WESTLAKE VILLAGE, CA / ACCESSWIRE / December 20, 2022 / Star Alliance International Corp. (OTC PINK:STAL) has closed on the acquisition of the Barotex™ Patent, Trademark, Equipment and Inventory assets.
The purchase price is made up of preferred stock, some common stock and cash. The cash payments for the equipment start in January and are secured by common and preferred stock. The cash payment for the patent starts in June 2023. All the details will be included on an 8K issued this week. Star formed a new subsidiary Magma International Inc. that will manage the business.
Anthony Anish, CFO of STAL added, "During 2022, we signed four Binding Letters of Intent. The due diligence has taken longer than expected primarily due to three companies being located overseas but we expect to close the remaining three in the first quarter of 2023. The Barotex factory, which is located in South Carolina, will be purchased in 2023."
Magma International will provide the highest grade innovative composite materials for worldwide distribution that are manufactured from volcanic rock. Barotex™ is lighter, stronger and superior in performance, than other composite materials. Barotex does not rust, is environmentally friendly and recyclable.
Magma's Patented Fiber Technologies Can be used in place of Fiberglass, Carbon Fiber, Steel, Kevlar, Aluminum and wood.
Richard Carey, Chairman of STAL, commented, "This is another exciting step for our company. Barotex is an incredible product and we are looking forward to starting manufacturing early next year. Obtaining this patented technology adds significant value to our Company."
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 strong assets in the US, Honduras, Guatemala and Nigeria.
Star's assets include gold mines in California and Honduras with binding letters of intent to acquire gold and lithium mines in Nigeria. In addition, Star searches out innovative new technologies that are eco-friendly including our new mining technology "Genesis" that is used for the extraction of gold. This equipment that we plan to market to gold mines worldwide has been invented, designed and built in Guatemala. Lastly, we have our patented Barotex™ technology. Barotex is the fiber, manufactured from volcanic rock, that is incredibly light, stronger than steel, wood, carbon fiber, fiberglass, aluminum and Kevlar and is recyclable. The product can be used in many everyday applications.
We anticipate continued expansion of our efforts domestically and abroad, with a particularly keen focus on breakthrough separation and processing technologies for precious metals and rare earths.
It is Star's goal to become a very well-rounded enterprise with sufficient diversification paired with a balanced approach ensuring the very best possible results 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.
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Web Site: staralliancemines.com
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SOURCE: Star Alliance International Corp.