TUCSON, AZ / ACCESSWIRE / June 6, 2017 / International Star, Inc. (OTC PINK: ILST) receives notice of default and demand for payment from La Cuesta International, Inc.
Termination of Material Agreement:
On March 31, 2011, International Star, Inc. (the "Company") entered into a 10 year lease for the exclusive mining rights with a purchase option (the "Lease") for a property in Arizona, known as the Van Deemen Property. The claims leased from La Cuesta International, Inc. ("LCI") consisted of the core mineralization for the Van Deemen deposit.
The Lease required semi-annual payments of ($10,000). Under the lease, the Company had the right to purchase the Van Deemen Property for $200,000 by April 1, 2013. The Company did not exercise the purchase option. The Company has been unable to make the last three semi-annual payments due to its financial condition. On May 19, 2017, the Company received a Notice of Default from LCI. The Company is in default in the amount $25,000. Per the terms of the Lease, the Company has 30 days, from receipt of such notice, to cure the default. We do not believe that we will be able to cure this default.
ILST holds 5 additional claims adjacent to the LCI property that would not be considered economic on their own merit. However, due to the Company's financial condition, its inability to secure debt or equity financing, management has concluded that the Company's continued operation as a mining company is not feasible. If we secure financing, the Company will explore other business opportunities.
About International Star: (www.ilstholdings.com)
Safe Harbor Statement
Matters discussed in this press release contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. When used in this press release, the words "anticipate," "believe," "estimate," "may," "intend," "expect," and similar expressions identify such forward-looking statements. Actual results, performance or achievements could differ materially from those contemplated, expressed or implied by the forward-looking statements contained herein. These forward-looking statements are based largely on the expectations of the Company and are subject to a number of risks and uncertainties. These include, but are not limited to: the impact of economic, competitive and other factors affecting the Company and its operations, markets, product, and distributor performance.
SOURCE: International Star, Inc.