Star Entertainment Announces New Management and Closing Date on Zenetek Acquisition

NEW YORK and HO CHI MINH CITY, Vietnam, Aug. 14, 2012 /PRNewswire/ -- Star Entertainment Group, Inc. (PINKSHEETS: SETY) today announced the appointment of new CEO/Chairman of the Board, Mr. Nhue A. (N.A.) Le from Ho Chi Minh City, Vietnam.

Additionally, Mr. Khiem Nguyen, also from Ho Chi Minh City will take over responsibilities as new CEO for both Zenetek and Modiax.com.  Star Entertainment's new headquarters/operational facilities will be relocated to Ho Chi Minh City, Vietnam as part of this new transition.

Mr. Le, an investment banking executive with a degree and solid background in Computer Software Services, has played an instrumental role in financing and corporate restructuring  technology firms in Vietnam and Southeast Asia for the past several years.  Mr. Le will assume day-to-day management role for Star Entertainment and spearhead its future merger and acquisition activities.

Mr. Nguyen, a former Software Developer/Consultant with several top tier consulting firms in US and aboard for the past several decades, is Star's top candidate to run both Zenetek and Modiax.com.  He has extensive consulting services, software development and maintenance which will play a vital role in keeping check and balances on all current and future Web 2.0 and Mobile Apps developmental work for both companies and operating subsidiaries.

"I am extremely delighted to appoint my successor, Mr. N.A. Le as the new CEO/Chairman of the Board for Star Entertainment Group.  Mr. Le, with his extensive Asian investment banking background and contacts, will focus his efforts in spearheading major merger and acquisition initiatives for Star", said Michael Clarkson, CEO of Star Entertainment Group.

"Additionally, Mr. Le will be involved in all financing aspects for the Company, while Mr. Nguyen will focus all his technical background, contacts and know-hows to reward our investors with killer apps development and first-to-market social/entertainment  platforms that will increase Star's market capitalization substantially", continued Mr. Clarkson.

The closing date for Zenetek acquisition will be tentatively scheduled for Friday, August 17, 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 Zenetek

Vietnam-based software consulting company dedicated to software consulting, programming and development services.  The Company is currently developing social media/networking-based software products that provide clients in connection with Web 2.0, social media/networking, mobile applications.

About Modiax.com

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
[email protected]
(570) 216-4204

SOURCE Star Entertainment Group, Inc.