CALGARY, AB / ACCESSWIRE / November 8, 2022 / Starrex International, Ltd ("Starrex" or the "Company") (CSE:STX)(OTCQB:STXMF) is pleased to announce that, further to its press release dated October 3, 2022, it has closed the transaction involving the arm's length sale of its real estate appraisal management business conducted by its subsidiary Property Interlink, LLC and its real estate appraisal business conducted by its subsidiary Reliable Valuation Service, LLC, and substantially all of the related assets (collectively, the "Business"). After adjustments, the cash purchase price was US$9.847 million on a cash free, debt free basis. The net proceeds from the sale of the Business (after tax) and all expenses, including retention and change of control payments, are estimated to be US$6.2 million.
Receipt of Shareholder Approval
Starrex held an annual general and special meeting of shareholders on November 3, 2022 (the "Meeting"), to consider, among other matters, approval for the sale of the Business. The transaction required approval from shareholders holding at least 66⅔% of shares voted in person or by proxy at the Meeting. Starrex received approval from 99.9% of the shareholders who voted at the Meeting.
Matthew D. Hill, President and Chief Executive Officer of Starrex stated: "We are extremely pleased to have closed this transaction and appreciate the trust our shareholders have placed in the Management team to allow us to proceed with the transaction. We look forward to reporting on our efforts as we redeploy our capital in securing new opportunities in the real estate title industry and building additional value for the Company and our shareholders."
The terms and conditions of the transaction were contained in Starrex's information circular (the "Information Circular") that was mailed to shareholders as of the record date of October 4, 2022.
Copies of the definitive agreement dated September 30, 2022, as amended, and the Information Circular for the Meeting were filed with Canadian securities regulators and are available on the SEDAR profile of Starrex at www.sedar.com.
About Starrex International, Ltd.
Following the sale of the Business, Starrex's active business consists of its subsidiary, MFI Credit Solutions, LLC, a company which provides consumer credit reports to mortgage lenders, mortgage brokers, and credit unions for homebuyers or refinancers in all states, along with risk mitigation, flood and verification services.
Starrex shares are traded on the Canadian Securities Exchange http://thecse.com, symbol "STX", and on the OTC QB market http://www.otcmarkets.com/home in the United States symbol "STXMF".
For further information please contact:
Matthew D. Hill, President & Chief Executive Officer mhill@starrexintl.com or Deb Merritt, CFO of Starrex, at (281) 406-8621, email address: dmerritt@starrexintl.com
Investor Relations: Scott Koyich, Investor Relations, Brisco Capital Partners, (403) 619-2200 | scott@briscocapital.com.
Additional Information
Additional information relating to Starrex and other public filings, is available on SEDAR at www.sedar.com.
Forward Looking Statements
This news release contains forward-looking statements relating to the timing and completion of the future operations of the Company and other statements that are not historical facts. Forward-looking statements are often identified by terms such as "will", "may", "should", "anticipate", "expects" and similar expressions. All statements other than statements of historical fact, included in this release.
Forward-looking information reflects current expectations of management regarding future events. Such information involves significant risks and uncertainties, should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether or not such results will be achieved. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking information including without limitation, changes in market and economic conditions, a downturn in the real estate industry, negative impacts of rising interest rates and a continued rise in inflation. Should any of the foregoing risks materialize, or should assumptions underlying the forward-looking information prove incorrect, actual results, performance, activities or achievements could vary materially from those expressed or implied by any forward-looking information contained in this news release. Readers are cautioned that the foregoing list of risks is not exhaustive.
The forward-looking information contained herein is expressly qualified in its entirety by this cautionary
statement. Forward-looking information reflects management's current beliefs and is based on information currently available to Starrex. The forward-looking information is made as of the date of this news release and Starrex assumes no obligation to update or revise such information to reflect new events or circumstances, except as may be required by applicable law.
Neither the Canadian Securities Exchange nor its regulation services provider accepts responsibility for the adequacy or accuracy of this release.
SOURCE: Starrex International Ltd.
View source version on accesswire.com:
https://www.accesswire.com/724517/Starrex-International-Announces-Closing-of-Sale-of-Real-Estate-AppraisalManagement-Business
