NEWPORT BEACH, Calif., March 27, 2013 /PRNewswire/ -- Cloud Star Corp (OTCBB: CLDS) a Nevada corporation, today announced a Joint Venture and Purchase Option with App Ventures Ltd. of Hong Kong. This business combination expands the Company's cloud security presence into the rapidly growing online applications security sector.
This agreement provides a technology, development and revenue sharing partnership related to security products for the online applications sector. The Agreement also provides the terms for Cloud Star Corp to acquire App Ventures Ltd. any time during the next 12 months.
"This Joint Venture marks the expansion of Cloud Star Corp's footprint into new categories of the cloud computing security sector. We are now able to expand our product line to include security for the rapidly developing online application security sector. App Ventures has developed unique security technology for online apps and we look forward to a successful Joint Venture and potentially an acquisition opportunity down the road, commented Safa Movassaghi, President and CEO of Cloud Star Corp.
Kerry Singh, President of App Ventures Ltd. stated, "The Joint Venture with Cloud Star Corp provides an opportunity for our Company to bring our online application security to additional markets. We are honored to enter into this relationship with Cloud Star Corp."
About Cloud Star Corporation
Cloud Star Corp, NV, is an innovative cloud computing company that provides security, technology, and products to the technology marketplace. The Company operates in the remote-access computing sector including enhanced security connections. Cloud Star has developed patent-protected remote access security devices such as MyComputerKey™. The Company also develops online application security products with its partners.
"Safe Harbor" Statement: Under The Private Securities Litigation Reform Act of 1995: The statements in the press release that relate to the Company's expectations with regard to the future impact on the Company's results from new products in development are forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Notice Regarding Forward Looking Statements -This press release includes forward-looking statements that involve a number of risks and uncertainties, including the success of the programs it is commercializing and developing. Further, the risks involve the ability of the Company to raise capital to fund its operations and the capital requirements for the development and marketing of its products. Investors are encouraged to review the risk factors listed or described from time to time in the Company's filings with the Securities and Exchange Commission.
SOURCE Cloud Star Corp