NEW YORK and NEWPORT BEACH, Calif, Aug. 8, 2012 /PRNewswire via COMTEX/ -- 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:
Friendship social media site: http://tamtay.vn
Everyday's life ideas & ideology to live by: http://nes.vn/
Vietnamese Cyberworld social media site: http://www.cyworld.vn/
Vietnamese clip videos: http://clip.vn
Professionals' connection social media site: http://www.cyvee.com
Vietnamese Blogs: http://ngoisaoblog.vn/
Vietnamese schools reunion social site: http://www.truongxua.vn
Vietnamese entertainers social media site: http://www.yeucahat.com/
Vietnamese web portal/quick search site: http://timnhanh.com.vn/
Vietnamese social media site: http://www.go.vn/
Career/job search media site: http://www.motibee.com
Vietnamese chat rooms/blogs social media site: http://ziczac.vn/
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 GroupStar 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.