Starrex International Announces Non-Binding Letter of Intent To Acquire the Magnolia Group of Companies

May 02, 2023

CALGARY, AB / ACCESSWIRE / May 1, 2023 / Starrex International, Ltd ("Starrex" or the "Company") (CSE:STX)(OTCQB:STXMF) is pleased to announce that it has entered into a non-binding letter of intent dated April 30, 2023, (the "LOI") with four U.S. entities which operate real estate title businesses in Texas, Florida and Arkansas (collectively, "Magnolia Title"). Starrex is proposing a transaction that would see it own 100% of the entities (the "Proposed Acquisition"). The aggregate purchase price for Magnolia Title is US$18.6 million, with potential additional performance based consideration payable up to a maximum amount to be determined by the parties. In addition, in connection with the LOI, Starrex has taken security over Magnolia Title to secure approximately US$3 million that has been advanced to date (the "Magnolia Loans").

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