STARREX INTERNATIONAL PROVIDES UPDATE ON COVID-19 AND ANNOUNCES REQUEST FOR EXTENSION TO FILE INTERIM AND ANNUAL FINANCIAL STATEMENTS AND MANAGEMENT’S DISCUSSION & ANALYSIS

CALGARY April 17, 2020 – (CSE:STX) Starrex International, Ltd  (“Starrex”) provides today an update on COVID-19 matters and an update on the status of the filing of its annual financial statements and accompanying management’s discussion and analysis, and related CEO and CFO certifications for the financial year ended December 31, 2019.

The COVID-19 pandemic is creating unprecedented challenges to the global economy and stock markets.  Starrex’s Board of Directors and Management are taking all necessary precautions to ensure the health of its employees and best manage the short-term challenges to the business.

On March 18, 2020, the Canadian Securities Administrators (“CSA”) issued a notice stating that securities regulators will be providing coordinated relief consisting of a 45-day extension for certain periodic filings required to be made on or prior to June 1, 2020 as a result of the COVID-19 pandemic.  As such the Ontario Securities Commission (“OSC”) has enacted  Ontario Instrument 51-502 Temporary Exemption from Certain Corporate Finance Requirements (“OSC 51-502”).  Starrex  will  be  relying  on  this  extension  period  due  to  delays experienced as  result  of the  COVID-19 pandemic.

Starrex will be relying on the temporary exemption pursuant to BCI 51-515 in respect to the following provisions:

  • the requirement  to  file  audited  financial  statements  for  the  year  ended  December  31,  2019  (the  “Annual Financial Statements”) within 120 days of Starrex’s financial year end as required by section 4.2(b) of NI 51-102;
  • the requirement  to  file  interim  financial  statements  for  the  3-month period  ended  March  31,  2020  (the  “Interim Financial Statements”) within 60 days of Starrex’s first quarter as required by section 4.4(b) of NI 51-102
  • the requirement  to  file  management  discussion  and  analysis  (the  “Annual MD&A”)  for  the  period  covered  by  the Annual Financial Statements within 120 days of Starrex’s financial year end as required by section 5.1(2) of NI 51-102;
  • the requirement  to  file  management  discussion  and  analysis  (the  “Interim MD&A”)  for  the  period  covered  by  the Interim Financial Statements within 60 days of Starrex’s fist quarter as required by section 5.1(2) of NI 51-102;
  • the requirement  to  file  certifications  of the  Annual Financial  Statements  (the  “Certificates”  and  together  with  the Annual Financial  Statements,  the  “Annual  Filings”)  pursuant  to  section  1  of  National  Instrument  52-109.Section 4.2(b) [filing deadline for annual financial statements] National Instrument 51-102; and
  • the requirement  to  file  certifications  of the  Interim Financial  Statements  (the  “Certificates”  and  together  with  the Interim Financial  Statements,  the  “Interim  Filings”)  pursuant  to  section  1  of  National  Instrument  52-109.  Section 4.2(b) [filing deadline for interim financial statements] National Instrument 51-102.

Starrex is continuing to work diligently and expeditiously with its auditors to file the Annual Filings and Interim Filings together on or before June 14, 2020. In the interim, management and other insiders of Starrex are subject to a trading black-out policy as  described,  in  principle, in  section  9  of  National  Policy  11-207, Failure  to File  Cease  Trade  Orders  and Revocations in Multiple Jurisdictions.  Starrex  confirms  that  since  the  filing  of  its  interim  consolidated  financial  statements  for  the period ended September 30, 2019, there have been no material business developments other than those disclosed through news releases.

About Starrex International, Ltd.

Starrex provides innovative service solutions to mortgage banks and purchasers of resident real estate throughout the United States.

Property Interlink, LLC,  a wholly owned subsidiary acquired in 2014, is a licensed appraisal management company (“AMC”) providing objective and comprehensive evaluations of residential real estate in 40 states and jurisdictions across the United States.

MFI Credit Solutions, LLC, a wholly owned subsidiary acquired during the first quarter of 2018, is a licensed credit reporting agency providing consumer credit reports to mortgage lenders for homebuyers considering the purchase of a new home.

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”.

By |2020-04-16T20:29:44+00:00April 16th, 2020|Announcements, News|0 Comments