HENDERSON, Nev., Nov. 7, 2006 (PRIMEZONE) -- International Star Inc. (OTCBB:ILST) announces the appointment of Robert M. Glover to its board of directors. Also, International Star and Kilpatrick Life Insurance Company agree to the repayment of the $250,000 loan from November 2003.
Effective November 3, 2006, Robert M. Glover, owner of Glover Enterprises, joined the Board of Directors of International Star, Inc., following a unanimous vote of approval at a called Board of Directors meeting. Robert (Mick) Glover has worked with International Star as an independent contractor for the last eighteen months helping to obtain additional property in the Detrital Wash area of Mohave County, Arizona. Mick has also been instrumental in the ongoing development of the process being used at both the Detrital Wash and Wikieup properties.
Mr. Glover brings with him over 30 years of industrial and corporate experience. His background includes consulting, chemical and mechanical engineering along with personal protection services. Mr. Glover's years of business and professional experience will bring additional strength and energy to the board and contribute to the strategic development of the company. Mr. Glover's strong work ethics and professional resources will be a valued asset to International Star in the coming months.
On October 28, 2003, International Star, Inc. (STAR) approved the acceptance of a Subscription Agreement and Loan Agreement between STAR and Kilpatrick Life Insurance Company (KLIC). Under the terms of these agreements, KLIC loaned to STAR $250,000 pursuant to a promissory note, carrying an interest rate of 6 percent per annum, with interest payable in quarterly installments with the first quarterly interest payment due on April 28, 2004. This note became due and payable in full on October 28, 2006, and was secured by a mortgage of a 25 percent mineral interest in the original 1,280 acre Detrital Wash Mining Claims in Mohave County, Arizona. Wishing to act in the best interest of International Star, Inc. and Kilpatrick Life Insurance Company, KLIC had waived payment of all interest due until October 28, 2006.
On October 30, 2006, KLIC and STAR agreed to convert the outstanding loan of $250,000 and interest due in the amount of $28,875.25, into ILST common stock at a rate of $0.015 per share for a total of 18,591,682 shares, bringing Kilpatrick Life Insurance Company total holdings of ILST common stock to 52,351,682 shares.
About International Star, Inc.
International Star, Inc. (OTCBB:ILST) is based in Henderson, Nev. and is an exploration stage company with no reserves or mining operations. Since 1998 it has been embarked on the acquisition of mineral claims, principally in Mohave County, Arizona. Currently International Star is focusing on the exploration of its Detrital Wash property, located near Marker 22 in Mohave County.
More information about International Star can be obtained by contacting Dottie Wommack by e-mail at ir@istarnevada.com.
Any statements made in this press release which are not historical facts contain certain forward-looking statements, as such term is defined in the Private Litigation Reform Act of 1995, concerning potential developments affecting the business, prospects, financial condition and other aspects of the company to which this release pertains. The actual results of the specific items described in this release, and the company's operations generally, may differ materially from what is projected in such forward-looking statements. Although such statements are based upon the best judgments of management of the company as of the date of this release, significant deviations in magnitude, timing and other factors may result from business risks and uncertainties including, without limitation, the company's dependence on third parties, general market and economic conditions, technical factors, the availability of outside capital, receipt of revenues and other factors, many of which are beyond the control of the company. The company disclaims any obligation to update information contained in any forward-looking statement. These forward looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results, levels of activity, performance, or achievements to be materially different from any future results, levels of activity, performance, or achievement expressed or implied by such forward looking statements. In some cases, forward-looking statements can be identified by terminology such as "may," "will," "should," "could," "intend," "expects," "plan," "anticipates," "believes," "estimates," "predicts," "potential," or "continue" or the negative of such terms or other comparable terminology. Although the company believes that the expectations reflected in the forward-looking statements are reasonable, the company cannot guarantee future results, levels of activity, performance, or achievements. Moreover, neither it nor any other person assumes responsibility for the accuracy and completeness of such statements.
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