Eline Entertainment, Inc. (EEGI) in Merger Discussions with China Gaming Company
November 09 2010 - 10:00AM
Marketwired
Eline Entertainment Group, Inc. (PINK SHEETS: EEGI) announces that
the company has entered into merger discussions with China-based
video game designer Vu365.
EEGI (www.elineentertainment.com) management feels that this is
a significant event that merits reporting to the market. Management
believes that this merger is imminent, as Vu365 (www.vu365.com) has
been looking to enter the USA markets for quite some time, and
virtually exhausted its patience in discussion with another
publicly traded company. EEGI management being able to accommodate
VU365 needs is taking aggressive action. According to sources,
Vu365 offers revenues in the $2 million USD range, with profits of
$500,000 USD.
Vu365, a China-based gaming company, has over 30 employees.
Founded in 2005, the group operates web and casual games. Vu365 has
several products in development: an assortment of strategic web
games, cyber games and 3-D large scale competitive games. Vu365 has
already garnered popularity as the sole agent of a Korean MMORPG
(Massively Multiplayer Online Role-Playing Game), a game that
accrued 3000 online gamers and a monthly residual income of almost
300,000 RMB (about $10,000.00 USD) from that single application
alone.
In other company news EEGI board awaits Innovation Group (Inn)
updates regarding diversification of the Inn assets. EEGI
management is looking for a change in direction and growth with its
focus set in the entertainment industry with the aforementioned
pending merger of VU365; and the recent merger of USA based luxury
leisure transportation services.
EEGI is excited about these new developments and will follow up
with more updates shortly.
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Safe Harbor Statement
Information in this news release may contain statements about
future expectations, plans, prospects or performance of Eline
Entertainment Group, Inc. that constitute forward-looking
statements for purposes of the safe harbor provisions under the
Private Securities Litigation Reform Act of 1995. The words or
phrases "can be," "expects," "may affect," "believed," "estimate,"
"project," and similar words and phrases are intended to identify
such forward-looking statements. Eline Entertainment Group, Inc.
cautions you that any forward-looking information provided by or on
behalf of Eline Entertainment Group, Inc. is not a guarantee of
future performance. None of the information in this press release
constitutes or is intended as an offer to sell securities or
investment advice of any kind. Eline Entertainment Group, Inc.'s
actual results may differ materially from those anticipated in such
forward-looking statements as a result of various important
factors, some of which are beyond Eline Entertainment Group, Inc.'s
control. In addition to those discussed in Eline Entertainment
Group, Inc.'s press releases, public filings, and statements by
Eline Entertainment Group, Inc.'s management, including, but not
limited to, Eline Entertainment Group, Inc.'s estimate of the
sufficiency of its existing capital resources, Eline Entertainment
Group, Inc.'s ability to raise additional capital to fund future
operations, Eline Entertainment Group, Inc.'s ability to repay its
existing indebtedness, the uncertainties involved in estimating
market opportunities and, in identifying contracts which match
Eline Entertainment Group, Inc.'s capability to be awarded
contracts. All such forward-looking statements are current only as
of the date on which such statements were made. Eline Entertainment
Group, Inc. does not undertake any obligation to publicly update
any forward-looking statement to reflect events or circumstances
after the date on which any such statement is made or to reflect
the occurrence of unanticipated events.
Contacts: Investor Relations 1-647-426-1640
www.minamargroup.net/helpdesk Investor Relations Department Inquiry
www.minamargroup.net (IR) For (M&A) and Corporate Matters
www.minamargroup.com Eline Entertainment Group, Inc.:
corporate@elineentertainment.com
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