Trading Update

Blue Star Capital plc
21 December 2007


21 December 2007


                             Blue Star Capital plc

                        (' Blue Star' or 'the Company')

                               Investment Update


Blue Star Capital plc (AIM: BLU), the company created to provide seed capital
for early stage companies, issues the following investment update.

Existing Investments

Eseekers LTD (ShareNow.com) the developers of the innovative internet
self-publishing file-sharing application has just successfully completed a US$4
million fund raising that values Eseekers LTD at US$40 million, an increase of
166% on the previous valuation.. Blue Star has, up to this point, invested
GBP300,000 and owns 3.54% of the company valuing its shareholding after the
fund-raising at US Dollars 1.41 million. ShareNow enables a registered user to
instantly share any files and of any size on their computer with anyone else on
the web - without the need to have to upload them to anyone's servers, in
essence, the user remains in control and ownership of their media. This is a key
differential advantage in establishing ShareNow as a leading social networking
site in a sector that is rapidly growing.

Zenergy PLC (AIM: ZEN) the global manufacturer and developer of commercial
applications for superconductive materials, has announced a fund-raising of
GBP10 million to provide additional working capital and acceleration of its
ongoing research and commercial development. Blue Star has, up to this point,
invested GBP473,000 and realised net gains of GBP654,140. It currently retains
501,277 ordinary shares and owns 1.14% of the company, valuing its shareholding
after the fund-raising at GBP1,586,542.

Blue Star continues to hold minority investments in 5 public companies and two
unquoted companies with a total cost of investment of GBP3,131,159 at the end of
the financial year to 30th September 2007; the Company has cash balances of
GBP1,135,479.

New Investment

The PegasusBridge Fund is a new private specialist investment fund. The fund's
objective is to attain significant capital growth through investment in unquoted
and some quoted shares in defence-related and security related companies
including a strong focus on Homeland Security. Pegasusbridge is Europe's first
Homeland Security Fund and Blue Star has co-investment rights alongside the
fund. Pegasusbridge's Advisory board is Chaired by General Sir Michael Wilkes,
who was previously Commanding Officer of 22 SAS. Blue Star has invested
GBP300,000 in the Fund for a minority stake. Blue Star believes that the Fund
meets all the Company's strategic investment objectives as it has the potential
for significant capital growth and a strong management team.

Nigel Robertson, Blue Star's Chairman, said:

'I am delighted that the companies we have invested in are meeting their
strategic objectives. Our investments in Eseekers, Zenergy and The PegasusBridge
Fund demonstrate our continuing focus on opportunities which will deliver
significant capital growth.'


For further information:

Blue Star Capital plc
Nigel Robertson, Chairman
Haresh Kanabar CEO                                         Tel: [phone]

Landsbanki Securities (UK) Limited
Mark Dickenson / Sindre Ottesen                            Tel: [phone]

Square1 Consulting Limited
David Bick / Mark Longson                                  Tel: [phone]


Notes to Editors:

Eseekers LTD (ShareNow.com)

Eseekers is a private company which launched the ShareNow.com portal in March
2007. ShareNow's desktop application allows users to serve an unlimited number
of files to the internet directly from their own personal computer with just a
simple URL. The free ShareNow internet self-publishing application is the first
of its kind to place no restrictions on file type, size or quality that users
can share without the need for recipients of the URL to register or download any
client application. Files can be accessed directly with just a web browser by
clicking a link. The Internet is a rapidly changing space and ShareNow is the
next logical step in user-generated content, social media and social networking
phenomenon taking place now by enabling users to easily share all types of
content with anyone with a web browser. Using ShareNow's simple service people
are now able to completely control their own media without relying on external
servers. ShareNow is right on the curve of this fundamental change of truly
empowering users to self publish and self mange their own content.

Zenergy PLC

Zenergy PLC (AIM: ZEN) is a global specialist manufacturer and developer of
commercial applications for superconductive materials. Comprising three
operating subsidiaries located in Germany (Trithor), USA (SC Power Systems) and
Australia (Australian Superconductors), Zenergy is developing a number of energy
efficient applications to be adopted in renewable energy power generation,
energy efficient applications to be adopted in renewable energy power
generation, energy distribution and large scale, energy intensive industrial
processes.

Zenergy announced on 19 December 2007 that it passed a key technical milestone
as it had successfully produced a 10 metre length of 2nd generation HTS wire
using its ground-breaking 'all chemical' production process. Subject of a recent
grant from the German Ministry of Economics and Technology, Zenergy's 'all
chemical' production processes, are being developed with a view of making the
Group highly economically viable superconductor materials for commercial
exploitation.

PegasusBridge Fund

The PegasusBridge Fund's objective is to attain significant capital growth
through investment in unquoted and some quoted shares of defence-related and
security-related technology companies including a strong focus on Homeland
Security. These companies are located primarily in the UK but occasionally will
be elsewhere, for example in mainland Europe, Scandinavia, the USA and elsewhere
in the developed world.

Investments will be primarily in first and second stage companies,
pre-floatation companies and occasionally companies in later stages of
development, to include corporate divestments. The fund's investments will be
normally in the form of equity investments (including convertible loans and
other appropriate instruments). The fund will not normally seek active
participation on the board of directors of each investment but will ensure it is
appropriately placed to advise on and influence both the strategic and tactical
management decisions.

                                      End




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