FOR IMMEDIATE RELEASE:
STARREX ANNOUNCES THE ACQUISITION OF MFI CREDIT SOLUTIONS AND SETTLEMENT OF A NOTE RECEIVABLE
February 12, 2018 – Toronto, Ontario – Starrex International Ltd. (“Starrex” or the “Company”) (CSE: STX) is pleased to announce that the Company has completed the acquisition of MFI Credit Solutions for US $1,500,000 and completed the recovery of a promissory note receivable.
The Company has acquired the assets of MFI Credit Solutions for consideration of USD $1,500,000 in an arm’s length transaction. MFI Credit Solutions is a U.S.-based private credit reporting company engaged in the business of providing individual credit reports primarily for mortgage-related activities. The acquisition was completed through a new wholly-owned subsidiary created expressly for the acquisition and operations of MFI Credit Solutions will be carried on through such subsidiary. Through this acquisition, the subsidiary will have access to the three main credit reporting bureaus: Equifax, TransUnion and Experian, in order to carry on its credit reporting business.
“We are pleased to have completed the acquisition of MFI Credit Solutions,” commented Matthew D. Hill, Chief Executive Officer of Starrex. “MFI provides a complementary service to our appraisal management business and provides us with a second stream of services to offer our clients. We believe that there are great synergies between these two subsidiaries which will further enhance our strategy of providing innovative service solutions to the mortgage industry and will further enhance the continuing growth of Starrex.”
The Company also settled a promissory note receivable having a principal amount owing of US$1,100,000 with interest accruing at 8% per annum. The note receivable was associated with the sale of assets of Olympia Capital Management Inc. The note was settled for US$650,000, inclusive of interest and principal. The note was impaired, was in arrears and was carried in the Company’s financial statements at a value of US$583,617.
For further information please contact Ronald Mann, Secretary, Investor Relations Officer of Starrex, at (647) 981-2782, email address: firstname.lastname@example.org.
This news release may contain or refer to forward-looking information. All information other than statements of historical fact that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future are forward-looking statements, including statements regarding the acquisition. This forward-looking information is subject to a variety of risks and uncertainties beyond the Company’s ability to control or predict that may cause actual events or results to differ materially from those described in such forward-looking information. Any forward-looking information speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intention or obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise. Although the Company believes that the assumptions inherent in the forward-looking information are reasonable, forward-looking information is not a guarantee of future performance and accordingly undue reliance should not be placed on this forward-looking information due to the inherent uncertainty thereof.
Neither IIROC nor any stock exchange or other securities regulatory authority accepts responsibility for the adequacy or accuracy of this press release.