Star Navigation Systems Group – a company focused on providing technology based Aerospace Solutions, including both hardware and software platforms to assist aviation operators worldwide – has announced the TSX Venture Exchange (“TSX-V”) has accepted for filing the Company’s share for debt conversion transaction announced May 5, 2010.
Pursuant to the TSX-V approval, the Company will issue from treasury 1,922,165 common shares of the Company at a deemed price of $0.20 per share to three creditors of the Company, which will result in reducing Star’s debts to these creditors by $384,433.
The shares issued to the creditors will be restricted from sale for a period of 180 days after the date of issue. Two of the other creditors participating in the Debt Settlement are officers and directors of Star, and in this regard will convert $629,495 in outstanding and accrued management fees for a total of 3,147,475 common shares.
The TSX-V has issued conditional approval in respect of this transaction, subject to disinterested shareholder approval at the next meeting of shareholders. The issuance of the Debt Settlement Shares will not result in a change of control.
As previously announced, a team from the Company recently attended the Berlin Air Show. CEO Viraf Kapadia, Chief Technology Officer Dale F. Sparks and Manager-Sales and Marketing, Joel Chotte made full use of the opportunity to expand Star’s contacts with attending Airlines, Maintenance, Repair and Overhaul (“MRO”) providers and other interested parties, many of whom expressed interest in continuing discussions with Star at the upcoming Farnborough Airshow (July 19 – 25, 2010), in the United Kingdom.