Starrex International Reaches Settlement on Outstanding Credit Facility

Rhea-AI Summary

Starrex International, Ltd. (STX, STXMF) settles US$4,850,000 debt, allowing focus on business advancement.

CALGARY, AB / ACCESSWIRE / December 15, 2023 / Starrex International, Ltd. ("Starrex" or the "Company") (CSE:STX)(OTCQB:STXMF) announces that, further to its press releases dated October 18, 2023, and December 11, 2023, Starrex is happy to report it has entered into a full and final settlement regarding the demand for repayment of approximately US$4,850,000 owing pursuant to a US$5,000,000 line of credit for which Starrex had provided a guarantee. The details of the line of credit were described in the Company's press release dated October 11, 2022.

The settlement resulted in the discontinuance of all legal actions by the lender and provided for global, mutual releases by the parties.

Matt Hill, President and CEO of Starrex commented: "We are very pleased to put this behind us, so we can focus all our efforts on advancing our business."

About Starrex International, Ltd.

Starrex is a national provider of real estate title and credit reporting services to mortgage lenders and real estate brokers in the US whose leading-edge technology platform and specialized business model provides a streamlined approach for our clients, resulting in faster turnaround times. We are committed to investing in our employees, delivering value to our customers, ethically managing our suppliers and professional networks, and supporting the outside communities within which we work.

Our business is driven by subsidiaries that operate across various segments of the mortgage value chain, including title and credit services, and are committed to delivering value and growth to Starrex shareholders. MFI Credit Solutions, LLC 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 Debbie Merritt, Chief Financial Officer of Starrex, at (281) 406-8621, email address: dmerritt@starrexintl.com,
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.

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 the original press release on accesswire.com

FAQ

What is the latest announcement from Starrex International, Ltd.?

Starrex International, Ltd. (STX, STXMF) has settled a US$4,850,000 debt, allowing the company to focus on advancing its business.

What was the amount owed by Starrex International, Ltd.?

Starrex owed approximately US$4,850,000 pursuant to a US$5,000,000 line of credit for which it had provided a guarantee.

Who is the President and CEO of Starrex International, Ltd.?

Matt Hill is the President and CEO of Starrex International, Ltd.

What is the ticker symbol for Starrex International, Ltd. on the Canadian Stock Exchange?

The ticker symbol for Starrex International, Ltd. on the Canadian Stock Exchange is STX.

What is the ticker symbol for Starrex International, Ltd. on the OTCQB?

The ticker symbol for Starrex International, Ltd. on the OTCQB is STXMF.