January 31, 2007 - 12:05 PM EST
Playstar increases its stake and acquires 100% of Function Inc
TORONTO, Jan. 31 /PRNewswire-FirstCall/ - Playstar Corporation (PLYCF.PK) is very pleased to announce it has closed its 100% acquisition of Function Inc. In a press release dated Dec 20th it was stated our acquisition was increased to 100% and in escrow until Jan 11th 2007. The transaction is closed and now operating as a full subsidiary of Playstar Corporation.
Stewart Garner states, \\'We have been operating Function as a closed entity and now this deal is done. Function\\'s games for the Peer-to-Peer market have undergone testing and patents applications and are almost ready to deliver to telecommunication companies and sponsors worldwide. The market is tremendous and the concept is phenomenal, combined we truly have created a winner for our shareholders. The market for these types of games is rapidly growing and we feel our product will be very successful with the target market.\\'
Function Inc has filed many patents and trademarks worldwide of its proprietary SMS Peer-to-Peer (P2P) Text Message (SMS) and Online games. First quarter of 2007 Function Inc. will roll out their first series of proprietary SMS and Online games driving adoption rates via P2P, Affiliate, Referral and Organic Marketing.
Playstar Corporation is an Antigua corporation and foreign filer on the pink sheets under the symbol PLYCF. Current shares structure fully diluted is 99,933,246 outstanding. Authorized is 100,000,000. Its transfer agent is transfer Online of Portland Oregon.
This news release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (The \\'Act\\'). In particular, when used in the preceding discussion, the words \\'pleased,\\' \\'plan,\\' \\'confident that,\\' \\'believe,\\' \\'expect,\\' or \\'intend to,\\' and similar conditional expressions are intended to identify forward-looking statements within the meaning of the Act and are subject to the safe harbor created by the Act. Such statements are subject to certain risks and uncertainties and actual results could differ materially from those expressed in any of the forward-looking statements. Such risks and uncertainties include, but are not limited to, market conditions, general acceptance of the Company\\'s products and technologies, competitive factors, the ability to successfully complete additional financings and other risks described in the Company\\'s SEC reports and filings.
SOURCE Playstar Corporation
Source: PR Newswire (January 31, 2007 - 12:05 PM EST)
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