LSTA News.
LIVESTAR Entertainment Group Inc. Signs Letter of Intent to Acquire Manhattan Restaurant of La Jolla to Build Revenue Base
Monday December 22, 10:08 am ET
VANCOUVER, BC--(MARKET WIRE)--Dec 22, 2003 -- LIVESTAR Entertainment Group Inc. ("LIVESTAR" or the "Company") (OTC BB: LSTA) today announced that it has signed a letter of intent to acquire the Manhattan Restaurant of La Jolla, CA. LIVESTAR is a company that aims to build a live entertainment business focused on a network of entertainment establishments (nightclubs, lounges, supperclubs) and Manhattan is scheduled to be the second establishment of the LIVESTAR network.
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Manhattan is an upscale dining and lounge establishment with a successful 17-year track record of customer satisfaction and revenue generation.
The acquisition, which is subject to due diligence and final negotiations, is planned to be accounted for as a purchase of assets. However, other terms of the acquisition will not be announced until the acquisition has been finalized.
Ray Hawkins, Founder, Chairman and CEO of LIVESTAR, commented, "Our discussions with the management of Manhattan has given us the confidence to execute an LOI and work towards finalizing a definitive agreement. The track record of the restaurant combined with the vision we both have for the future of Manhattan provides a great foundation to build upon."
According to Mr. Wolf, co-owner and operator of Manhattan, "We have diligently worked with LIVESTAR management to come up with an acquisition structure and business plan moving forward that excites us. We feel confident a closing can be achieved and we look forward to having Manhattan as part of the LIVESTAR entertainment establishments network. We think that LIVESTAR has a bright future, especially due to its acquisition and development plans and we are pleased to bring our assets to aid in building LIVESTAR to its full potential."
Mr. Ray Hawkins also added: "As previously noted, we are committed to building shareholder value through both acquisitions and new development and therefore the opportunity to add the successful Manhattan establishment to our planned establishment network is outstanding. We believe if we can get certain core building blocks, such as Manhattan's, in place as early as possibly in the new fiscal we can begin to have an exciting year of development and growth in 2004 for the Company."
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 sec.gov.
Contact:
Contact:
Investor Relations
investors@LIVESTAR.net
Phone: 604-682-6541
Please visit our website: livestar.net |
