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StarInvest
Participates in Magnetech's $4,000,000 Private Placement
Magnetech
Ranked 58 in the 2004 of Inc. Magazine's 500 Yearly Ranking
With Four-Year Average Sales Growth of 445.9%
NEW YORK, NY, Mar. 14, 2005 (MARKET WIRE via COMTEX) -- StarInvest
Group, Inc. (OTC BB: STIV) today announced that they have participated
in the $4,000,000 Private offering of Subordinated Secured Convertible
Debentures of Magnetech Integrated Services Corp. StarInvest
provided $800,000 in funding and will receive a convertible
debenture and warrants.
Magnetech
operates with five primary business groups and four Centers
of Excellence in the Power Industry. The business groups are
the Motor Group, Power Systems Group, Power Generation Group
and the Field Services Group. The Centers of Excellence are
Education and Training, MagnetTrac Asset Management, Predictive
and Preventative Maintenance and Reliability Centered Maintenance.
The company presently has eight locations, 240 employees and
unaudited 2004 sales of $29 million. Magnetech ranked 58 in
the 2004 Inc. 500 ranking with four-year average Annual Sales
Growth of 445.9%. For more information see www.magnetech.com
StarInvest
Group is a publicly traded (OTC BB: STIV) Business Development
Company (BDC) located in New York City. The company has implemented
a strategy to create value for shareholders by investing in
emerging companies that are positioned for strong industry growth
or that have business models with strong cash flow potential.
In addition to structuring financing requirements, StarInvest
provides managerial assistance and strategic links between the
Portfolio Companies enabling them to maximize their resources
for marketing, business development, administration, public
listing planning, and realization of their goals. For more information
see www.StarInvestgroup.com
The
preceding includes forward-looking statements, which involve
known and unknown risks, and uncertainties, which may cause
the Company's actual results in future periods to differ materially
from forecasted results. Forward-looking statements above are
made pursuant to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. Actual results may differ materially
due to a variety of factors, including, without limitation,
competition, intellectual property rights, litigation, needs
of liquidity, and other risks detailed from time to time in
the company's reports filed with the SEC.
CONTACT:
Blue Future Inc.
Barbara Manui
212-423-0407
[email protected]
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Source: StarInvest Group, Inc.
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