ASP Acquisition of Elite Companies Concluded.

Business Editors

CARLSBAD, Calif.--(BUSINESS WIRE)--July 11, 2003

ASP Ventures Corp. ("ASP")(OTCBB:APVE) today announced that it has acquired 100% of three fractional ownership businesses, Elite Jet, Inc. ("Elite Jet"), Elite Property, Inc. ("Elite Properties") and Elite Yachts, Inc. ("Elite Yachts") as wholly owned subsidiaries, in exchange for 11,771,860 shares of ASP common stock. As a component of the acquisition, a new board of directors is now in place, new officers appointed, and corporate offices relocated to Carlsbad, California. The public company will be "Elite Corporation" with the previous three entities acting as wholly owned subsidiaries.

Elite Jet is an established California based company that sells fractional ownership interests in jet aircraft. Elite Jet was formed in 2001 to take advantage of the fast growing popularity of fractional aircraft ownership within a niche designed to compete with existing high priced fractional ownership programs and the expense of owning an entire aircraft. Currently, Elite Jet offers fractional ownership interests in seven Falcon 20F business jets. Elite Jet has also established an air charter division that accounts for usage of the aircraft in excess of that permitted under the fractional ownership program. Elite Jet plans to expand its fractional ownership program to include more Falcon 20F's in addition to smaller Falcon 10 aircraft and the larger Challenger 600 aircraft.

Elite Properties intends to market fractional interests in high end real estate properties to wealthy individuals and corporations that demand a world class level of service. Elite Properties expects to handle all aspects of property ownership ensuring that owners can enjoy their property without the inherent hassles of traditional time share ownership. Elite Yachts intends to offer fractional ownership interests in luxury cruisers and motor yachts. Management believes that owning a fractional share in one of the Elite Yachts could save the owner up to 90% of the costs that are associated with full ownership. An Elite Yachts share could save up to 30% per week of usage over the average charter rate.

The new president of ASP, Scott Walker, has expressed confidence that operating as a public company will provide a solid basis from which Elite Jet, Elite Properties and Elite Yachts will be able to access additional financing to capitalize the expansion of Elite Jet's current business and the development of both Elite Properties and Elite Yachts. Mr. Walker stated that "this transition will enable the Elite companies to grow rapidly towards its goal of being one of the leading providers of fractional ownership interests."

Action taken by the shareholders in lieu of a special shareholders meeting has confirmed the intent of the new board of directors to amend ASP's articles of incorporation to change the corporation's name to "Elite Corporation" and to increase the number of common shares authorized from 50,000,000 to 200,000,000.

Shareholders can obtain more information by visiting the Elite website at www.elitejet.net

A number of statements contained in this press release are forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Act of 1995. These forward looking statements involve a number of risks and uncertainties, including timely development, and market acceptance of products and technologies, competitive market conditions, successful integration of acquisitions and the ability to secure additional sources of financing. The actual results of ASP Ventures Corp. may achieve could differ materially from any forward-looking statements due to such risks and uncertainties. ASP encourages the public to read the information provided here in conjunction with its most recent filings on Form 10KSB and Form 10QSB. ASP's public filings may be viewed at www.sec.gov.