HONG KONG--(BUSINESS WIRE)--May 15, 2000--Asian Star Development,
Inc. (NASD OTC BB: ASTV), with its principal office in Hong Kong, and
Chinapro Technology Limited, Hong Kong, owner of 100% of IBT Asia Pte.
Ltd. ("IAPL") of Singapore, have entered into a Memorandum of
Understanding whereby Asian Star will acquire 30% of the total
authorized and outstanding shares of "IAPL," with an option to acquire
an additional 21%, thereby giving Asian Star a controlling interest.
The parties intend to complete the necessary due diligence as soon
as possible, and closing of the transaction is subject to the
ratification by the Board of Directors of Asian Star.
IAPL was formed in 1994 as a Software Consultant and has developed
and owns proprietary specialized software programs which operate
systems relating to : (1) Global Trading & Settlement; (2) Financial
Loan Transactions; (3) Property Management; (4) Automobile Rental; and
(5) Equipment Rental. IAPL's client base includes Development Bank of
Singapore, E-Global Securities of San Francisco, Thrifty Car Rental of
Singapore, Hertz Asia Pacific Pte. Ltd. (NYSE: HRZ) and Inland Revenue
Authority of Singapore.
Stephen Chow, President of Asian Star, stated, "As we have
expanded our business into the high-tech field, we are excited to be
associated with 'IAPL' and to have our presence in Singapore. We
intend to use our business network to extend the business of 'IAPL' to
Hong Kong and China."
ASTV is currently involved in ongoing negotiations involving
further acquisitions and/or licensing agreements. Shareholders will be
informed as the negotiations are concluded, likely within the second
quarter of this year.
The above statements in regard to Asian Star Development, Inc. and
IBT Asia Pte. Ltd. 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.
--30--mr/sf*
CONTACT: Asian Star Development, Inc., Hong Kong
Stephen Chow, 011-852-2721-0936 (President)
info@asianstardev.com
or
Investor Relations, 415/566-2503 or 800/488-7151
www.asianstardev.com
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