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Asian Star Acquires Majority Shares of Hong Kong / China Group of CD Manufacturing Companies with Projected Sales of $30 Million
Hong Kong, March 29, 2000, Asian Star Development, Inc. (NASD OTC BB: ASTV) and Asian Star (Hong Kong) Limited, a wholly owned subsidiary of Asian Star Development, Inc., with its principal offices in Hong Kong, has concluded its agreement with Harmonic Hall Investment Holdings Ltd. (Harmonic), a B.V.I. Corporation, with 13 subsidiaries, operated in Hong Kong and China, whereby ASTV has acquired approximately 52% shares by exchange of 2,313,625 shares of ASTV Restricted Common Stock, par value $.001 and approximately US$650,000.00 cash.
Mr. Stephen Chow, President of ASTV stated, ?After months of negotiations, we are delighted to acquire controlling interest in Harmonic. After our receipt of the Due Diligence Report completed by PriceWaterhouseCoopers, we are confident of a prosperous future for Harmonic and the CVD & CD-RW business. We are excited to take this as the first step of entering Asian Star into this rapid growth industry, and we intend to expand Harmonics? exceptional products further into the World markets and greatly increase our presence in China and the rest of Asia. We are looking forward to working with our new team of World-class employees and technicians and expect we will all greatly benefit from our combined expertise.?
?With the completion of our acquisition of Harmonic we now intend to move towards another goal of obtaining a full NASDAQ listing in the near future?, Mr. Chow added.
Harmonic Group 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, Wter Mrk CD, Cassette and VHS. The client base has extended to a group of over 300 active customers, including Philips [NYSE: PHG], BASF [NASDAQ: BASFY], ACER, IBM [NYSE: IBM], Microsoft [NASDAQ: MSFT], Mattel Toys [NYSE: MAT], Polygram [NYSE: PLG], Warner Music [NYSE: TWX], BMG, EMI. Harmonic?s Gross Assets of 1999 is US$33,959,000.00 and Net Assets is US$22,106,000.00. Projected Revenues for 2000 is approximately $30 million US.
As reported in the Economist Magazine (June ? July 1999) : ?DVD is fast becoming the most important consumer-electronics product since the VCR. ?.DVD sales are on a tear: DVD sales could double this year, to just over 2 million units, and reach 5.6 million by 2002, says forecaster Info Tech Inc.?
Asian Star is approximately 20% owned by a subsidiary of New World Development of Hong Kong [Hong Kong Symbol: HKG:0017.HK], which also owns approximately 18% of China.com [NASDAQ: CHINA]
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 and marketplace changes. |
