Friday August 6, 10:06 am Eastern Time
Company Press Release
Asian Star Files Form 10-SB to Comply With OTC Bulletin Board Eligibility Rule
HONG KONG--(BUSINESS WIRE)--Aug. 5, 1999--Asian Star Development, Inc., a Nevada Corporation, (OTC BB:ASTV - news), announced today that, in order to comply with the OTC Bulletin Board Eligibility Rule, and remain trading on the Bulletin Board, the Company filed its Form 10-SB on May 11, 1999.
A Comment Letter was sent by the Securities Exchange Commission (SEC) on June 14, 1999, and the Company is preparing to file its response on or about August 9, 1999, or as soon as the Company's accounting firm, BDO International, has completed preparation of the Company's current financial statement, as requested in the SEC Comment Letter.
Mr. Stephen Chow, President of Asian Star, stated, ''We are vigorously taking all steps on behalf of the stockholders to ensure that Asian Star continues to remain eligible for listing on the OTC Bulletin Board under the new eligibility rules. The Company completed and filed its Form 10-SB on May 11, 1999 and the SEC sent us their Comment Letter on June 14, 1999. Although our counsel, accountants and consultants agreed that the comments are general and apparently present no major hurdle, nevertheless, the update of our Financial Statements proved more time-consuming than originally estimated by our accountants. Since then, we have been working hard to prepare the necessary responses to the SEC comments, and the Amendment to our Form 10-SB will be filed the week of August 9, 1999, as projected by our accountants.''
The above statements in regard to Asian Star Development, Inc. which are not purely historical are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including Asian Star Development, Inc.'s beliefs, expectations, hopes or intentions regarding the future. All forward-looking statements are made as of the date hereof and are based on information available to the parties as of such date. It is important to note that actual outcome and the actual results could differ materially from those in such forward-looking statements. Factors that could cause actual results to differ materially include risks and uncertainties such as technological, legislative, corporate and marketplace changes.
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Contact:
Asian Star Development, Inc., Hong Kong
Stephen Chow, 011-852-2721-0936
info@asianstardev.com
Investor Relations, 415/566-2503
www.asianstardev.com.
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