WorldStar Energy, Corp.
OTC Bulletin Board : WSTR

December 29, 2006 09:30 ET

WorldStar Negotiating to Acquire Mineral Properties

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Dec. 29, 2006) - WorldStar Energy, Corp. (OTCBB:WSTR) announces that it is in negotiations to acquire a controlling interest in companies which hold mineral exploration licenses in an East Asian country. If negotiations are successfully concluded through to definitive agreements, the acquisition, including related financing transactions, would involve the issuance of approximately 50 million WSTR common shares with a deemed value of US$0.25 each. Definitive agreements are targeted to be concluded by approximately January 31, 2007. The transaction, if concluded, would involve a change of control of the Company and will result in certain reporting obligations being triggered immediately. It is expected that the majority of the shares to be issued will be issued in reliance on registration exemptions under the United States Securities Act of 1933 and accordingly will be subject to resale restrictions. A minority portion of the shares may have registration rights attached.

Forward-Looking Statements:

The Private Securities Litigation Reform Act of 1995 provides a safe harbor for forward-looking statements made on behalf of the Company. All such forward-looking statements are, by necessity, only statements of intentions or desired outcomes. Actual events and results achieved by the Company may differ materially from these statements due to a number of factors. Statements made in this news release that are not purely historical are forward-looking statements. Risk factors that may cause results to differ from expectations include the inability of the Company to reach definitive agreements, a failure to satisfy any party's due diligence review requirements and the legal requirements of securing control of corporations and mineral rights in foreign jurisdictions.

Contact Information

  • WorldStar Energy, Corp.
    Michael Kinley
    (604) 434-5256
    (604) 434-5488 (FAX)