Starrex Intends to Re-State Financial Statements

TORONTO, ONTARIO--(Marketwired - Dec. 23, 2015) - Starrex International Ltd. ("Starrex" or the "Company") (CNSX:STX) announces that, further to its news release dated December 9, 2015, the Company has determined to restate and re-file: (i) its first, second and third quarter unaudited interim financial statements for the periods ended March 31, June 30 and September 30, 2015 (originally filed on May 29, August 28 and November 30, 2015); (ii) the corresponding management's discussions and analyses for the quarterly periods ended March 31, June 30 and September 30, 2015 (originally filed on May 29, August 28 and November 30, 2015); and (iii) the management's discussion and analysis for the year ended December 31, 2014, originally filed on April 30, 2015.

The changes to the interim financial statements for 2015 arise principally out of the allocation of the valuations of the acquisitions completed by the Company on July 9, 2014, along with the divestitures effective May 1, 2015. The changes will include disclosure of the valuation process for the acquisitions, subsequent divesture allocations and the corresponding impact on the applicable financial statements and the accounting treatment therein.

The Company intends to file the amended and restated interim financial statements, the corresponding management's discussions and analyses, and the management's discussion and analysis for the year ended December 31, 2014, by January 22, 2016.

The Company is also continuing discussions with staff of the OSC respecting certain matters regarding the treatment of recent acquisitions which may also affect its financial statements for the year ended December 31, 2014.

This news release contains forward-looking information. All information other than statements of historical fact that address activities, events or developments that Starrex believes, expects or anticipates will or may occur in the future are forward-looking statements, including statements regarding the amended and restated quarterly unaudited financial statements and related management's discussions and analyses. This forward-looking information is subject to a variety of risks and uncertainties beyond Starrex's ability to control or predict that may cause actual events or results to differ materially from those described in such forward-looking information. Any forward-looking information speaks only as of the date on which it is made and, except as may be required by applicable securities laws, Starrex disclaims any intent or obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise. Although Starrex believes that the assumptions inherent in the forward-looking information are reasonable, forward-looking information is not a guarantee of future performance and accordingly undue reliance should not be placed on this forward-looking information due to the inherent uncertainty thereof.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any securities in the United States. The Company's securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

Neither IIROC nor any stock exchange or other securities regulatory authority accepts responsibility for the adequacy or accuracy of this press release.