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

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

Berlin, 28 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.

Staramba SE (ISIN DE000A1K03W5) - General Standard/Regulated Market


About Staramba SE
The Staramba SE from Berlin (XETRA: 99SC) is a virtual reality (VR) pioneer with unique hardware and software expertise. The flagship project is the development of the world's first social VR network with lifelike avatars STARAMBA.spaces: a new virtual world in which fans can interact up close with international stars from sport, music and entertainment. Photorealistic avatars that do not exist in any other platform and the integration of social media channels make STARAMBA.spaces a unique VR experience. The VR pioneer has also built the world's most comprehensive database of photorealistic 3D models of top international stars, which are sold via its own online shop. These include footballers from top teams such as the DFB-Elf, FC Bayern Munich and Real Madrid or superstars of the NFL and WWE. Another business area is the 3D-INSTAGRAPH(R) photogrammetry scanner developed by Staramba. This enables certified partners to scan consumers and generate photorealistic 3D avatars for a wide variety of applications. The use of such avatars will substantially change the economy in the future. Staramba has also announced its own cryptocurrency STARAMBA.Token, which has the potential to revolutionize the global licensing industry. In a first step STARAMBA.Token will be used within STARAMBA.spaces. Staramba SE is listed in the General Standard of the Frankfurt Stock Exchange.

For further information, please contact: Staramba SE; Marc Heydrich, Investor Relations; Aroser Allee 66; 13407 Berlin; Germany

Tel.: +49 (0) 30 403 680 14-0; Fax: +49 (0) 30 403 680 14-1; E-Mail: heydrich@staramba.com; www.staramba.com


Disclaimer
This publication and the information contained herein only serve information purposes and do not constitute a securities prospect and neither contain an offer to sell securities of STARAMBA SE nor an invitation to submit an offer to purchase securities in the United States of America, Canada, Japan or Australia. This publication and the information contained herein may not be distributed, published or transferred - be it directly or indirectly - in the United States of America, Canada, Japan or Australia. In the United States of America, securities may only be sold or offered for sale or purchase in the United States of America with prior registration under the provisions of the U. S. Securities Act of 1933, as amended, or without prior registration, only on the basis of a derogation. The shares of STARAMBA SE are not and will not be registered under the provisions of the U. S. Securities Act of 1933, as amended, or the securities laws of Australia, Canada or Japan and will not be offered or sold in these countries. The dissemination of this announcement may be subject to legal restrictions in certain countries; persons who obtain documents or other information mentioned herein should inform themselves of these restrictions and observe them. Failure to comply with these restrictions may constitute a violation of the securities laws of these countries.