HONG KONG and TORONTO, Nov. 26, 2012 (GLOBE NEWSWIRE) -- Star8 Corporation (STRH:OTCMarkets), a provider of low cost mobile smart phones and related accessories to emerging markets, is pleased to provide shareholders with an update on its business.
The last two quarters have been extremely productive for our company, having established a wholly owned subsidiary in Hong Kong and begun generating substantial revenues. Star8 believes the expansion and foundation of business developed over the last six months will continue to support robust growth for our company in the coming quarters.
Star8 expects revenues for the 4th quarter to reach a range of $2.3 to $2.6 million with total 2012 revenues of approaching $5 million.
"2013 is shaping up to look quite promising and, although early, we anticipate top line revenue reaching our goals set out earlier this year," said William Car, President of Star8. "We continue to see growth and will work very hard to reach those goals."
In April of this year, Star8 completed a definitive agreement with HLK partners to operate Star8's wholly owned Hong Kong subsidiary. HLK 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.
For more information on the definitive agreement and our Hong Kong subsidiary, please refer to the Star8 press release dated April 9, 2012.
Star8 also expects to launch two more low cost, full-featured Android devices before the end of the year, under the Axiom brand name, expanding the overall product offering to our customers.
For more information on Star8 and our products, please visit www.star8corp.com
About Star8 Corporation
Star8 Corporation (OTCMarkets:STRH) is a global provider of low cost full-featured mobile email phones and mobile phone related accessories. 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, the Middle East 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 is highly weighted by subscribers who are "prepaid."
This document may contain forward-looking statements, relating to Star8 Corporation operations or to the environment in which it operates, including those regarding Star8's preliminary revenue and expectations for the fourth quarter of 2012, 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:
President, Star8 Corporation