ASTV, - rumored news release tomorrow regarding the Acquisition of Harmonic Hall and the Grand opening of its online Casino!
A)HONG KONG--(BUSINESS WIRE)--May 17, 1999--Asian Star Development, Inc. (OTC BB:ASTV - news), with its principal office in Hong Kong, and Harmonic Hall Optical Disc Ltd, with its principal office and factory in Kowloon, Hong Kong, have entered into a Letter of Intent whereby Asian Star will acquire control of Harmonic Hall Investment Holdings Ltd (''Harmonic''). The parties intend to complete the necessary due diligence as soon as possible, subject to the ratification by the Board of Directors of Asian Star.
Harmonic was formed in 1976 as a cassette duplication factory and gradually developed into a manufacturer providing a full spectrum of one-stop service to the entertainment and software industries, and started the manufacturing of rewritable media in 1998. Products include CD-RW, DVD, CD, CD-ROM, VCD, LD, Stampers, Water Mark CD, Cassette and VHS. The client base has extended to a group of over 300 active customers, including Philips, BASF, ACER, IBM, MicroSoft, Mattel Toys, Polygram, Warner Music, BMG, EMI. Harmonic's projected revenue for 1999 is approximately $37 Million US and net profit of approximately $11 Million US.
B)Asian Star Development and VentureTech, Inc., Enter into Strategic Alliance for Internet Gaming in Asia.
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