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[28.05.2018] STARAMBA SE: Board of Directors does not agree with auditor's opinion on failed audit report - Clarification measures initiated

28th May 2018

The Board of Directors of STARAMBA SE (XETRA: 99SC) does not share the opinion of the auditor, BDO AG Wirtschaftsprüfungsgesellschaft, communicated last Friday, May 25, 2018, regarding the adverse opinion of the annual financial statements and the management report for 2017. At the same time STARAMBA SE takes the alleged reasons that led to the rejection of the audit certificate extremely seriously. For this reason, the Board of Directors has already initiated measures to provide consistent information.
Prior to this, BDO AG Wirtschaftsprüfungsgesellschaft had announced that the legal representatives of STARAMBA SE had not provided the explanations and evidence required for auditing the realization of sales and the stock of receivables.
The refusal of the auditors opinion has no effect on the financial planning of STARAMBA SE. With available funds of currently EUR 5.5 million even without the initial token sale, the financing of the planned growth is secured. In addition, important shareholders of the company expressed their confidence in STARAMBA SE and in the Board of Directors. The reactions to the initial token sale, which also started last Friday, May 25, 2018, are further proof of confidence: the registrations for the sales launch of the STARAMBA token are already well above expectations with 12,000 registrations. As announced, the plans will be implemented with an unchanged schedule.
In order to avert damage to the company, in particular to the more than 90 employees, business partners and investors of STARAMBA SE, as a result of the failed auditors opinion, which the Board considers to be unjust, the Board of Directors immediately entered into discussions with a renowned auditing firm. The alleged reasons for prevention are to be examined in an independent expert opinion.
In addition, the Board of Directors will propose to the Annual General Meeting of STARAMBA SE to partially reappoint some of the positions of the Board in order to further enhance the professional competence of this important body of the company. To this end, proven experts in finance and auditing are to join the Board of Directors. Under the new management, an Audit Committee will be formed to prepare and provide professional support for the audits in the future.
STARAMBA SE attaches great importance to transparent and continuous communication in order to underline the trustworthiness of the company. Information on the mandate of an additional auditing company and the procedure for clarifying the facts of the case will be announced by the company as soon as new findings become available.

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