Navigation Ltd. (TEN) announced that it filed a $300
million universal shelf registration statement with the U.S. Securities and
Exchange Commission (SEC) on May 18, 2006, replacing a prior shelf
registration filed in 2003. The filing will allow TEN to offer, from time
to time and as corporate needs dictate, any combination of senior and
subordinated debt securities, convertible securities, common shares
preferred shares, warrants and depository shares.
TEN currently has ample liquidity and no immediate plans to access the
capital markets. This shelf registration will
provide TEN with financing
flexibility as it continues to invest in its business and explore various
opportunities for the long-term benefit of all shareholders.