Star8 Corporation Executes Definitive Sales Agreement and US$1,000,000 Funding
09 Aprile 2012 - 4:20PM
Star8 Corporation (Pink Sheets:STRH), a provider of low cost mobile
smart phones to emerging markets, is pleased to announce that it
has executed a formal agreement that will provide the company with
potential to achieve substantial revenue goals in the very near
future.
The agreement with Stephen H.H. Kwan, Ben Leung and Cheung Sin
Yan Rio and fellow investors in the Company (hereafter
collectively, the "HLK Partners") will be focused on mobile phone
sales and trading business in Asia.
As part of the agreement, Star8 has created Star8 Hong Kong, a
wholly owned subsidiary that will be managed by HLK on a day-to-day
basis.
The definitive agreement also provides for a cash infusion of
US$1,000,000 in the form of a convertible debenture at a fixed
price of $0.05.
On execution of the agreement, the partners received 20,000,000
shares of Star8 Corp and can earn an additional 60,000,000 shares
during the first twelve months of the agreement based on reaching
specific sales targets. More specifically, for each US$10,000,000
in revenue generated, HLK will receive 20,000,000 shares. HLK can
earn additional shares beyond the 80,000,000 total shares if all
targets are met after the twelve-month period.
"We are very excited commencing work with our new partners
immediately," said William Car, President of Star8 Corp. "We have
worked long and hard to put this venture together. Mr. Leung and
Mr. Kwan have a strong and successful history in the mobile phone
business, and we are looking forward building Star8 together."
"We are pleased to partner with Star8," said Mr. Ben Leung. "And
we are looking forward to assisting Star8's growth over the near
term and long term."
If targets are met during the initial twelve-month period, HLK
may opt to continue to earn additional shares based on revenue
targets. If targets are not met, HLK may opt out of the agreement,
return unearned shares and dissolve the venture.
In conjunction with the agreement, Mr. Ben Leung, will join the
Board of Directors of Star8 Corp, and Mr. Stephen H.H. Kwan will
become Secretary of Star8 Corp.
The company plans to complete its 2011 audit promptly and file a
Form 10 to become a fully reporting company.
For more information on Star8 and our products, please go to
www.star8corp.com or www.axiom8.com
About Star8 Corporation
Star8 Corporation (Pink Sheets:STRH) is a global provider of low
cost full-featured mobile email phones. The Company's focus is to
provide a low cost alternative to the more expensive smart phones
available in the market today. Star8 is strictly focused on
emerging markets where the mobile operator subscriber base is
predominantly prepaid. These markets do not provide their
subscribers with a subsidy on phone purchases, which leaves a very
small percentage of the subscriber base with the ability to afford
the more costly smart phones.
Star8 is positioning itself to take advantage of the explosive
growth in the Low Cost Mobile Messaging Handset market. Global
shipments of mobile handsets are forecast to be close to 2 Billion
in 2012.
Star8 is poised to take advantage of the tremendous growth in
these markets and its products will be marketed to mobile users in
South East Asia, Africa, and Latin America through existing
relationships.
With management experience garnered on a global basis, Star8 has
uncovered an opportunity to market a mobile handset in conjunction
with a mobile email product in markets where the subscriber base in
highly weighted by subscribers who are "prepaid."
Forward-Looking Statements
This document may contain forward-looking statements, relating
to Star8 Corporation operations or to the environment in which it
operates, which are based on Star8 Corporations operations,
estimates, forecasts and projections. These statements are not
guarantees of future performance and involve risks and
uncertainties that are difficult to predict, and/or are beyond
Star8 Corporations control. A number of important factors could
cause actual outcomes and results to differ materially from those
expressed in these forward-looking statements. Consequently,
readers should not place any undue reliance on such forward-looking
statements. Star8 Corporation disclaims any intention or obligation
to update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise.
CONTACT: For Investors:
William Car
President, Star8 Corporation
info@star8corp.com
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