Powerstar International Inc.

April 26, 2007 19:25 ET

Powerstar International Inc. Enters Into Agreement to Acquire Fatport Corporation From Ignition Point Technologies Corp.

Acquisition Marks Powerstar's Entry into the Hot Spot Market

VANCOUVER, BRITISH COLUMBIA and CALGARY, ALBERTA--(CCNMatthews - April 26, 2007) - Ignition Point Technologies Corp. (Ignition Point) and Powerstar International Inc. (TSX VENTURE:PWS) (Powerstar) are pleased to announce that they have entered into an agreement whereby Powerstar is to acquire Ignition Point's subsidiary FatPort Corporation for an amount estimated to be $1,180,000. The purchase price is payable in cash and is subject to adjustment based on confirmation of the gross revenue of FatPort for the six months ended March 31, 2007. The transaction will be implemented by way of a plan of arrangement. Completion of the transaction is subject to customary closing conditions, including receipt of court and TSX Venture Exchange approval.

"Powerstar is excited about this acquisition since it catapults us into the explosive growth of the Wi-Fi Hot Spot market," said Dr. Hatim Zaghloul, CEO and Chairman of Powerstar, "We plan to strengthen the existing strategic relationships and forge large scale relationships with worldwide advertising marketplace to provide contextual messaging which should generate significant revenue and enhance customer experience.

"Ignition Point is pleased to pass Fatport onto the capable and ambitious team at Powerstar", said Peter van der Gracht, CEO of Ignition Point. "We plan now to devote all our energies to growing our TeraSpan business."

About Ignition Point

Ignition Point Technologies Corp., a Vancouver-based broadband technology company, provides unique access and applications solutions to wired and wireless network service providers. Ignition Point subsidiaries include TeraSpan Networks Inc. www.teraspan.com and FatPort Corporation www.fatport.com . For more information, visit www.ignitionpoint.ca.

About Powerstar International Inc.

Powerstar International Inc. was a Capital Pool Corporation that has completed its qualifying transaction by the acquisition of Solutrea Inc. and Solutrea Canada Inc. Solutrea is in the business of providing value added services in the broadband communications market.

This release may contain certain forward-looking statements reflecting Ignition Point Technologies' current expectations in the broadband communications market. Investors are cautioned that all forward-looking statements involve risks and uncertainties, including, without limitation, changes in market and competition, technological developments and potential downturns in economic conditions generally. Additional information on these and other potential factors that could affect the company's financial results are detailed in documents filed from time to time with the British Columbia Securities Commission.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this news release.

Contact Information

  • Ignition Point Technologies Corp.
    Stephen Majlath
    Chief Financial Officer
    (604) 633-9090
    Website: www.ignitionpoint.ca
    Powerstar International Inc.
    Hatim Zaghloul
    CEO and Chairman
    (403) 285-0223