Asian Star to Open 1,000 "6-12" Convenience Stores in Beijing.HONG KONG--(BUSINESS WIRE)--Oct. 16, 1998--Asian Star Development, Inc. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB:ASTV ASTV Aeroassisted Space Transfer Vehicles ), a Nevada Corporation A Nevada Corporation is a corporation chartered under the laws of the U.S. state of Nevada. Nevada, like the state of Delaware (See Delaware corporation), is well known as a corporate haven. , announced today that it has entered into an agreement with GE Lin Tao to form a new Hong Kong Hong Kong (hŏng kŏng), Mandarin Xianggang, special administrative region of China, formerly a British crown colony (2005 est. pop. 6,899,000), land area 422 sq mi (1,092 sq km), adjacent to Guangdong prov. company which will acquire 100% of the total shares of Super Shopping Channels Ltd. and Beijing Kinetic Sales Network Limited. The purpose of the newly-formed Hong Kong company will be to develop "6-12" Convenience Stores and the Shandong Winery in China. Under the terms of the agreement, the company will own 75% of the newly-formed Hong Kong company. The parties intend to immediately commence construction of 1,000 "6-12" Convenience Stores in Beijing, China. The stores will be modern looking, self-contained, 8' x 10' Kiosks situated on the street corners and sidewalks throughout Beijing, and will carry 300-400 convenience items. Projected revenues from the "6-12" Convenience Stores during 1999 are $25,000,000 U.S. Total projected revenues from all of the company's projects during 1999 is $38,525,000 U.S. The company is also currently engaged in two other real estate projects in Guandong Province, which is the wealthiest and most developed province in China and is situated adjacent to Hong Kong. The projects, known as Dragon Villa and Maple City, involve the development and operation of resort, entertainment, convention and recreation centers. On Aug. 1, 1998, the company opened its 67-acre Dragon Villa Water Park to overflow crowds. Construction continues on the adjacent luxury resort hotel and entertainment center, both of which will be open in early 1999. Stephen S. Chow, Chairman of the Board For information, contact Gary Bryant, Newport Capital Consultants, Inc., telephone 949/493-9432, fax 949/493-8847. The company will be exhibiting at Discovery Expo Fall '98 on Oct. 20, 1998, at the New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of Hilton & Towers in New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. . This news release contains forward looking statements, as that term is defined in the PSLRA PSLRA Private Securities Litigation Reform Act PSLRA Public Service Labour Relations Act (Canada) of 1995, which are subject to and involve risks and uncertainties, including the impact of general economic conditions and foreign markets, as they may affect the company's operations and business. Actual results and developments may therefore differ materially from those described in this release. |
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