NEW YORK and ZURICH, June 8, 2012 /PRNewswire/ -- Star Entertainment Group, Inc. (PINKSHEEETS: SETY) announced today the closing of the acquisition with NINJ GmBH by its wholly owned subsidiary Tranzistor Systems Inc. NINJ is 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.
"We are very happy to have found a home with Tranzistor Systems and Star Entertainment Group and look forward to creating a very incredible platform in concert with Tranzistor Radio and the continuation of our VirtualRadio product," said Oliver Wehrli, General Manager of NINJ.
VirtualRadio was first released in 2005 and has quickly become a top rated phone app in Europe, Asia and the Emerging Markets. VirtualRadio has been downloaded more than 4,000,000 times and attracts a regular monthly user base of approx. 80,000 listeners. VirtualRadio is available as an Android, iPhone, Symbian and Java based app.
"How fortunate are we to be able to work with the team at NINJ- the true pioneers of internet radio. Oliver and his team are some the most capable engineers in this specific niche in the world. I welcome them whole heartedly and look forward to building incredible products with them," Josh Eikov, President of Tranzistor Systems and CEO of Star Entertainment said.
The acquisition was completed by way of Preferred shares and was booked at approximately $3,000,000.00 in value. The deal closed as of May 22, 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, 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.
About NINJ GmBH
NINJ is the developer and operating subsidiary of Tranzistor Systems engaged in creating internet radio players and the management of VRadio.org .
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.