SOURCE: Pointstar Entertainment Corp.

August 29, 2007 17:33 ET

Pointstar Closes US$1.5 Million Private Placement

DUBAI, UNITED ARAB EMIRATES--(Marketwire - August 29, 2007) - Pointstar Entertainment Corp. (OTCBB: PNST) ("Pointstar" or "the Company") is pleased to announce that it has completed a private placement of 3,000,000 units at a price of US$0.50 per unit.

Each unit consists of one common share and two-share purchase warrants. One-share purchase warrant is exercisable at a price of US$0.55 per share for a period of 24 months from the date of closing and one share purchase warrant is exercisable at a price of US$0.60 per share for a period of thirty-six months from the date of closing.

The proceeds of the financing will be used for working capital and to pursue opportunities in the environmental technology sector.

The securities offered in this private placement were not registered under the Securities Act of 1933 as amended (the "Act"), and may not be offered or sold in the United States absent registration, or an applicable exemption from registration, under the Act.

For further information, please contact:

Rafeh Hulays
Toll Free: 877-879-0516
Email: rhulays@pointstarcorp.com

This news release contains "forward-looking statements," as that term is defined in Section 27A of the United States Securities Act of 1933, as amended, and Section 21E of the United States Securities Exchange Act of 1934, as amended. Statements in this news release, which are not purely historical, are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements include, among others, statements as to the intended uses of the proceeds received from the private placement.

Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the change of business focus of the management of Pointstar and the inability of Pointstar to pursue its current objectives. These forward-looking statements are made as of the date of this news release and Pointstar assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although Pointstar believes that the beliefs, plans, expectations and intentions contained in this news release are reasonable, there can be no assurance those beliefs, plans, expectations, or intentions will prove to be accurate. Investors should consider all of the information set forth herein and should also refer to the risk factors disclosed in Pointstar periodic reports filed from time-to-time with the Securities and Exchange Commission and available at www.sec.gov.

Contact Information

  • For further information, please contact:

    Rafeh Hulays
    Toll Free: 877-879-0516
    Email: Email Contact