Groundstar Resources Limited Provides Corporate Update

CALGARY, ALBERTA--(Marketwired - Sept. 4, 2015) -

NOT FOR DISTRIBUTION TO THE U.S.A. NEWS WIRE SERVICES OR FOR DISSEMINATION TO THE U.S.A.

Groundstar Resources Limited ("Groundstar" or the "Company") (TSX VENTURE:GSA) is providing an update with respect to its next scheduled meeting of shareholders. As per a press release dated July 13, 2015, Groundstar announced that it was calling a shareholders meeting for January 13, 2016 in response to a requisition by a shareholder who is a former consultant of the Company. As the Company is required to hold a shareholders meeting in each calendar year in accordance with the policies of the TSX Venture Exchange, the Company is of the view that holding an additional shareholders meeting would impose unnecessary expenses on the Company during a period of rebuilding. As such, the Company determined that it was in the best interests of shareholders to hold the requisitioned shareholders meeting in conjunction with its annual general meeting which would normally occur in January. As a result, the Company set January 13, 2016 as the date for the next meeting of shareholders, to deal with both the usual annual items of business and any business which may be raised by the requisition.

It has come to the attention of the Company that after the Company called its shareholders meeting for January 13, 2016, a notice of meeting was filed under the Company's SEDAR profile for a special meeting to be held on October 8, 2015 with a record date of September 8, 2015. This filing did NOT originate from management of the Company and was posted by the aforementioned shareholder without authority from the Company and, in the Company's view, without any legal basis for same. The Company intends to take any and all actions it deems necessary to prevent the special meeting called for October 8, 2015 from occurring. The Company feels that any items of business which the requisitioning shareholder wishes to have dealt with can be attended to at the annual general and special meeting called for January 13, 2016 and that holding two shareholders meetings within 3 months of each other would be an inefficient use of Company funds and would therefore not be in the best interests of shareholders. The Company will provide further particulars and information in future news releases.