Star8 Corp Extinguishes Two Convertible Promissory Notes

Rhea-AI Summary

Star8 Corp (OTC:STRH) has extinguished two Convertible Promissory Notes with a total principal value of $185,000, strengthening its financial position. This strategic move enhances shareholder value and offers more operational flexibility post-acquisition of Tempucheck, Inc. CEO Mario Diez emphasized that eliminating these debts reduces potential shareholder dilution. The company aims to boost shareholder equity through growth and targeted acquisitions, focusing on innovative solutions through its subsidiary Tempucheck, which provides thermal body scanners for safe business operations.

Positive

• Eliminated $185,000 in Convertible Promissory Notes, improving balance sheet.
• Enhanced operational flexibility for future business initiatives.
• Strengthened shareholder value by reducing the risk of dilution.

Negative

• None.

MIAMI, FL / ACCESSWIRE / August 10, 2021 / Star8 Corp (OTC:STRH) is pleased to announce that it has extinguished two Convertible Promissory Notes, issued in 2018 and 2020, with an initial principal value of $185,000, improving the financial position of the company, and leaving Star8 with greater flexibility moving forward. This should allow us to more sustainably implement our current and future business objectives..

Star8 Corp's CEO Mario Diez said, 'Solidifying the balance sheet of Star8 Corp was my first priority to enhance shareholder's value upon closing the purchase of Tempucheck, Inc. This strategic move affords greater freedom for Star8's future endeavors without being encumbered by these convertible debts, and their potential to cause shareholder dilution. Furthermore, we would like to thank these debt holders for their willingness and motivation to assist Star8 with this, as it can increase our opportunities in the marketplace to build our brand name.'

Star8 Corp's mission is to increase shareholder equity through growth and targeted acquisitions that the company has identified which will be accretive to our balance sheet as well as enhancing growth in the near- term for our shareholders.

About Star8 Corp:

Star8 Corp's wholly owned subsidiary Tempucheck is an innovative technology provider, solving complex business problems with the creative use of people, process and technology. Tempucheck is implementing safe solutions for re-opening business and public spaces through national distribution of our thermal body scanners. The Automated Pre-Temperature screen or APT equipment includes facial recognition technology that can be used by small, medium and fortune 500 business.

Investor Inquiries:
Star8 Corp.
1-866-316-0808

Safe Harbor

Statements about the Company's future expectations and all other statements in this press release other than historical facts, are 'forward-looking statements' within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and as that term is defined in the Private Securities Litigation Reform Act of 1995. The Company intends that such forward-looking statements be subject to the safe harbors created thereby. The above information contains information relating to the Company that is based on the beliefs of the Company and/or its management as well as assumptions made by and information currently available to the Company or its management. When used in this document, the words 'anticipate,' 'estimate,' 'expect,' 'intend,' 'plans,' 'projects,' and similar expressions, as they relate to the Company or its management, are intended to identify forward-looking statements. Such statements reflect the current view of the Company regarding future events and are subject to certain risks, uncertainties and assumptions, including the risks and uncertainties noted. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove to be incorrect, actual results may vary materially from those described herein as anticipated, believed, estimated, expected, intended or projected. In each instance, forward-looking information should be considered in light of the accompanying meaningful cautionary statements herein. Factors that could cause results to differ include, but are not limited to, successful performance of internal plans, the impact of competitive services and pricing and general economic risks and uncertainties. The Company disclaims any obligation to update or revise any forward-looking statements.

SOURCE: Star8 Corp.

View source version on accesswire.com:
https://www.accesswire.com/659228/Star8-Corp-Extinguishes-Two-Convertible-Promissory-Notes

FAQ

What did Star8 Corp announce on August 10, 2021?

Star8 Corp announced the extinguishment of two Convertible Promissory Notes totaling $185,000, improving its financial position.

How does extinguishing the notes affect Star8 Corp's shareholders?

It enhances shareholder value by eliminating potential dilution from these convertible debts.

What is the impact of this financial move on Star8 Corp's future plans?

This move allows Star8 Corp more flexibility to pursue growth and targeted acquisitions.

What technology does Star8 Corp's subsidiary Tempucheck provide?

Tempucheck offers thermal body scanners with facial recognition technology to help businesses safely reopen.