VentureTech, Inc. and Asian Star Development, Enter into Strategic Alliance for Internet Gaming in Asia.
For Immediate Release
Kowloon, Hong Kong and Vancouver, Canada Inc. – March 1, 1999 - VentureTech, Inc. [OTCBB: VTEH], an Idaho corporation, with its principal offices in Vancouver, BC, Canada and Asian Star Development, Inc. [OTCBB: ASTV], a Nevada corporation, with its principal offices in Kowloon, Hong Kong, are pleased to report that the parties have entered into a letter of intent to create a strategic alliance for the purpose of offering real-time interactive gambling in Asia including, but not limited to Hong Kong and mainland China. The parties intend to complete the necessary contractual documentation as soon as possible, subject to the ratification by both boards of directors.
VentureTech will provide the necessary licensing, technical and operational requirements through its wholly owned subsidiary -- EuroAsian E-Casinos, Inc. (E-Casinos) -- to launch, operate and maintain a primary interactive web site -- www.asiacasino.com -- for this purpose. Asian Star will utilize its presence and reputation in Hong Kong, Asia, and Mainland China to assist in the exposure and marketing of the interactive gaming web site. VentureTech and Asian Star will then share in the net revenues of the operation under a specified revenue sharing formula. The initial location of the web site's servers are expected to be located and operated outside of Asia under license with an existing authorizing jurisdiction. The parties anticipate developing further interactive gambling web sites as deemed viable.
As a further condition of the strategic alliance, each party has the right to purchase restricted common stock of up to $1.5 million, at a discounted price, in the other party.
Mr. Stephen Chow, President of Asian Star commented: "We are gratified to be associated with one of the pioneering companies in the online gaming industry. Their overall knowledge, and experience in this field, as well as their leadership in the campaign to bring control and regulation to this infant industry, should greatly contribute to the overall success of this endeavor."
Mr. Kenneth Fitzpatrick, President of VentureTech stated: "Asian Star's reputation and working relationships in the Asian community gives us confidence that the alliance will make significant inroads in this as-yet untapped market."
Asian Star is engaged in a number of business projects in China. The company's mission is to develop into a major Asian entertainment, sports and recreation and property development company, consisting of entertainment centers and hotels, sports and recreation clubs, amusement parks, resorts, real estate projects, infrastructure projects and a chain of convenience stores, some of which is completed or under construction. One of the major shareholders of Asian Star Development, Inc. is a subsidiary of New World Development Co. Ltd., a large, public company trading in Asia.
VentureTech is a high technology investment and finance company dedicated to becoming one of the premier providers of gaming services for real money on the Internet and other computer networks.
To receive further corporate information: Investor Relations: Toll-Free (800) 488-7151 or visit wwww.vteh.com
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
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.
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