NEW YORK and NEWPORT BEACH, Calif, Aug. 8, 2012 /PRNewswire/ -- Star
Entertainment Group, Inc. (Pink Sheets: SETY) announced today the
signing of the LOI to acquire Zenetek and its subsidiary
Modiax.com. Zenetek is a pioneer in developing Asian social
media networking sites since 2010. Their developed social media
sites have established a strong foothold in the fast growing
segment of Asian Social Media Networking and Mobile Apps/Software
Services for mobile phones.
"We are delighted to be a vital part of Star Entertainment Group
and look forward to creating a very incredible platform in both
Asian Social Media and Entertainment," said Derek Nguyen, CEO of Zenetek.
Mr. Nguyen is an IT executive with a diverse background in
sales/marketing, business development and consulting services. In
his previous role as Founder, CEO/CIO of DataLogic Consulting Inc.
(DCI), he was responsible for day-to-day operation of a fast
growing Information Technology consulting/staffing firm with over
$75 million, multi-year contract wins
supporting major Fortune 100 and governmental clients such as Fire
Department of New York (FDNY), City of
Houston, State of Rhode
Island and several key commercial clients.
Zenetek and its software developers/engineers have developed or
jointly developed some of these noteworthy Vietnam-based social sites:
- Friendship social media site: http://tamtay.vn
- Everyday's life ideas & ideology to live by:
http://nes.vn/
- Vietnamese Cyberworld social media site:
http://www.cyworld.vn/
- Vietnamese clip videos: http://clip.vn
- Professionals' connection social media
site: http://www.cyvee.com
- Vietnamese Blogs: http://ngoisaoblog.vn/
- Vietnamese schools reunion social site:
http://www.truongxua.vn
- Vietnamese entertainers social media
site: http://www.yeucahat.com/
- Vietnamese web portal/quick search
site: http://timnhanh.com.vn/
- Vietnamese social media site: http://www.go.vn/
- Career/job search media site: http://www.motibee.com
- Vietnamese chat rooms/blogs social media
site: http://ziczac.vn/
Zenetek can be found on the web at www.zenetek.com.
The transaction to be valued at approximately $10,000,000
will be purchased through an equity-building issuance of Preferred
Stock and will create no debt for the Company or require the
issuance of Common Stock. The Company is currently completing its
due diligence and conducting a complete technology and software
audit and accessing the planned service rollout schedule. It is
anticipated that the closing of the transaction will be completed
on or about September 1, 2012.
About Star Entertainment Group
Star Entertainment Group, Inc. is an independent
investment, management, and holding company focusing on new media
and digital content, delivery and monetization of multi-dimensional
Online Customer Communities through the integrated use of online;
interactive, participatory mobile applications; proprietary search
capabilities and intuitive advertising platforms. The Company will
operate as a central hub, utilizing our strengths in M&A,
capital and resource management and will proactively minimize risk
by teaming with experienced technologies operators, leveraging
their experience and knowledge.
About Modiax
Modiax.com, a wholly owned subsidiary of Zenetek, is
the developer and operating subsidiary of Zenetek engaged in
creating mobile gaming, social media and entertainment applications
for mobile phones.
Safe-Harbor Statement
This information includes certain "forward-looking
statements." The forward-looking statements reflect the beliefs,
expectations, objectives and goals of the Company management with
respect to future events and financial performance. They are based
on assumptions and estimates, which are believed reasonable at the
time such statements are made. However, actual results could differ
materially from anticipated results. Important factors that may
impact actual results include but are not limited to commodity
prices, political developments, legal decisions, market and
economic conditions, industry competition, the weather, changes in
financial markets and changing legislation and regulations. Matters
discussed in this press release may contain forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. When used in this press release, the words
"anticipate," "believe," "estimate," "may," "intend," "expect" and
similar expressions identify such forward-looking statements.
Actual results, performance or achievements could differ materially
from those contemplated, expressed or implied by the
forward-looking statements contained herein. These forward-looking
statements are based largely on the expectations of the Company and
are subject to a number of risks and uncertainties. These include
but are not limited to risks and uncertainties associated with the
impact of economic, competitive and other factors affecting the
Company and its operations, markets, product, and distributor
performance, the impact on the national and local economies
resulting from terrorist actions, and U.S. actions subsequently;
and other factors detailed in reports filed by the Company.
Forward-looking statements are intended to qualify for the safe
harbor provisions of Section 21E of the Securities and Exchange Act
of 1934, as amended.
Star Entertainment Group
Contact: Derek Nguyen
(714) 883-6000
SOURCE Star Entertainment Group, Inc.
