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Last updated on April 19, 2014 at 21:20 EDT

Star Entertainment Signs LOI to Acquire Zenetek

August 8, 2012

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:

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.


Source: PR Newswire