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Star Entertainment Upgraded by OTC Markets to "CURRENT INFORMATION" Status
Jun 08, 2012 (12:06 PM EDT)
STROUDSBURG, Pa., June 8, 2012 /PRNewswire/ -- Star Entertainment Group, Inc. (PINKSHEETS: SETY) is pleased to announce it has been upgraded by OTC Markets to the highest trading status of "Current Information". By meeting the OTC Markets Group Guidelines for Providing Current Information guidelines, the Company will now be designated by OTC Pink Current Information.
The Current Information Market Tier Designation applies to reporting companies that submit filings to regulators with powers of review and that make the filings publicly available or non-reporting companies that make current information publicly available on the OTC Disclosure and News Service pursuant to OTC Markets Guidelines for Providing Adequate Current Information. Disclosures are published pursuant to paragraphs (a)(5)(i) to (xiv), inclusive, and paragraph (a)(5)(xvi) of Rule 240.15c2-11 and the OTC Disclosure Guidelines.
The Company recently announced the acquisition of Tranzistor Systems, Inc. a company engaged in mobile music entertainment products and services including internet radio, fan applications, and eCommerce products and Tranzistor's acquisition of NINJ GmBH, a pioneer in developing ground breaking mobile technology since 2005. Their VirtualRadio product has established a market leading position in the fast growing segment of Internet based Radio Software and Services for mobile phones. 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.
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.
With the completion and upgrading of the Company's state and disclosure filings, the Company expects its previously announced initiatives to accelerate.
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.
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
SOURCE Star Entertainment Group, Inc.