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Non-Tech : venturetech VTEH bullettin board -- Ignore unavailable to you. Want to Upgrade?

To: Jimmy Nicholson who wrote (815)	4/13/1999 8:54:00 AM
From: Targetzero	Read Replies (1) \| Respond to of 913

NEWS RELEASE: VentureTech, Inc. and Asian StarDevelopment, Inc. Sign Pact for Strategic Alliance in Asia April 13, 1999 07:03 AM KOWLOON, Hong Kong--(BUSINESS WIRE)--April 13, 1999--VentureTech, Inc. VTEH , and Asian Star Development, Inc. ASTV , are pleased to announce that pursuant to a prior letter of intent between the parties (see news release dated March 1, 1999), the companies have executed a formal agreement finalizing the terms of its strategic alliance to provide Internet-related gambling services in Asia. Both companies will be carrying out its responsibilities and obligations under the agreement through wholly owned subsidiaries established specifically for this purpose. The companies anticipate launching gaming operations for real money by the end of second quarter 1999. EuroAsian E-Casinos, VentureTech's wholly owned subsidiary, will provide the necessary licensing, technical and operational requirements to launch, operate and maintain a primary interactive web site -- www.asiacasino.com -- for this purpose. The company recently signed a technology licensing agreement with Softec Systems Caribbean Inc., a wholly owned subsidiary of Starnet Communications International Inc. SNMM , to provide gaming technology customized to an Asian theme. 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. Asian Star and VentureTech 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 and other e-commerce web sites as deemed viable. 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. Internet-based gambling has yet to even breach the surface of the prospective demand for at-home wagering in that part of the world. "The immediate credibility and understanding of the local culture brought to this venture by Asian Star and its majority shareholder, New World Development Co. Ltd., will go a long way toward assuring our Asian players that they are gambling in a legitimate, enjoyable and honorable casino environment. We look forward to a long and lucrative working relationship with Stephen Chow and Asian Star." Stephen Chow, president of Asian Star commented, "This is but the first step on a long road toward establishing our companies as a major presence in the online-commerce community of Asia. The individual strengths of our two companies are ideally suited to such an association. We eagerly await the launch of what we hope will be the first of many such e-commerce ventures together." Stephen Chow further noted that: "The recent resurgence of the Asian economy gives us further confidence that the growing medium of the Internet will be accepted as a natural way of conducting both business and pleasure activities in Asia." To receive further corporate information: Investor Relations: Toll-Free 800/488-7151 or visit www.vteh.com and www.asianstardev.com. Hong Kong: Contact Stephen Chow, president, Asian Star Development: 011-852-2721-0936. Corporate & Joint Venture Information: Contact Art Rosenberg, VentureTech: 703/471-5623. 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.