New Smyrna Beach, Florida--(Newsfile Corp. - January 14, 2021) - Starstream Entertainment Inc. (OTC PINK: SSET) announced in a Company press release dated December 2, 2020 that the Company recently formed Starstream SPAC Holdings Corp in order to facilitate the Company's aggressive growth initiative within the burgeoning $153 Billion staffing industry.
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Starstream SPAC Holdings Corp ("SPAC") was formed and launched to be used as an acquisition vehicle to identify and target business acquisition candidates. The Company will be targeting businesses within the staffing industry that provide scalable growth opportunities with the business combinations.
Carla Rissell, CEO of Starstream Entertainment Inc. stated, "The Company has been speaking with and reviewing several potential acquisition candidates. We are looking at acquisition candidates that will either compliment or enhance our current business operations in order to maximize growth and shareholder value. We believe that the Company is in a very strong position as we continue to grow the current operations at our flagship subsidiary Facetime Consulting and Promotions and that the right scalable acquisition will help us spur the next step in growth of our Company."
Ms. Rissell continued, "In reviewing the preliminary 2020 year-end financials, I am extremely pleased with the Company's growth and results and look forward to sharing the Annual Report with shareholders as soon as soon as our CPA and Financial Officer complete the Annual Report for posting. The Company's strong financials coupled with being a public company enhances our ability for making strategic acquisitions. We are being very diligent in our vetting process when identifying possible acquisition candidates. Our Company goal is to identify one or two key acquisition targets that meet all the right criteria sometime during the first quarter."
About SPAC's
A Special Purpose Acquisition Company ("SPAC") is a company with no commercial operations that is formed strictly for the purpose of acquiring an existing company. SPAC's have no existing business operations or even stated targets for acquisition. SPAC's are generally formed to target a particular industry or business sector with the intention of pursing deals in that area.
According to industry tracker SPACInsider.com, as of November 10, 2020, there have been 172 SPAC transactions that have raised approximately $63 billion in capital this year, with an average deal size of $367 million. Yet a mere five years ago, the corresponding numbers were twenty deals raising roughly $3.9 billion, each deal averaging around $195 million.
About Starstream Entertainment Inc.
The Company is a service provider primarily focused in the on-demand event staffing industry The Company's business strategy is to focus on event staffing and brand building for high profile clients through our subsidiary, Facetime Consulting and Promotions LLC ("FCP"). The primary placements that FCP makes are to companies in the consumer goods industry.
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Safe Harbor: This Press Release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements are based on the current plans and expectations of management and are subject to a number of uncertainties and risks that could significantly affect the company's current plans and expectations, as well as future results of operations and financial condition. A more extensive listing of risks and factors that may affect the company's business prospects and cause actual results to differ materially from those described in the forward-looking statements can be found in the reports and other documents filed by the company with the Securities and Exchange Commission and OTC Markets, Inc. OTC Disclosure and News Service. The company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
CONTACT:
Starstream Entertainment, Inc.
https://www.facetimepromo.com/
Carla Rissell, CEO
investorinfo@facetimepromo.com
833-422-7300 - Investor Relations: Ext. 700
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/72063
