Starrex International Announces Closing of Sale of Real Estate Appraisal/Management Business

CALGARY, AB / ACCESSWIRE / November 8, 2022 / Starrex International, Ltd ("Starrex" or the "Company") (CSE:STX)(OTCQB:STXMF) is pleased to announce that, further to its press release dated October 3, 2022, it has closed the transaction involving the arm's length sale of its real estate appraisal management business conducted by its subsidiary Property Interlink, LLC and its real estate appraisal business conducted by its subsidiary Reliable Valuation Service, LLC, and substantially all of the related assets (collectively, the "Business"). After adjustments, the cash purchase price was US$9.847 million on a cash free, debt free basis. The net proceeds from the sale of the Business (after tax) and all expenses, including retention and change of control payments, are estimated to be US$6.2 million.

Receipt of Shareholder Approval

Starrex held an annual general and special meeting of shareholders on November 3, 2022 (the "Meeting"), to consider, among other matters, approval for the sale of the Business. The transaction required approval from shareholders holding at least 66⅔% of shares voted in person or by proxy at the Meeting. Starrex received approval from 99.9% of the shareholders who voted at the Meeting.

Matthew D. Hill, President and Chief Executive Officer of Starrex stated: "We are extremely pleased to have closed this transaction and appreciate the trust our shareholders have placed in the Management team to allow us to proceed with the transaction. We look forward to reporting on our efforts as we redeploy our capital in securing new opportunities in the real estate title industry and building additional value for the Company and our shareholders."

The terms and conditions of the transaction were contained in Starrex's information circular (the "Information Circular") that was mailed to shareholders as of the record date of October 4, 2022.

Copies of the definitive agreement dated September 30, 2022, as amended, and the Information Circular for the Meeting were filed with Canadian securities regulators and are available on the SEDAR profile of Starrex at www.sedar.com.

About Starrex International, Ltd.

Following the sale of the Business, Starrex's active business consists of its subsidiary, MFI Credit Solutions, LLC, a company which 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.