ASTV - Wednesday March 15, 2:04 pm Eastern Time
Company Press Release
SOURCE: Asian Star Development, Inc.
Asian Star Development, Inc. Projecting $300 Million Revenue On New $2.3 Billion Superport Project
HONG KONG, March 15 /PRNewswire/ -- Asian Star Development, Inc. (OTC Bulletin Board: ASTV - news), with its principal office in Hong Kong, announced today the terms of its agreement for the construction of the Malaysian Superport as announced on January 27, 2000.
The initial stage, Prestasi Harmoni SDN BHD (``PHSB') which is 51% owned by Asian Star will hold a 90% interest in the Joint Venture, and 10% interest will be held by the Government of the State of Kelantan, Malaysia. The Joint Venture shall acquire the controlling shares of 2 existing LPG-related plants. The 1998 revenue of these plants was approximately US$1.6 million and is expected to show significant growth in the near future with the added throughput from the new offshore oil and gas fields.
The 2nd stage of the development is estimated at US$2.3 billion, which including construction, management and operation of various buildings/plants, facilities, and seaport. As these buildings/plants are planned to be built individually, financing of the 2nd stage may be spread into different phases according to the master plan of the Superport Project. The projected gross revenue of project management for this construction is approximately US$300 million.
Stephen Chow, President of Asian Star, stated, ``We feel this represents an superb opportunity for Asian Star to utilize its experience, contacts, and expertise in project development to create significant value for our company and shareholders. This is a world class undertaking and our team is ready for the task.'
Asian Star is approximately 20% owned by a subsidiary of New World Development of Hong Kong [Hong Kong Symbol: HKG:0017.HK].
To receive further corporate information, contact:
Investor Relations: 1-415-5662503 / 1-800-488-7151
or visit www.asianstardev.com
Hong Kong: Stephen Chow, President, Asian Star Development, Inc.
011-852-2721-0936 or e-mail info@asianstardev.com
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, financial and marketplace changes.
SOURCE: Asian Star Development, Inc. |
