SANTA ANA, Calif., May 17, 2011 /PRNewswire/ — AquaStar Holdings, Inc. (Pink Sheets: RPPR) is pleased to announce that the Company has posted its unaudited financial results and disclosure statement for the First Quarter, period ended March 31, 2011 on the OTC Markets website (http://www.otcmarkets.com/stock/RPPR/financials). Subsequent to the Quarter ended on March 31, 2011, the Company completed the acquisition of SUTIMCo, Inc. As a result, the Company is expecting significant financial improvement for the Second Quarter of 2011.

In April, the Company completed the acquisition of SUTIMCo, Inc., a provider of management services and infrastructure for emerging technology companies based in Santa Ana, CA. As part of the agreement, AquaStar has acquired 100% of the shares of SUTIMCo in exchange for $9,500,000, payable in $4,000,000 of preferred stock in AquaStar and $5,500,000 in cash to be paid within a 24 month period from the date of closing.

During that same time period, the Company announced that its wholly-owned subsidiary, SUTIMCo, had signed a Venture Acceleration Agreement with Capwave Sensor, Inc., valued at $2,790,000. Capwave is the maker of a revolutionary portable Enzyme-Linked ImmunoSorbent Assay (ELISA) test platform. According to the terms of the Agreement, SUTIMCo will assist Capwave with development and commercialization of its technology for a period of three years at $77,500 per month. In addition, the Company announced that its wholly-owned subsidiary, SUTIMCo, had signed a Venture Acceleration Agreement with the maker of a revolutionary technology designed to harness wind power. The contract with SUTIMCo is valued at $2,790,000. According to the terms of the Agreement, SUTIMCo will assist with the further development and commercialization of this technology for a period of three years at $77,500 per month.

“We are determined to increase shareholder value, and focused on the bottom line. We believe SUTIMCo’s portfolio of emerging technologies will create significant momentum for our Company,” stated Malcolm Lennie, President of AquaStar Holdings, Inc.

SUTIMCo, Inc. has currently partnered with three start-up companies conceived from Texas A&M, the University of Arizona and SUNY Binghamton developed technologies looking to take their innovative leading edge research to the marketplace. In addition, SUTIMCo is participating in the evaluation of technology-based projects from six other major American Universities including UC San Diego, Arizona State University and Penn State University for their commercial viability.

For more information on SUTIMCo, its portfolio companies, and University partners, please visit; http://www.suti.com.

About AquaStar Holdings, Inc.:

AquaStar Holdings, Inc. is a holding company, which utilizes a unique and established platform to launch new technology enterprises based on world-class university research discoveries. AquaStar Holdings, through its wholly owned subsidiary SUTIMCo, Inc., provides experienced management to early stage companies, reducing risk and assuring the know-how in launching and growing a new company. In addition to this skilled management team, AquaStar Holdings can avail itself of the encyclopedic, informal knowledge of the inventor, his experience and his research team.

Safe Harbor: Statements regarding financial matters in this press release other than historical facts are “forward-looking statements” within the meaning of section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and as that term is defined in the Private Securities Litigation Reform Act of 1995. The Company intends that such statements about the Company’s future expectations, including future revenues and earnings, technology efficacy and all other forward-looking statements be subject to the safe harbors created thereby. The Company is a development stage company who continues to be dependent upon outside capital to sustain its existence. Since these statements (future operational results and sales) involve risks and uncertainties and are subject to change at any time, the Company’s actual results may differ materially from expected results.

SOURCE AquaStar Holdings, Inc.