GUANGZHOU CITY, China, Oct. 12 /PRNewswire-Asia/ -- MyStarU.com, Inc.
(OTC Bulletin Board: MYST)(the "Company"), is a leading provider of video sharing services in the People's Republic of China ("PRC"). The Company's platform includes production, uploading, storage, sharing and publishing onto more than 33 main video sharing portal websites. The Company also offers SaaS business solutions and is in the process of developing what they believe is the first online shopping mall in the world that will utilize 3D imaging throughout the online interface. Eventually, the video sharing advertising solutions, SaaS and 3D online mall will be a fully integrated e-commerce platform for small to medium sized businesses ("SMEs") to operate and manage the advertising, marketing and sales fulfillment systems for their businesses through direct links at http://www.subaye.com to the Company's web portals.
MyStarU.com, Inc. is pleased to announce its proposed acquisition of the minority ownership of its subsidiary, Subaye.com, Inc. ("Subaye") and Subaye's various subsidiaries, is continuing as planned. The Company plans to complete the acquisition by October 31, 2009. Subaye is also refocusing efforts on increasing its member growth rate and will seek additional advertising, marketing, acquisition, joint venture and investment opportunities in the next six months. The Company is forecasting significant membership growth in the next 12 months. The Company believes Subaye membership will reach 72,000 unique members by September 30, 2010.
"The Company's focus is on Subaye. Subaye is the Company's core business. We are forecasting a strong fiscal 2010," said Zhiguang Cai, Chief Executive Officer.
The Company also wishes to announce the discontinuance of its plans to spin off certain assets of the Company as previously announced due to specific transactional complexities and income tax considerations whereby the Company and its shareholders could have been subject to significant income taxes levied by the United States on both the Company and its shareholders as a result of the proposed distribution of assets to other unaffiliated entities and the subsequent awarding of ownership interests in these other entities to the Company's current shareholders. The Company is focused on growth opportunities identified by Subaye and is committing its full resources to Subaye. The Company will review other possible opportunities to sell, merge or exchange any of the Company's assets which do not directly or indirectly benefit or support Subaye.
About MyStarU.com, Inc.
MyStarU.com, Inc. is a leading provider of video sharing services in the People's Republic of China. MyStaru.com, Inc.'s platform includes production, upload, storage, sharing and publishing onto more than 33 main video sharing portal websites. MyStarU.com, Inc. also offers SaaS business solutions and is in the process of developing what MyStarU.com, Inc. believes is the first online shopping mall in the world that will utilize 3D imaging throughout the online interface. MyStarU.com, Inc.'s platform consists of its websites, http://www.subaye.com, http://www.x381.com, http://www.goongreen.org, http://www.goongood.com and the Subaye Alliance network, which is its network of third-party websites. The Company's http://www.subaye.com and Alliance network are generating revenue, while its other web-based businesses are under development or offering free services to potential customers at this time. Subaye.com's services are designed to enable internet users to find and view videos online. As of September 30, 2009, the Company had approximately 43,000 members and the Company's video database consisted of over 82,000 profiles of corporate video showcases. These showcases offer a cost-effective venue for small to mid-size enterprises ("SMEs") to advertise their products and services and establish and enhance their corporate brands. The Company provides its users with easy access to an index of over 3.0 million video clips, images and web pages.
For further information on MyStarU.com, Inc., please visit http://www.subaye.com/english . You may also register to receive MyStarU.com, Inc.'s future press releases or request to be added to the Company's distribution list by contacting James Crane by email at jimc@mystaru.com.
Forward-Looking Statements
Certain statements contained herein constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on current expectations, estimates and projections about MyStarU.com's industry, management's beliefs and certain assumptions made by management. Readers are cautioned that any such forward-looking statements are not guarantees of future performance and are subject to certain risks, uncertainties and assumptions that are difficult to predict. Because such statements involve risks and uncertainties, the actual results and performance of the Company may differ materially from the results expressed or implied by such forward-looking statements. Given these uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. MyStarU.com's operations are conducted in the People's Republic of China ("PRC") and, accordingly, are subject to special considerations and significant risks not typically associated with companies in North America. These include risks associated with, among others, the political, economic and legal environment and foreign currency exchange. The Company's results may be adversely affected by changes in the political and social conditions in the PRC and by changes in governmental policies with respect to laws and regulations, anti-inflationary measures, currency conversion, remittances abroad, and rates and methods of taxation. Other potential risks and uncertainties include but are not limited to the ability to procure, properly price, retain and successfully complete projects, and changes in products and competition. Unless otherwise required by law, the Company also disclaims any obligation to update its view of any such risks or uncertainties or to announce publicly the result of any revisions to the forward-looking statements made here. Readers should review carefully reports or documents the Company files periodically with the Securities and Exchange Commission.
For more information, please contact:
At the Company:
James Crane, Chief Financial Officer
Mobile: +86-186-0125-0891 (P.R.C.)
Tel: +1-617-209-4199 (U.S. Office)
