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Starrex International (CSE:STX)(OTCQB:STXMF) has announced its inability to file Q2 financials for the period ended June 30, 2024, by the August 29, 2024 deadline. The company expects a cease trade order to be issued and its stock to remain halted until the financial statements are filed. Starrex is also involved in ongoing litigation that has materially adversely impacted its financial position. The company cannot provide assurance on the timing of filing compliance or litigation developments. Starrex will update the market when it has a better understanding of when it can meet filing requirements and on further litigation developments.
Starrex International, (CSE:STX)(OTCQB:STXMF) has appointed David Lowe as an independent Canadian director to its board. Mr. Lowe brings extensive business experience, including his recent role as President and CEO of Southpaw Technology Inc., which he successfully led from startup to sale in March 2024. The company's board anticipates valuable contributions from Mr. Lowe to ongoing operations.
This strategic appointment aims to strengthen Starrex's leadership and potentially bring fresh perspectives to the company's direction. For further information, investors can contact Charles Burns (Interim CEO), Debbie Merritt (CFO), or Scott Koyich (Investor Relations).
Starrex International has successfully acquired several U.S. entities operating in the real estate title industry for a total consideration of US$9 million. The acquisition, announced on March 20, 2023, involves All American Title Company and related firms in Minnesota and Wisconsin. Key payment terms include US$1.8 million in cash, US$4.5 million in secured promissory notes, and US$2.7 million in convertible notes with a 6% interest rate. The acquisition aims to enhance Starrex's market presence and operational capabilities in the U.S. real estate sector, leveraging All American Title's annual revenue of US$10 million and net income of US$2 million.
Starrex International has successfully closed a significant transaction involving the sale of its real estate appraisal management business for US$9.847 million. After tax and expenses, the net proceeds are estimated to be US$6.2 million. The sale was approved by 99.9% of shareholders at the annual general meeting on November 3, 2022. The company plans to redeploy capital into new opportunities in the real estate title industry, aiming to enhance shareholder value.
Starrex International Ltd. (CSE:STX, OTCQB:STXMF) announced a $5 million loan facility for its Texas subsidiary, Starrex Insurance Holdings, Inc., from a Missouri-based lender. The funds will be utilized for working capital, acquisitions, and general corporate purposes. The loan has a term of one year, renewable up to five years, with a minimum borrowing of $250,000 and an interest rate of US prime minus 0.5%. The facility is guaranteed by the Company and secured by the Borrower's assets. This funding supports Starrex's strategic plan to enter the real estate title market.
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