NEW YORK
and HO CHI MINH CITY, Vietnam,
Aug.16, 2012 /PRNewswire/ -- Star Entertainment Group, Inc.
(PINKSHEETS: SETY) announced today the signing of the Definitive
Agreement 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.
Concurrently, the Company is proud
to release its past two years' financials information:
In 2010 VNC Associates (dab
Modiax.com) booked $2.1mil in
revenues and profitable. The following year 2011, combined
VNC and Zenetek booked close to $2mil
in revenues and also profitable. Company expects a
higher-than-expected profit margin and net earnings for 2012 due to
reduced labor and overhead costs from the executive decision to
relocate Star Entertainment and its subsidiaries to Vietnam.
"We're extremely pleased and proud
of our previous two years' revenues and positive earnings.
We're anticipating a major joint venture and/or merger transaction
in the near future that will be immediately accretive to our bottom
line and greatly reward our shareholders and partners," commented
Khiem Nguyen, CEO of both Zenetek
and Modiax.com.
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 Zenetek
Vietnam-based software
consulting company dedicated to software consulting, programming
and development services. The Company is currently developing
social media/networking-based software products that provide
clients in connection with Web 2.0 and
mobile applications.
Zenetek can be found on the web at
www.zenetek.com.
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
info@StarEntertainGroup.com
(570) 216-4204
SOURCE Star Entertainment Group, Inc.