BELLINGHAM, Wash., March 30, 2007 (PRIME NEWSWIRE) -- Asia Properties, Inc. or "API" (Pink Sheets:ASPZ) a developer of resorts and prime real estate in Thailand and Southeast Asia, announced today it is in the process of bringing all of the Company's financial statements up-to-date with the intention of becoming a fully reporting full disclosure issuer. The audited financial statements now posted on www.pinksheets.com are the first of a number of such public releases.
Over the past year, the company has made progress toward fulfilling a number of key moves toward the realization of its business goals:
1. In May, 2006 API hired Ms. Shananporn Lerlertkul (Jill)
as its Sales Manager. Ms. Lerlertkul is responsible for
managing all the sales functions for the company and its
subsidiaries and for International marketing promotions
and sales campaigns, magazine and internet ads.
2. In late February, 2007 API, announced that Mergent's Editorial
Board (formerly Moody's) had approved API for a listing in
Mergent Manuals and News Reports(tm). This listing helps
API toward achieving its goal of full public disclosure.
As part of Mergent's listing services, the new description
is highlighted separately on www.mergent.com with an active
hyperlink back to API's website.
3. In March of 2007, API reported the title transfer of
fourteen homes, since the beginning of the year, in the
Phase I section of the Company's Baan Naiyang Resort in
Phuket, Thailand.
4. API appointed My Trusted House, a leading international
property marketing company, to market its Baan Naiyang
Resort subdivision. My Trusted House, is marketing the
resort project on an exclusive basis in the following
countries: The Netherlands, Belgium, Luxembourg, Germany,
Denmark, Sweden and Finland, and promotes through its
associate company, Liberty TV Netherlands via infomercials
and on travel TV stations in Germany.
5. At the end of February, 2007 Asia Properties announced
that it had acquired, through its wholly owned subsidiary,
Hertz Controller Technologies Corporation (HCTC), a
significant Hertz controller electrical patent for
US$12 million in Hertz Controller Technologies Corporation
shares. HCTC was incorporated in the State of Wyoming on
April 8, 2005.
6. On March 13, 2007 API followed up its report concerning the
acquisition of the Hertz Controller Patent and announced that
its Board of Directors has declared a dividend in the form
of its shares in the Hertz Controller Technologies Corporation
(HCTC). All ASPZ shareholders of record as of April 15, 2007
are to receive one (1) HCTC share for every two (2) ASPZ
shares they own. The distribution of the HCTC dividend
shares will take place as soon as possible after April 15,
2007. Please see www.hertzcontroller.biz
HCTC plans to apply for several new patents covering the
latest technology developments by the inventor of the Hertz
Controller, Dr. Page Huie, to add to the intellectual
property base of the subsidiary. The company is currently
talking to several global consumer companies about employing
the use of its technology into their products.
7. On March 26, 2007 API announced that it has targeted a
major island acquisition in the Philippines Islands. Our
planned acquisition in the Philippines will be the largest
investment and single most important transaction in the
history of API. We have already moved the necessary cash
and assets into the Philippines to complete the purchase
in anticipation of this procurement. API's goal is to
develop several 5-6 star resorts with major international
hotel brands managing the resorts and we are in discussions
with several at this time.
Asia Properties, Inc. was established to invest in resorts and prime real estate in Thailand and Southeast Asia. Asia Properties currently operates as the only listed U.S. public company focusing on S.E. Asian real estate investments, where investors can invest in Asian real estate and hold the investment in the form of a security trading on a U.S. securities market. API is a Nevada corporation and trades on the Pink Sheets under the symbol "ASPZ." There are currently 9,856,778 fully diluted shares consisting of 3,213,601 free trading and 6,643,177 restricted. The transfer agent is Computershare, Inc. of Golden, Colorado.
The Asia Properties, Inc. logo is available at http://www.primezone.com/newsroom/prs/?pkgid=1733
Forward Looking Statements:
Statements which are not historical facts are forward-looking statements. The Company, through its management, makes forward-looking public statements concerning its expected future operations, performance and other developments. Such forward-looking statements are necessary estimates reflecting the Company's best judgment based upon current information and involve a number of risks and uncertainties, and there can be no assurance that other factors will not affect the accuracy of such forward-looking statements. It is impossible to identify all such factors, factors which could cause actual results to differ materially from those estimated by the Company. They include, but are not limited to, government regulation, managing and maintaining growth, the effect of adverse publicity, litigation, competition and other factors which may be identified from time to time in the Company's public announcements.