quote:
Originally posted by Tanangel:
After waiting anxiously we do have some very good news on LSTA and I still believe the medium term target still stands at .005-.01. These new development do reflect a new leaf turning volume has gone more than double since yesterday and aim looking at .0023 in short term.... 
LIVESTAR Entertainment Group, Inc. Announces Agreement to Commence Development of Manhattan of La Jolla Restaurant Into a Flagship for LIVESTAR Owned Manhattan Chain
Tuesday June 29, 9:35 AM EDT
LIVESTAR Entertainment Group, Inc. ("LIVESTAR" or the "Company") (LSTA) today announced that it has signed an agreement to develop the Manhattan of La Jolla restaurant into a newly styled restaurant and lounge to serve as a flagship for a chain of LIVESTAR owned Manhattan Restaurant and Lounges. With this agreement now complete, LIVESTAR plans to commence the development of this joint venture to launch the new business operation and to generate revenues as quickly as possible.
The initial Letters of Intent, executed between LIVESTAR and the principals of the original Manhattan, have been amended to now be a binding agreement for the parties to joint venture. LIVESTAR will initially participate via a minority interest in the Flagship Manhattan restaurant in La Jolla through its role as a remodeling financier, developer and operations co-manager. The highlight of the transaction is that LIVESTAR has acquired the rights to be the 100% equity owner of future Manhattan establishments and products with the principal founder's receiving fees and royalties for their participation.
The Flagship Manhattan will be developed to build on the tradition and successful 17-year track record of customer satisfaction that the original Manhattan has come to be known for. Key milestones that are conditions precedent in the agreement are items such as the approval of Liquor Licensing and the execution of additional contracts (i.e. a long form rights and royalties contract) to fulfill certain conditions of the agreement. Both parties are committed to working diligently and in harmony to fulfill all the conditions and to create a win-win situation for each other.
Ray Hawkins, Founder, Chairman and CEO of LIVESTAR, commented, "The track record of the previous restaurant combined with the vision we both have for the future of Manhattan provides a great foundation to build upon. With this in mind we plan to begin the necessary steps to have Flagship Manhattan developed as early as possible this fall. We feel the arrangement with the Flagship Manhattan should be financially beneficial to LIVESTAR, and we are ecstatic about the future development rights we are securing. We plan to immediately begin planning the second Manhattan establishment and have already begun discussions with investors interested in providing funding for such projects. We believe the future developments may be great income performers for LIVESTAR."
Mr. Wolf, co-founder of the original Manhattan, stated: "With the Flagship Manhattan scheduled to be the second establishment of the LIVESTAR network we are excited to get the premises renovated and open to serve our previous clientele and new patrons. The long time vision I have had for a successful business built around the Manhattan brand, menu and food products can now be realized through this joint venture with LIVESTAR. We hope the shareholders of LIVESTAR share our enthusiasm for the completion of this joint venture and the future potential of our business."
Mr. Ray Hawkins also added: "As previously noted, we are committed to building shareholder value through both new development and acquisitions and therefore we believe the opportunity to develop the Manhattan establishments is outstanding and consistent with our long term oriented strategy."
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