FORT LAUDERDALE, Fla.,
April 10, 2012 /PRNewswire/ -- Star
Entertainment Group, Inc. (OTC: SETY.PK) today announced the
signing of a Letter of Intent to acquire Tranzistor Systems Inc., a
company engaged in mobile music entertainment products and services
including internet radio, fan applications, and eCommerce
Tranzistor's product and technology have been assessed in excess
of $10 million and additionally have
a number of products and services under development. The Company
projects Tranzistor annual revenues to reach $87.6 million by 2014 and in excess of
$231 million by 2016,
as Tranzistor's service set expands internationally.
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. That is a number that should continue to grow for
the next several years . . . a number that is up from 69 million
monthly listeners a year ago. In fact, the online audience has
doubled every 5 years since 2001, according to Arbitron / Edison
The transaction to be valued in excess of $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 within the next 30 days.
The Company will soon release its new product and marketing web
sites and roll-out schedule.
The preferred share acquisition, which is anticipated to close
within the next thirty (30) days, will coincide with a complete
change of operational focus and an entire replacement of
management, including officers and directors.
Additionally, the Company has commenced preparation of
disclosure and financial information required by the OTC Disclosure
Service and expects its trading status upgrade to "Current
Information" in a timely fashion.
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 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
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
1 954 990 0138
SOURCE Star Entertainment Group, Inc.