STROUDSBURG, PA., June 5, 2012 /PRNewswire/ -- Star
Entertainment Group, Inc. (OTC: SETY.PK) today announced
acquisition of Tranzistor Systems Inc., a company engaged in mobile
music entertainment products and services including internet radio,
fan applications, and eCommerce products. With the closing of
the acquisition, the Company is now strategically positioned in the
Digital Music industry which, according to respected research firm
Ovum, is expected to exceed $20
billion in annual revenue by 2015, with 30% of that
belonging to the independent label and artist segment of the
market.
Concurrent with the closing the current board and management
resigned and the Company is pleased to announce the appointment of
Tranzistor CEO and digital industry expert L. Joshua Eikov as CEO and Director and the
appointment of Gregory Smith as
Director, Secretary and Treasurer. Further management
appointments will follow shortly.
Tranzistor Systems, which will operate as a 100% wholly-owned
subsidiary, is well positioned to leverage its assets in the new
media and digital content, delivery and monetization of
multi-dimensional online customer communities' space.
Tranzistor's product line includes mobile internet radio
combined with fan-based games and music applications that are
wrapped around a sophisticated loyalty program. An estimated
89 million Americans listened to online radio last month, and 56%
have listened to an online AM/FM station or pure play internet
radio station and is expected to grow substantially over the next
number of years. In fact, the online audience has doubled every 5
years since 2001, according to Arbitron/Edison Research.
Tranzistor's product and technology has been assessed in excess
of $10 million and a number of
products and services are under development and synergistic
potential joint ventures and acquisitions are under
negotiation. Tranzistor has projected annual revenues to
reach $87.6 million by 2014 and in
excess of $231 million by 2016, as
Tranzistor's service set expands internationally.
The transaction, valued at $10,000,000, was purchased through an
equity-building issuance of Preferred Stock and will create no debt
for the Company or require the issuance of Common Stock. Financial
consolidation was provided in the Company's Initial Disclosure
Documents and Financial Statements recently filed with OTC Markets
in compliance with the OTC Markets Group Guidelines for Providing
Current Information and attaining Current Information designation.
Additionally, the Company has brought its status with the
State of Nevada to the Active
current level through the completion of the required State filings
and fees.
The Company's new product line up, marketing web sites and
roll-out schedule will be announced in a timely manner.
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, real-time Internet television broadcasting; Internet
radio networks; 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 Tranzistor Systems Inc.
Tranzistor Systems, a wholly owned subsidiary of Star
Entertainment Group, is a consumer technologies company developed
to address the independent music, social media and entertainment
markets and is a home for artists, bands, fans and indie labels to
cross-pollinate and create multiple revenue streams. With our
internet radio and discovery platforms Tranzistor will be the first
interactive company and brand to widen the demographic for fans,
indie labels and independent artists. Tranzistor will focus on
developing and monetizing their content.
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) 213-4204
SOURCE Star Entertainment Group, Inc.