LAS VEGAS, NV / ACCESSWIRE / August 20, 2024 / Star Alliance International Corp. (OTC PINK:STAL), ("STAR or the Company"). On May 17, 2024, Star Alliance International signed documentation for a $25 million line of Credit with Keystone Capital Partners, LLC ("Keystone") and Star filed the 8-K at the same time.
Around May 8, 2024. Star received a "No Comment" confirmation from the SEC regarding Star's S1 filing, however due to the suspension of the auditor that audited our 2022 and 2023 financial statements, the S1 was rejected by the SEC and has not become effective. The suspension of our auditor had nothing to do with the audits of Star's financial statements and now Star is reauditing the 2023 financial statements and is also auditing the 2024 financial statements. Once complete these two audited reports will allow us to refile the S1 registration document.
To date, Keystone has not provided any funding from the line of credit that was signed on May 17, 2024. This has put stress on the Company and its ability to grow the company as planned in our initially estimated timelines.
We are still working with Keystone and are hopeful that Keystone will eventually fund the Company but for now we are moving forward as if this will not happen in the short term.
The good news, however, is that Star continues to raise funding through alternative sources, albeit with different terms. We will close Net Simple and HRAspirin very shortly. We have invested in the AI project and will continue to do so with the launch imminent. We are working on an independent report of the Genesis system, currently negotiating with a number of internationally respected companies that will place bids to complete this work, and lastly we are diligently working to complete our 2023 and 2024 audits. Progress on the development and testing of the Genesis system, which we believe will be breakthrough technology for the mining industry, has been overwhelmingly positive.
We have made changes to the Board with further changes to come. Soon we will introduce at least one highly experienced individual to our team. We have also continued progress on our gold-backed digital asset which we anticipate to launch in Europe. As the price of gold continues to rise, it puts the company in a better bargaining position with additional funders and interested parties.
Despite these challenges, the company remains optimistic for the future. There have been no negative changes to our planned growth pipeline and the negotiated acquisitions remain intact. While issues with Keystone have impacted our timeline on completing these acquisitions, they have not impacted the direction for the company. By working with more agreeable parties for funding, Star continues to believe the company will enter 2025 as cash flow positive.
Anthony Anish, CEO of Star Alliance International Corp., commented, "To date we have tried our best to be transparent letting our shareholders know the good and the bad. We continue to work hard with Keystone to fund, but to date that has not been possible. We are hoping that their team will, in the near future, come up with the formula that enables us to fund from their line as well as fund from other sources. his Company will succeed in spite of the difficulties placed on it by the retroactive decision made by the SEC relating to our 2022 and 2023 audits which has delayed our S 1 and the lack of funding from Keystone."
Richard Carey, The Chairman and President of Star Alliance International Corp. stated, ‘With all the difficulties we are still standing and continue to grow. Gold prices have increased significantly increasing the value of the gold resources located at the Troy mine. This will, in the near future, result in increased profit when we are able to restart mining the gold. We continue to be excited and driven to succeed while increasing shareholder value."
About Star Alliance International Corp.
Star Alliance International Corp. ("the Company" or "STAL") was incorporated in the State of Nevada on April 17, 2014, under the laws of the State of Nevada.
Star Alliance International Corp. is a Worldwide Holding Company with a mine in California and other assets ready to be acquired. In addition, Star searches out innovative technologies that are eco-friendly including "Genesis," our environmentally safe gold and other mineral extraction system.
The Genesis extraction system extracts minerals from oxide and complex ores much faster than other processes in an environmentally safe manner. We plan to close this transaction as soon as possible.
We have also agreed terms to acquire controlling interests in two entities for our Fintech division and we are negotiating final terms for the acquisition of an interest in AIEnglishGPT, the artificial intelligence platform.
Our work on our digital asset, backed by gold, continues, as we prepare paperwork for regulatory approvals.
The Company anticipates continued expansion of our efforts domestically and abroad, with a particularly keen focus on mining technologies for precious metals and rare earth minerals, as well as other innovative technologies.
It is Star Alliance International Corp.'s goal to become an exciting well-rounded many-faceted company with a sophisticated corporate structure that allows for more transparency to our shareholders. Our planned diversification, paired with a sensible approach, will result in the absolute best possible outcomes and the highest possible value for our shareholders.
Safe Harbor and Informational Statement
This press release may contain forward-looking information within the meaning of Section 21E of the Security Exchange Act of 1934, as amended (the Exchange Act), including all statements that are not statement of historical fact regarding the intent, belief or current expectations of the company, its directors or its officers with respect to, among other things: (i) the company's financing plans; (ii) trends affecting the company's financial conditions or results of operations; (iii): the company's growth strategy and operating strategy; and (iv) the declaration and payment of dividends.
The words "may", "would", "will", "expect", "estimate", "anticipate", "believe", "intend", and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statement is not a guarantee of future performance and involve risks and uncertainties, many of which are beyond the company's ability to control, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors including the risk disclosed in the company's statements and reports filed with the OTC Markets. The Company claims the safe harbor provided by Section 21E(c) of the Exchange Act for all forward-looking statements.
For more information, contact:
Anthony Anish, CFO, Star Alliance International Corp.
Telephone: 833-443-7827
E Mail: [email protected]
Web Site: staralliancemines.com
Facebook, Linkedin,
Twitter @StarAllianceIn1
SOURCE: Star Alliance International Corp.