HENDERSON, Nev., Aug. 15, 2005 (PRIMEZONE) -- International Star, Inc. (OTCBB:ILST) today announced that the process of electing the corporation's directors to sit on the Board of Directors for the coming year has been finalized. In addition, the date of November 4, 2005, has been set for the upcoming Annual Shareholder Meeting.
After discussing the election procedures at the July 13 board of directors meeting, and then finalizing the details at the August 5 meeting, the date of September 30, 2005, has been set as the date of record for the election, and October 15, 2005 is the deadline for voting in the election.
International Star will, under the direction of STALT, Inc. of Menlo Park, Calif., be sending out proxy ballots in the near future to all current shareholders of ILST common stock. It is suggested that anyone holding ILST (formerly traded as ISRI) stock should contact the institution holding their shares to verify their mailing address to prevent any delay in receiving their proxy ballots. If shareholders have a certificate for ISRI or ILST stock, they should contact STALT, Inc., at 650-321-7111 to verify the mailing address on file.
The timeline for the election and annual shareholder meeting is dictated by the State of Nevada, and the corporation's bylaws. The incorporation anniversary date for International Star, Inc., is October 28, 1993, which means that directors must be named and recorded with the secretary of state by that date. Because of this, the deadline for voting in the upcoming election has been set to allow for a certified count being prepared and presented to the secretary of the corporation, and then the proper filings made.
This is the first time that every shareholder has been asked to participate in the election of the directors, and the company strongly encourages each shareholder to participate. The bylaws of the corporation state the annual shareholders meeting is to take place on the first Friday of November. The new board of directors will be seated at the shareholder meeting on November 4, 2005, and will serve until the next scheduled election according to the bylaws. Preparations are now underway for the shareholder meeting. All current shareholders are invited to attend. A complete agenda for the shareholder meeting has not yet been finalized. Shareholders will attend the seating of the new board of directors, be presented with a detailed yearly report and be invited to take a tour of the Detrital Wash property. To make sure that accommodations are made for the meeting room, it is requested that any shareholder planning on attending should contact Dottie McNeely at 702-897-5338 or by email at dmcneely@istarnevada.com.
International Star will continue to pursue means to expand its exploration activities on both its Detrital Wash and Wikieup properties, either by seeking additional capital through loans or private placements of its securities, or possibly entering joint venture arrangements with one or more other, more substantial companies. However, there are no arrangements now in place to further fund the company by any of these means, and the outcome of the discussions with other entities cannot be predicted. If the company raises capital by selling its equity stock, the proportionate ownership of existing shareholders will be diminished.
NOTE: This news release contains forward-looking statements. Forward-looking statements involve known and unknown risks and uncertainties that may cause the company's actual results to differ materially from forecasted results.
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