By Lisa Johnston
New products on display at the American International Toy Fair, held in N
Fort Lauderdale, Fla. — 7 Star Entertainment said Monday it was in the final stages of due diligence for the acquisition of Orbital Laboratories, a manufacturer of value-centric LCD TVs and related products.
7 Star Entertainment, which has a stable of online ventures ranging from online bidding, video, dating and affiliate traffic websites, as well as a range of mobile e-commerce applications, said it was confident the acquisition of Orbital would “bring significant near- and long-term benefits to the company and the shareholders.”
“They bring to the table a valuable patent portfolio and an exciting pipeline of new products. We feel that the revenue potential for the combined company over the next 24 months and beyond is substantial and I believe that we are less than a week away from completing the final agreements,” stated 7 Star CEO, Carl Conte.
Orbital said it anticipates “a significant increase in revenues beginning next year as their advertising and marketing strategy takes effect and sales of their beacon and media player technologies begins. The company expects to see a dramatic increase in sales of their existing line of LCD televisions.”
Orbital launched its U.S. brand producing commercial grade premium LCD Televisions in 2011 and created a partnership to brand a U.S.-based company for global sales of LCD TVs for the consumer market.
Orbital currently sells through Amazon and other dealers a range of FullHD LCD TVs, including the 42-, 47-, 55-, 58- and 65-inch screen sizes.
Orbital said it is working with marketing rep firm Continental Marketing.
Orbital also produces Orbital Beacon DNA technology devices and an Orbital Media Player.
According to the 7 Star statement, “Orbital plans to increase their retail presence through their rapidly expanding exclusive dealer network. These dealers will carry the full line of Orbital electronics and will be a showcase for the company's new technologies.”
Terms of the acquisition were not disclosed.
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