.
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.
Accordingly, readers should exercise caution in relying upon forward-looking statements and Star undertakes no obligation to publicly revise them to reflect subsequent events or circumstances, except as required by law.
NEITHER CANADIAN SECURITIES EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE CANADIAN SECURITIES EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
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