Asian Star Developments Inc. NASD OTC BB: ASTV
March 24, 1999--VentureTech, Inc. [OTCBB: VTEH], an Idaho corporation, is pleased to announce it has signed a technology license agreement, through its wholly owned subsidiary EuroAsian E-Casinos, Inc. (E-Casinos), with Softec Systems Caribbean Inc. (Softec), a wholly owned subsidiary of Starnet Communications International Inc. This license agreement was signed in anticipation of B-Casinos finalizing its proposed strategic alliance with Asian Star Development, Inc. [OTCBB: ASTV] to offer online gaming to jurisdictions located in Asia [see news release dated March 1, 1999]. Until such time as the laws regarding online wagering in the United States are clarified, B-Casinos does not intend to accept wagers from prospective players in the United States.
Under the technology agreement, Softec will supply a customized, full service Internet gaming system where customers will be able to place wagers for real money on casino-style games of chance and with an international Sportsbook. Additional gaming services are anticipated to be added over time. E-Casinos intends to customize its www.asiacasino.com web site to an Asian theme for this purpose. VentureTech further anticipates creating two additional subsidiary companies in the Caribbean to facilitate this gaming venture--one to hold a gaming license and the other to process e-cash transactions. E-Casinos hopes to be able to accept wagers in Asia sometime in the second quarter of 1999. Art Rosenberg, COO of VentureTech stated, "The Asian gambling market is thought to be one of the most lucrative in the world for conventional gaming ventures. Online Internet-based gambling has yet to breach the surface of the prospective demand for at-home wagering in that part of the world. With technology of the type supplied by Softec and the reputation and presence of our strategic alliance partner, Asian Star, we are excited about the potential benefits that should accrue to our parent company, VentureTech. We fully expect to build on the anticipated success of this Asian venture to further expand our presence in other parts of the world where online gambling is fast becoming a reality.' Starnet is an Internet software, technology and service company, which commercializes online applications for established markets. Softec Systems Caribbean Inc. (www.softecsvstems.com), Starnet's wholly-owned subsidiary, licenses its "turn-key" Internet gaming technologies to independent operators in exchange for participation in a percentage of its licensees' revenues. The Wall Street Journal has described Starnet as "one of the established leaders in Internet gaming and entertainment." Starnet trades on the NASD Bulletin Board as a fully reporting Issuer under the symbol "SNMM".
Corporate & Joint Venture Information: Mr. Art Rosenberg, COO: 703/471-5623.
Hong Kong: Contact Mr. Stephen Chow, President, Asian Star Development: 011 852 2722-7957
Vancouver; Contact Mr. Bill Nichols, Corporate Communicators, ASTV, 1-877-212-3233, (604) 682-3466, e-mail: spider-web@home.com
The above statements in regard to VentureTech, Inc. and 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 VentureTech, Inc. and 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. |
