LIVESTAR Entertainment Group Inc. Announces the Formation of LIVESTAR Entertainment Capital to Support Its Growth Plans
VANCOUVER, BC, May. 26, 2004 (MARKET WIRE via COMTEX) -- LIVESTAR Entertainment
Group Inc. ("LIVESTAR" or the "Company") (OTC BB: LSTA) today announces it has
formed a wholly owned subsidiary, LIVESTAR Entertainment Capital Corporation.
This unit will play a key role in the future of LIVESTAR as management believes
the opportunities that exist in the funding of entertainment properties is vast.
As discussed in our 10KSB report for the annual period ending December 31, 2003,
the Company is beginning to develop relationships with financiers, investment
bankers and investment advisors to structure numerous plans to secure funding
for developing LIVESTAR's establishments.
Ray Hawkins, CEO of LIVESTAR commented: "In addition to financing the
development of nightclubs, restaurants, supper clubs and bars, LIVESTAR
Entertainment Capital Corporation plans to develop programs to provide capital
to other LIVESTAR potential acquisitions and developments. Programs from
LIVESTAR and this new subsidiary may include leveraging our operational
management skill, capital and access to capital to grow its business by allowing
LIVESTAR to be a leader in taking advantage of numerous joint venture,
development and acquisition opportunities. There are many areas in entertainment
that we feel are niche opportunities that fit the overall LIVESTAR business
plan. We feel that the financing arena allows LIVESTAR to take advantage of
these opportunities by being not only a financier but by being a conduit for
other funders to access our management's talent to recognize opportunities for
capital allocation."
LIVESTAR Entertainment Capital plans to seek out strategic opportunities in a
number of growth industries. The Company intends to target early to mid stage
businesses, and then provide management assistance and growth capital in
developing the businesses to become acquisition targets of larger enterprises or
to cultivate them to become public companies.
This implementation of certain aspects of our previously mentioned strategic
plan allows the Company to begin to more accurately reflect its planned overall
business model as an entertainment oriented venture development company with
diversified interests including those that may be outside of the live
entertainment industry.
In closing, Edwin Kwong, CFO of LIVESTAR stated: "The Company's long-term
outlook, we believe, has been made more positive through the launch of this new
wholly owned subsidiary. The benefits of access to capital for the purpose of
moving into the financing of various clients, entertainment properties, entities
and assets we believe may be translated to income generation success for the
Company and over the long term increased value for the shareholders."
ABOUT LIVESTAR ENTERTAINMENT GROUP, INC.
The core business of LIVESTAR Entertainment Group, Inc. is the development of
entertainment entities, specifically; Liquor Licensed Entertainment
Establishments (namely nightclubs and lounges) and Live Entertainment (concerts
and special events).
Statements contained herein that are not based on historical fact are
"forward-looking statements" within the meaning of the Private Securities
Litigation Reform Act of 1995. LIVESTAR Entertainment Group, Inc. intends that
such forward-looking statements be subject to the safe harbor created thereby.
Such forward-looking statements are based on current assumptions but involve
known and unknown risks and uncertainties that may cause LIVESTAR Entertainment
Group, Inc.'s actual results, performance or achievements to differ materially
from current expectations. These risks include economic, competitive,
governmental, technological and other factors discussed in LIVESTAR
Entertainment Group, Inc.'s applicable public filings on record with the
Securities and Exchange Commission which can be viewed at its website at
www.sec.gov.
Please visit our website: www.LIVESTAR.net.
For more information please contact:
Investor Relations
investors@LIVESTAR.net
Phone: 858-812-2863
SOURCE: LIVESTAR Entertainment Group, Inc.
Copyright 2004 Market Wire, All rights reserved.
SUBJECT CODE: Lifestyle and Leisure:Recreation
Media and Entertainment:Information Services