LIVESTAR Entertainment Group Inc. Announces the Finalization of New Business Transaction With the Sequel Nightclub & Lounge
VANCOUVER, BC, Jun. 04, 2004 (MARKET WIRE via COMTEX) -- LIVESTAR Entertainment
Group Inc. ("LIVESTAR" or the "Company") (OTC BB: LSTA) today announced that it
has successfully finalized a new business transaction with the Sequel nightclub.
Under the new transaction LIVESTAR, through a new wholly owned subsidiary, has
executed a Business Lease Agreement (the "Lease") with the owner of Sequel,
whereby LIVESTAR was provided the right to lease the business assets and operate
its own establishment operation at the premises.
As per the terms of the Lease, LIVESTAR will be the beneficiary of all the
proceeds of operation and compensate the Sequel with a monthly lease payment.
Details of the transaction can be found in our report on Form 8-K filed today
with the Securities and Exchange Commission.
According to the Founder, President and CEO of LIVESTAR, Mr. Ray Hawkins: "The
business will still operate under the trade name of 'Sequel' and with the rights
LIVESTAR has gained through the Lease we are proud to have completed a
transaction that will put revenues on the Company's income statements. A
business lease transaction is commonplace in the industry and we feel during the
term of the lease we can generate revenues and earnings that will benefit
LIVESTAR financially. In fact, the revenues are beginning to grow due to the
change in season in Toronto."
Mr. Lall, the owner of Sequel, commented: "The commitment of myself and LIVESTAR
management to finalize a new and equitable business transaction regarding the
operations of the Sequel is a testament to our commitment to provide value to
the shareholders of LIVESTAR by following through on developments even if
certain business conditions and arrangements change."
The Company looks forward to the addition of further establishments to LIVESTAR,
to the development of further business opportunities with Mr. Lall and to the
continued development of our business plans.
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
http://www.sec.gov.
Contact:
Investor Relations
investors@livestar.net
Phone: 858-812-2863
Please visit our website: http://www.livestar.net
SOURCE: LIVESTAR Entertainment Group, Inc.
Copyright 2004 Market Wire, All rights reserved.
SUBJECT CODE: Food and Beverage:Beverages
Food and Beverage:Retailers
Food and Beverage:Vending
Lifestyle and Leisure:Recreation
Travel and Hospitality:Casinos/Gambling
Travel and Hospitality:Restaurants
Travel and Hospitality:Tourism
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