Megastar Development Corporation: News Release

VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 7, 2013) - Megastar Development Corporation ("Megastar", the "Company" or "MDV") (TSX VENTURE:MDV)(FRANKFURT:M5Q) announces that the TSX Venture Exchange has agreed to extend the terms of the following warrants:

1. Original Expiry - July 20, 2013. The expiry date has been amended to add two additional years from July 20, 2013 to July 20, 2015. All other terms remain the same.

2. Original Expiry - June 1, 2014. The expiry date has been amended to add two additional years from June 1, 2014 to June 1, 2016. All other terms remain the same.

The Company will not be issuing new warrants unless the warrant holder provides a written request to the Company. Warrant holders requiring the issuance of a new warrant should do so in writing to the Company at #1130, 789 W. Pender Street, Vancouver, BC, Canada, V6C 1H2. New warrants will only be issued upon the warrant holder surrendering their original warrant.

If you have any questions, please feel free to contact the Company at (604) 669-9330 or TF 1-866-669-9377.

On behalf of the Board of Directors of MEGASTAR DEVELOPMENT CORP.

Dusan Berka, P.Eng., President & CEO