FROM: PLANET HOLLYWOOD INTERNATIONAL, INC.
8669 Commodity Circle
PLANET HOLLYWOOD AND STAR EAST HOLDINGS COMPLETE STRATEGIC MERGER IN ASIA-MILESTONE OF EXPANDING AND STRENGTHENING REGIONAL ENTERTAINMENT MARKET-
(October 10, 2000 Orlando, FL) -- PLANET HOLLYWOOD INTERNATIONAL, INC.
(OTC: "PHWD"), and Leisure Ventures Pte. Ltd. are pleased to announce the
execution of an agreement to merge Planet Hollywood Asia into the Hong
Kong-based entertainment company, Star East Holdings Limited. Star East, which
currently holds a 33.33% interest in Planet Hollywood Asia, will acquire the
remaining 66.67% of the company, presently owned by Planet Hollywood and Leisure
Ventures, in a stock for stock transaction. After completion of the merger,
Planet Hollywood Asia will become a wholly-owned subsidiary of Star East whereas
Planet Hollywood International, Inc. will have a 6% shareholding interest in
Star East. The transaction is expected to close by October 31, 2000.
The merger represents a strategic union of two of the most significant
players in the entertainment dining arena in the Asian market. Star East will
combine the resources and unique aspects of both the "Planet Hollywood" and
"Star East" restaurants and entertainment complex concepts in order to fortify
their presence in the Asia-Pacific region. By leveraging on the existing
franchise network of Planet Hollywood Asia, Star East will embark on a series of
expansion plans which include the openings of new entertainment complexes and
restaurants over the next one to two years in major cities such as Shanghai and
Chairman and Chief Executive Officer Robert Earl said, "Given the pool
of Asian celebrities and talents of Star East and its leading position in the
Asian entertainment market, there is no better partner in the Asian market than
Star East. We anticipate that the merger of Planet Hollywood Asia into Star East
will provide us with a wonderful opportunity to expand our network and presence
in Asia and the People's Republic of China."
ABOUT STAR EAST
Listed on the Stock Exchange of Hong Kong Limited, the Company is
principally engaged in the entertainment-related businesses. Its core businesses
comprise: (1) franchising of "Star East" entertainment complexes and "Star East"
theme cafes; (2) merchandising and licensing; (3) strategic investment in
STAREASTnet.com Corporation and other IT investment and operations; (4)
production of movies, television drama series, documentary and infotainment
programs and (5) property investment.
ABOUT PLANET HOLLYWOOD INTERNATIONAL, INC.
Planet Hollywood International, Inc. is the creator and worldwide
developer of a consumer brand that capitalizes on the universal appeal of
movies, television, sports, music and other leisure- time activities. The
Company's worldwide operations offer products and services in the restaurant,
retail, leisure and entertainment sectors. Planet Hollywood International,
Inc.'s common stock is publicly traded on the OTC under the symbol "PHWD".
FOR MORE INFORMATION CONTACT:
Patty Caruso, for Planet Hollywood, 212-333-7822
Shirley Ng, for Star East Holdings Limited, + 2801 5333