ASTV - Monday April 3, 2:42 am Eastern Time
Company Press Release
Asian Star Sells Two of its Subsidiaries in China for $1 Million US
HONG KONG--(BUSINESS WIRE)--April 3, 2000--Asian Star Development, Inc. (NASDAQ OTC BB: ASTV - news) with its principal offices in Hong Kong, has concluded its agreement with the ``Shilong Town House and Properties Corporation' (``STHPC'), to sell ASTV's 80% equity interest in the ``Dongguan Dragon Villa Limited' and ``Dongguan Dragon Entertainment Centre Limited' in exchange for approximately $1 million US. The sale excluded the operational complex of ``Dragon Villa Water World', in which ASTV will retain its 80% ownership. The ``Dragon Villa Water World' is set to be re-opened by June 2000 for its summer season.
Stephen Chow, President of ASTV stated: ``As we are determined to expand our Company into other fast growing industries, our strategy is to scale down our commitment in development projects which are under construction. This would allow the Company to preserve its strength and energy by participating in more lucrative enterprises.'
ASTV's major business activities were previously focused on real estate development in Asia and China. Recently, the Company has acquired 52% of the Harmonic Hall Investment Holdings Limited (``Harmonic'), a corporation with 13 subsidiaries, ``Harmonic' is considered to be one of the world's leaders in C.D. and CD-RW manufacturing. As China is entering into WTO in the near future, ASTV, with Harmonic and other projects, will take the advantage of the immense market of 1.2 billion people in China.
Note to Editors: 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.
--------------------------------------------------------------------------------
Contact:
Asian Star Development, Inc.
Stephen Chow, 011-852-2721-0936 (President)
info@asianstardev.com
Investor Relations, 1-415-5662503/1-800-488-7151
visit www.asianstardev.com |
