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Asian Star Development, Inc. Signs Letter of Intent to Acquire the First CD-RW & DVD Manufacturer in Hong Kong & China
HONG KONG--(BUSINESS WIRE)--May 17, 1999--Asian Star Development, Inc., with its principal office in Hong Kong, and Harmonic Hall Optical Disc Ltd, with its principal office and factory in Kowloon, Hong Kong, have entered into a Letter of Intent whereby Asian Star will acquire control of Harmonic Hall Investment Holdings Ltd ("Harmonic"). The parties intend to complete the necessary due diligence as soon as possible, subject to the ratification by the Board of Directors of Asian Star.

Harmonic was formed in 1976 as a cassette duplication factory and gradually developed into a manufacturer providing a full spectrum of one-stop service to the entertainment and software industries, and started the manufacturing of rewritable media in 1998. Products include CD-RW, DVD, CD, CD-ROM, VCD, LD, Stampers, Water Mark CD, Cassette and VHS. The client base has extended to a group of over 300 active customers, including Philips, BASF, ACER, IBM, MicroSoft, Mattel Toys, Polygram, Warner Music, BMG, EMI. Harmonic's projected revenue for 1999 is approximately $37 Million US and net profit of approximately $11 Million US.

Stephen Chow, President of Asian Star, stated, "As we have expanded our business into the high-tech field, we are gratified to be associated with the most respectful and leading group of the optical industries, Harmonic Hall Groups. We intend to expand our high-tech presence and enterprises throughout Asia, both in land-based facilities and through the use of unique electronic commerce ventures to the ever expanding internet."

To receive further corporate information: Contact: Stephen Chow, President, Asian Star Development, Inc.: 011-852-2721-0936 or visit www.asianstardev.com ; e-mail: [email protected] .

The above statements in regard to Asian Star Development, Inc. and Harmonic Hall Optical Disc 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, financial and marketplace changes.


Contact:

     Asian Star Development Inc.
     Stephen Chow, 011-852-2721-0936
     
[email protected]

     
www.asianstardev.com



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