PHOENIX, Dec. 15th, 2003 (PRIMEZONE) -- Viastar Holdings Inc. (OTCBB:VISH) announced today that the Los Angeles Superior Court has agreed with Viastar Holdings, Inc. and ruled that the First Amended Complaint that David Dadon and Giants Entertainment filed against Viastar failed to state a claim. On November 26, 2003, Superior Court Judge Richard C. Hubbell granted Viastar's motions and ruled that there was no legal basis for Dadon's lawsuit against Viastar. As a result of the Court's ruling in Viastar's favor, the company is now entitled to ask the Court to impose monetary sanctions against Dadon and Giants Entertainment.
John D. Aquilino, Viastar's President and C.E.O., had the following comments about Viastar's latest victory against Dadon, "Once again, another Court has stymied Dadon's continuing attempts to interfere with and damage Viastar business. Viastar's aggressive legal team, led by General Counsel Richard L. Brooks, has done a magnificent job defeating Dadon in Los Angeles, his home court."
The success in the Los Angles Superior Court against Dadon, the restructuring of Moving Pictures International, the return of millions of shares to the company's treasury, the addition of key industry executives and the acquisition of several new titles for its music division, are all examples of present management's continued dedication to the growth of the company's business and anticipates this translating increased shareholder value through out 2004.
Viastar's management agrees with the release from Goldman Sachs, dated December 15th 2003, that fundamentals in the entertainment sector have improved and that return on invested capital is estimated to rise in the coming new year.
For more information visit Viastar's web site at http://www.viastarcorp.com/
About Viastar
Viastar Holdings, Inc. is engaged in development, production and distribution of entertainment related media for film, television, music and publishing interests. The Company's portfolio currently includes ownership of Viastar Distribution Group, A.V.O. Studios, Moving Pictures International, Viastar Records, Quadra Records, Light of the Spirit Records, and Viastar Classical.
Except historical matter contained herein, matters discussed in this news release are forward-looking statements and are made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect assumptions and involve risks and uncertainties, which may affect the Company's business and prospects and cause actual results to differ materially from these forward-looking statements.