FORT LAUDERDALE, FL, Jan 14, 2014 - 7 STAR ENTERTAINNMENT, INC. (OTC Pink: SAEE) today announced that a 1-for-150 reverse stock split will be effective, and reflected in the price of its common stock, when trading opens on January 15th, 2014. The Company is simultaneously changing its name to SpectralCast, Inc.
The reverse stock split applies to all of the outstanding shares of 7 Star Entertainment Inc.'s common stock, reducing the number of current outstanding shares from 193,796,613 to approximately 1,291,978 shares. The Company's common stock will trade under the symbol "SAEED" for a period of 20 trading days as a result of the reverse stock split, and common shares will also trade under a new CUSIP number.
"The name change to SpectralCast reflects the Company's quickly approaching transition to a new management team and board of directors, along with the adoption of a broader growth strategy," said Carl Conte, Chief Executive Officer of 7 Star Entertainment Inc./SpectralCast Inc. The transition is part of the acquisition of Orbital Laboratories Inc. as mentioned in previous announcements. The Company now expects to have an executed agreement for the acquisition of Orbital within a week with closing to occur by the end of the month.
Shareholders are not required to send in their current certificates for exchange. Following the reverse stock split, each stock certificate representing issued and outstanding shares of common stock will represent a fewer number of shares. The Company's shareholders of record will receive a letter of transmittal and instructions from the transfer agent, Globex Transfer, regarding procedures for submitting their stock certificates in connection with the reverse split. Those shareholders holding common stock in "street name" will receive instructions from their broker if they need to take any action in connection with the reverse split.
In connection with the name change and reverse stock split, the Company also fixed the number of authorized shares of common stock after the reverse stock split at 75,000,000 shares of common stock with a par value of $0.001.
The Company has also requested a new ticker symbol to reflect the name change.
About Orbital Laboratories, Inc. - Orbital started as a U.S. brand producing commercial grade premium LCD Televisions. In 2011 Orbital Laboratories, Inc. acquired the rights to the name "Orbital" and created a partnership to brand a US based company for global sales of LCD TVs for the consumer market. The company's line of televisions, sizes 55" to 80", are currently available on Amazon.com. Search Amazon's website for "Orbital Elite TV" to check out the latest pricing for their TV's. The company's other products, including the Orbital Beacon DNA technology devices and the Orbital Media Player, assist the overall vision of Orbital; attracting consumers with innovative applications, quality construction, and technology not available from any other manufacturer. Please visit Orbital's website at orbitaltv.com
About 7 Star Entertainment, Inc. - As 7 Star currently owns and operates a portfolio of online web properties, complementary online bidding, video, and affiliate traffic websites, as well as a range of mobile e-commerce applications such as location based services, mobile checkout, and credit card processing, the Company now has this new opportunity to fulfill its original business model of continually focusing on new acquisition opportunities and the formation of strategic partnerships to accelerate 7 Star's growth and business platform. For more information on 7 Star Entertainment, Inc. please visit the company website at http://www.7StarEnt.com.
Forward-Looking Statements: This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and as such, may involve risks and uncertainties. Forward-looking statements, which are based on certain assumptions and describe future plans, strategies, and expectations, are generally identifiable by the use of words such as "believe," "expect," "intend," "anticipate," "estimate," "project," or similar expressions. These forward-looking statements relate to, among other things, expectations of the business environment in which the Company operates, projections of future performance, potential future performance, perceived opportunities in the market, and statements regarding the Company's mission and vision. The Company and all affiliated parties do not assume any duty to publicly update or revise the material contained herein.
SOURCE: 7 Star Entertainment, Inc.