SOURCE: AquaStar Holdings, Inc.

March 16, 2011 08:14 ET

AquaStar Holdings, Inc. Signs Binding Letter of Intent to Acquire SUTIMCo, Inc.

SUTIMCo Enables Company to Work With Major North American Universities in Science and Technology Research

SANTA ANA, CA--(Marketwire - March 16, 2011) - AquaStar Holdings, Inc. (PINKSHEETS: RPPR) is pleased to announce that the Company has signed a binding letter of intent to acquire 100% ownership of SUTIMCo, Inc., in exchange for Nine Million Five Hundred Thousand Dollars ($9,500,000) to be paid in a combination of cash and stock. With this acquisition, SUTIMCo will become a wholly owned subsidiary of AquaStar Holdings and provide access to a rich resource of emerging technologies.

The SUTIMCo, Inc. robust portfolio of relationships with prestigious American universities is unique and strategic. North American universities invest over $42 billion in science and technology research, with about 15,000 new technologies disclosed annually. SUTIMCo's portfolio of technology and innovation start-ups, in partnership with more than two-dozen of the nation's premier research universities, includes operating companies, companies in the pre-funding stage and projects in the development process. Each of these business entities is being advanced by the SUTIMCo management team and methodology.

"The addition of SUTIMCo offers AquaStar Holdings immediate revenue and incredible opportunities in the emerging technologies sector ," stated Malcolm Lennie, President of AquaStar Holdings, Inc. "We look forward to continuing the growth of shareholder value through increasing our assets with acquisitions as well as increasing our sales revenues."

About SUTIMCo, Inc.:

SUTIMCo provides solid and professional teamwork in the role of the early management for each client company in the initial months. This is followed by a transition to the new company's own leadership. Putting effective teamwork in place first efficiently reduces a well-known fatal risk in early stage companies. Success is a science at SUTIMCo, to manage risk, enhance results and hasten large financial returns. The Company's vision is grounded in the belief that the SUTIMCo Proprietary Model of Success is a better way to plan, launch, develop and grow new technology companies.

About AquaStar Holdings, Inc.:

AquaStar Holdings, Inc. is a holding company, which utilizes a unique and established platform to launch new technology enterprises based on world-class university research discoveries. AquaStar Holdings provides experienced management to early stage companies, reducing risk and assuring the know-how in launching and growing a new company. In addition to this skilled management team, AquaStar Holdings can avail itself of the encyclopedic, informal knowledge of the inventor, his experience and his research team.

Safe Harbor: Statements regarding financial matters in this press release other than historical facts are "forward-looking statements" within the meaning of section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and as that term is defined in the Private Securities Litigation Reform Act of 1995. The Company intends that such statements about the Company's future expectations, including future revenues and earnings, technology efficacy and all other forward-looking statements be subject to the safe harbors created thereby. The Company is a development stage company who continues to be dependent upon outside capital to sustain its existence. Since these statements (future operational results and sales) involve risks and uncertainties and are subject to change at any time, the Company's actual results may differ materially from expected results.

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