Company Achieved $2mil Revenues and Profitable for Two Consecutive Years 2010-2011
NEW YORK and HO CHI MINH CITY, Vietnam , Aug.16, 2012 /PRNewswire/ -- Star Entertainment Group, Inc. (PINKSHEETS: SETY ) announced today the signing of the Definitive Agreement 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.
Concurrently, the Company is proud to release its past two years' financials information:
In 2010 VNC Associates (dab Modiax.com) booked $2.1mil in revenues and profitable. The following year 2011, combined VNC and Zenetek booked close to $2mil in revenues and also profitable. Company expects a higher-than-expected profit margin and net earnings for 2012 due to reduced labor and overhead costs from the executive decision to relocate Star Entertainment and its subsidiaries to Vietnam .
"We're extremely pleased and proud of our previous two years' revenues and positive earnings. We're anticipating a major joint venture and/or merger transaction in the near future that will be immediately accretive to our bottom line and greatly reward our shareholders and partners," commented Khiem Nguyen , CEO of both Zenetek and Modiax.com.
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