HONG KONG, CHINA and VANCOUVER, BRITISH COLUMBIA, Sep 22, 2008 (MARKET WIRE via COMTEX) -- IAS Energy, Inc. (OTCBB: IASCA) is pleased to announce that the board of directors has approved the proposed name change from IAS Energy, Inc. to Video1314.com, Inc. The name change is subject to shareholder approval at the next annual general meeting.
The board of directors has also appointed Samuel Kam as Chairman of IAS Energy, Inc.
Samuel Kam, Chairman of IAS Energy, Inc., reported this week Video1314.com has received a record 934,147 hits to its web site in a single day. Mr. Kam states, "Our goal of 1,000,000 hits per day is not far off, resulting in substantial advertising revenue."
IAS Energy, Inc. has an option to earn up to a 100% interest in Video1314.com, through Power Telecom Limited, by issuing a total of 50 million shares of IAS and paying US$650,000 in five equal payments over a one year period. IAS has made the first three payments totaling US$350,000, and issued 30 million shares of IAS Energy, Inc. to earn a 60% interest in www.Video1314.com.
Video1314.com is a Chinese Web 2.0 platform similar to YouTube. Video1314 has plans to expand its Chinese platform and launch across Asia in Japanese, Korean and English. Besides Video, photo and audio sharing capabilities, Video1314 also offers a C2C, B2C and B2B marketplace to buy and sell goods for its members.
Additionally, IAS Energy, Inc. has an interest in three producing oil and gas wells in Texas with Anadarko Petroleum Corporation as the operator, and three producing gas wells in Kentucky with Young Operating Co., of Kentucky, as operator. For further information please visit www.iasenergy.com.
ON BEHALF OF THE BOARD OF DIRECTORS
John Robertson, President