VANCOUVER, BC--(MARKET WIRE)--Jun 29, 2004 -- LIVESTAR Entertainment Group, Inc. ("LIVESTAR" or the "Company") (OTC BB:LSTA.OB - News) 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. ADVERTISEMENT
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."
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.
posted
I'm not in on this one yet ... but I'm definitely jumping in when the volume starts to accumulate.
Posts: 575 | From: Orlando, FL, US | Registered: Jan 2004
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posted
LSTA is due for a big run, but you're right, the volume needs to be there. I'm in though.
Posts: 84 | From: Sunrise | Registered: Jun 2004
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posted
News is good, but seems to be in the future, and not in the now. Don't get me wrong cuz I think this thing will do well, but I don't think people will be clawing their way to the LSTA booth quite yet IMO that is.
Posts: 829 | From: people's republic of cambridge | Registered: Jun 2004
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Candydish Member posted June 03, 2004 09:38 -------------------------------------------------------------------------------- I had gotten in at the .0009, and hit bank, so if anyone is wanting in... it's time, that is if it's gonna do anything?? Do Your DD. CD
Posts: 1068 | From: Utah and Put-In-Bay Ohio | Registered: Jan 2004
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posted
Low volume precedes most big runs. I hope it'll be true for this one too try to put in a buy for .0005 or .0006.. I'm pretty sure you won't get it. I put in a buy for 3 mill shares for almost 4 hrs. No fill.
quote:Originally posted by massageguy: What's with the low volume today? I would have thought lsta would be jumping now The calm before the storm???
[This message has been edited by SimpleGuy (edited June 30, 2004).]
posted
Was going to buy, but this concerned me in their 10QSB:
Management plans on initiating a series of securities offerings to raise the investment capital needed to meet our acquisition and development plans. Although we will make efforts to minimize dilution to current shareholders, we may not be able to avoid significant dilution due to many factors, including but not limited to, the closing of financing at lower than the desired market price of the Company's common stock.
So, while it seems like a good company... that black cloud hanging over makes it hard to tell where the bottom really is. Anyone have any comments/insight on this?
posted
Well, this may not mean much, just my humble opinion. Dilution is bad if it's used only for S-8 or unnecessary expenses. If it's used for expansion and growth, that's adding to shareholder value. Year low was .0005. Dilution concerns were already known for almost 2 months, and thus factored into the PPS. If there weren't any dilution concerns, you won't be seeing this PPS. So, I think it's a bargain at this PPS. Do your own DD and make your decision. Good luck.
quote:Originally posted by RedBullish: Was going to buy, but this concerned me in their 10QSB:
Management plans on initiating a series of securities offerings to raise the investment capital needed to meet our acquisition and development plans. Although we will make efforts to minimize dilution to current shareholders, [b]we may not be able to avoid significant dilution due to many factors, including but not limited to, the closing of financing at lower than the desired market price of the Company's common stock.
So, while it seems like a good company... that black cloud hanging over makes it hard to tell where the bottom really is. Anyone have any comments/insight on this?[/B]
posted
Some more positive news for the bottom line revenues, Things are looking good for a rtest of .0023 and eventually.005......
Wednesday June 30, 10:00 AM EDT
LIVESTAR Entertainment Group Inc. ("LIVESTAR" or the "Company") (LSTA) today announces that its first two events in Canada have launched with success and have posted the galleries of the shows on the LIVESTAR website. By adding a second live events market to our growth plans gives LIVESTAR added revenue to its income statements. The Company has successfully produced concerts in Vancouver with wunderkind DJ James Zabiela from the U.K. and Hernan Catteneo of Argentina. The galleries on the website show the level of production LIVESTAR brings to its audiences and also illustrates the customer satisfaction of the ticket buyers.
Ray Hawkins, CEO of LIVESTAR, commented: "I am pleased with our entry into the Canadian market and feel confident we will continue to build on this start with the summer and fall live event season about to kick off."
Jay Sinclair, the head of LIVESTAR'S Canadian event unit, stated: "The approach the Company is taking is one of building solid relationships with artist agencies and venues while delivering a solid production for the event goers. This foundation is being laid properly in each market we enter and our long term, quality first approach is beginning to pay dividends in terms of the building our reputation, having greater availability of acts and an increase in our revenue streams."
In closing, the Company's live events productions are proving successful in the continuing development and marketing of our business.
posted
Calling the investor relation has been very good I see good news coming out back to back but what would it take to pop this price do we need to mention all the good news to all the boards the only one I know beside this one is Ragingbull.com if anybody else know any other board please contribute lets get the noise started on it.
posted
If more than 9.5 billion shares were dumped.. trust me, we'll know. Also, what's the point in dumping shares at this PPS? Drive it to .0001? heh It'll go up a ton before they start diluting. From here, I hope we'll see no less than .005 before they start dumping some.
quote:Originally posted by massageguy: My biggest worry is if lsta decide to do a reverse stock split after going to 10 billion in order to buy acquistions? Any thoughts on this one?????
[This message has been edited by SimpleGuy (edited June 30, 2004).]
quote:Originally posted by Tanangel: Calling the investor relation has been very good I see good news coming out back to back but what would it take to pop this price do we need to mention all the good news to all the boards the only one I know beside this one is Ragingbull.com if anybody else know any other board please contribute lets get the noise started on it.
Just posted news on 2 other boards, don't go to RB much and never post there so someone else will have to handle that one.
Posts: 1169 | From: Pollock Pines Ca | Registered: Feb 2004
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posted
I have been out of town but I am doing the same as everyone else... trying to figure this one out. I banked on the first run after Dallas Boy posted, and... still holding my current shares. Hummmmm, CD
quote:Originally posted by realperson: HELLO Where is CANDYDISH???????
Candydish Member posted June 03, 2004 09:38
Posts: 240 | From: Buda, Texas, USA | Registered: May 2004
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posted
check out lsta on ragingbull.com it does not look favorable. It looks like Ray the CEO just wants to use shares to pay employees and buy nightclubs cause he doesn't have the money otherwise.
[This message has been edited by SimpleGuy (edited June 30, 2004).][/b][/QUOTE]
[This message has been edited by massageguy (edited July 02, 2004).]
quote:Originally posted by massageguy: check out lsta on ragingbull.com it does not look favorable. It looks like Ray the CEO just wants to use shares to pay employees and buy nightclubs cause he doesn't have the money otherwise.
[This message has been edited by SimpleGuy (edited June 30, 2004).]
[This message has been edited by massageguy (edited July 02, 2004).][/B][/QUOTE]
Since when is buying more business's and hiring more people a bad thing? Also since when is bashing on the R/B board a bad thing? Seems they bash everything. JMO
Posts: 1169 | From: Pollock Pines Ca | Registered: Feb 2004
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posted
There always will be bashers, I listed the ragingbull.com so ppl would know what bashers are saying, I did in depth research on this and what ever concerns they are mentioning on ragingbull have already been factored in or speculation. If someone want to read it go to LSTA SHOWING DBL BOTTOM and it will be very helpful. I been trading for a long time and during summer time volume always slow down but by the mid august we will see good runs on volume again for overall market. Second all the acquition are coming through during summer which profit and revenues are going to reflected by third quarters 10k's. but for the time being what we need to look for is second quarters revenues statements which will reflect some good changes. I still believe we are looking at good entry points and I am looking at minimum target of .0023 technically. Of course u should always do your DD and enjoy profit with patience.
Really funny saying: Do Not Hope like a bunny and get shot........
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