Monday September 25, 11:33 pm Eastern Time
Press Release
Asian Star Acquires 30% Interest in Chinese Manufacturing Company
HONG KONG--(BUSINESS WIRE)--Sept. 25, 2000--Asian Star Development, Inc. (Nasdaq OTCBB:ASTV - news), by and through its wholly owned subsidiary, Honking International Limited, with its principal offices in Hong Kong, has concluded an agreement with Jiangmen Gold Crown Hardware & Lock Manufactory Co. Ltd., and its subsidiaries (``JGC''), whereby ASTV has acquired 30% of the total issued and outstanding shares of JGC in exchange for 279,400 shares (valued @US$4.00 each) of ASTV Restricted Common Stock, par value $0.001. Total value of the transaction was US$ 1,117,600. The Agreement also grants ASTV an option to acquire an additional 50% of the JGC shares, for a total ownership of 80% of the JGC's total shares.
Stephen Chow, President of ASTV, stated: ``After months of negotiations, we are delighted to acquire a 30% interest in JGC. We intend to expand the distribution channels for JGC's exceptional high quality products into World markets and we anxiously look forward to working with our new team of highly skilled employees and technicians. Once we gain additional knowledge and experience in this field, we anticipate exercising our option to increase our shareholdings of JGC.''
JGC was formed over 15 years ago as a manufacturer of brass hardware, stainless steel hardware and door locks in China, and gradually developed into one of the largest exporters of high-class building hardware products in China. Presently, it exports approximately 80% of its products to world markets. JGC owns approximately 25,000 square meters of workshop area in Jiangmen, Guangdong, China. Its workforce includes over 800 workers and approximately 100 engineers and technicians. With its advanced equipment and technology, JGC handles the full manufacturing process, from brass melting, extruding and machining, to final finishing of its products. JGC's gross assets in 1999 were US$9 million and net assets were US$4 million. Projected revenues for year 2000 are approximately US$8 million.
To receive further corporate information, contact:
Investor Relations: 415/566-2503 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. and Jiangmen Gold Crown Hardware & Lock Manufactory Co 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.
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Contact:
Asian Star Development, Inc.
Stephen Chow, 011-852-2721-0936
info@asianstardev.com
Investor Relations, 415/566-2503
www.asianstardev.com |
