World Star Asia Announcement: Relationship with CBN World Star Incorporated & World Transport Authority Inc. Terminated

Business Wire, Nov 5, 1998

RENO, Nev.--(BUSINESS WIRE)--Nov. 4, 1998--World Star Asia Inc. (OTC BB:WSAS) announces the following:

The company has terminated its relationship and business plans involving CBN World Star Incorporated and World Transport Authority Inc. originally announced June 18, 1998.

In July 1998, the company had purchased all of the issued and outstanding shares in the capital of CBN World Star Asia Inc. (the "CBN Purchased Shares") and had also obtained a license to sell sub-licenses to build factories in the Philippines for the production of the WorldStar Utility Vehicle ("Master License") and obtained a second license from World Transport to build a mold building factory in the Philippines ("Mold License"). The company issued 2,500,000 restricted shares of the company's common stock as consideration for the CBN Purchased Shares, Master License and Mold License.

The company has reevaluated this investment and has entered into agreement to unwind the foregoing transactions with the original parties by repurchasing all the shares of the company which were issued as consideration to the original stockholders of CBN World Transport Authority Inc. in exchange for all the CBN Purchased Shares and to World Transport Authority Inc. in exchange for the Master License and Mold License. The company has received majority stockholder approval in connection with this decision.

The company is in the process of looking for a new business opportunity. Further information will be released as matters develop.

WORLD STAR ASIA INC.

(signed)

Christos Koumbis

The SEC and NASD have not reviewed and does not accept responsibility for the adequacy or accuracy of this release.