SQL Star International enters into LoI to dispose off its USA arm

SQL Star International has entered into letter of intent (LoI) with a group of investors for disposal of whole/part of its shareholding in its wholly owned subsidiary company in the USA, SQL Star International Inc., and in its step-down subsidiary of the company, Talent Fuse Inc. The board at its meeting held on October 08, 2012 has approved for the same and taken the note of it.

Besides, due to continuous cash losses, mounting of liabilities resulted from severe liquidity issues and exodus of key employees etc., the board of directors of International SQL Star, the wholly owned subsidiary of SQL Star International based in Singapore, have decided to wound-up the affairs of the company through Creditors Voluntary Winding-up process.

Also, due to continuous cash losses, mounting of liabilities resulted from severe liquidity issues and exodus of key employees etc., the board of directors of SQL Star International, the step-down subsidiary of the company based in Australia, have decided to voluntarily wound-up the affairs of the company.