New Smyrna Beach, Florida--(Newsfile Corp. - December 2, 2020) - Starstream Entertainment Inc. (OTC Pink: SSET) announced today 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.
Starstream SPAC Holdings Corp. ("SPAC") was formed and launched as a Florida-based holding company. The SPAC will be used as an acquisition vehicle to identify target businesses, undertake the necessary in-depth due diligence and negotiate a business combination. The Company intends to target businesses within the staffing industry that possess attractive Enterprise Value to Revenue ratios.
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.
Carla Rissell, CEO of Starstream Entertainment Inc. stated, "I am very pleased to announce the formation and launch of Starstream SPAC Holdings Corp. This acquisition vehicle structure will greatly enhance our overall Company's ability to identify, target and acquire prime acquisition candidates within the staffing industry. This is an exciting time for the Company and shareholders."
According to industry tracker , 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.
Share Structure Information for Starstream Entertainment Inc. as of December 2, 2020
Total Shares Authorized: 450,000,000 shares
Total Unrestricted Common Shares (Float): 16,686,162 shares
Total Outstanding Common Shares (O/S): 68,010,196 shares
Company share count information is updated on a regular basis on OTC Markets.
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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.
Carla Rissell, CEO
833-422-7300 - Investor Relations: Ext. 700
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