Wednesday March 7, 12:42 am Eastern Time
Press Release
Asian Star Signs Letter of Intent with Chinese Pharmaceutical Company
HONG KONG--(BUSINESS WIRE)--March 6, 2001--Asian Star Development, Inc. (Nasdaq OTC BB:ASTV - news), with its principal offices in Hong Kong, has entered into a Letter of Intent to merge with Shanghai Baolong Pharmaceutical Co., Ltd. (``Baolong''), a pharmaceutical company located in the Technological Development Zone of Shanghai, China. The terms of the agreement provide for Baolong to acquire 80% of the total outstanding shares of ASTV, post-merger.
Stephen Chow, President of ASTV, stated: ``After months of due diligence and negotiations, we are delighted to reach an agreement with Baolong. It is an exciting company engaged in the research, development and sale of a variety of drugs distributed through over 400 active customers in more than 20 provinces in China.''
The above statements in regard to Asian Star Development, Inc. and Shanghai Baolong Pharmaceutical 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 |
