ASTV - Thursday January 27, 3:36 am Eastern Time
Company Press Release
Asian Star Development, Inc., Enters into Joint Venture to Develop Malaysian Superport
HONG KONG--(BUSINESS WIRE)--Jan. 27, 2000--Asian Star Development, Inc., (OTCBB: ASTV - news) announced today that it has signed a formal Joint Venture Agreement to develop a US$2.3 billion Superport facility in the State of Kelantan, Malaysia.
Parties to the agreement are Asian Star, Prestasi Harmoni Sdn. Bhn. (Formerly Prima Sukma Sdn. Bhd), a private Malaysian company and Keloil Sdn. Bhd., a private Malaysian company owned and operated by the Government of the State of Kelantan, Malaysia.
Under the Agreement, Asian Star will acquire an existing fully operational LPG cylinder manufacturing plant and an associated LPG bottling plant, with current clients such as Esso and British Petroleum.
The Project also includes the exclusive right to install a deep-water port facility for tankers.
Mr. Stephen Chow, Chairman of Asian Star stated, ''We are extremely excited about this opportunity to utilize our project development experience and make a positive and meaningful contribution to the expansion of the oil and gas industry in Malaysia.''
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.
Stephen Chow, 011-852-2721-0936 (Chairman & President)
info@asianstardev.com
www.asianstardev.com
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