BELLINGHAM, Wash., July 12, 2007 (PRIME NEWSWIRE) -- Asia Properties, Inc. (Pink Sheets:ASPZ) issued an update to shareholders today in regard to actual revenues received by Asia Properties from the sale of 5 of the 13 resort villas owned by the company in the Phase 1 subdivision of the Baan Naiyang Resort located in Phuket, Thailand.
Phase 1 of Baan Naiyang Resort was launched in late 2005 with the company selling four resort villas for a total of US$350,000 that same year. In December of 2006 Asia Properties brought it's total of sold and delivered resort villas to five with the sale of an additional unit for US$136,000. The joint-venture partner that developed the subdivision in partnership with Asia Properties completed the sale and delivery of its total inventory of 24 units to buyers in early 2007. Asia Properties is currently in discussions to sell the remaining 8 resort villas in the Phase 1 Subdivision.
Asia Properties is currently in a positive cash position with in excess of US$300,000 in the bank and will continue to derive revenues from the sale of existing properties. The company will also continue to fund resort developments through the offering of private placements with long-term investors and private institutions. In the past Asia Properties received revenues as a result of options being exercised at $1.00 per share and over the last year the company entered into a private placement agreement for the issuance of 100,000 Rule 144-restricted shares at a share price of $1.00 for proceeds of US$100,000. More recently the company secured loans totaling US$150,000 from two U.S. based banking institutions. As stated earlier, Asia Properties plans to raise additional capital in the future through private placement agreements.
CEO Daniel McKinney commented, "It is our intention to raise capital for the funding of future development in a way that is conducive to maintaining shareholder value. We have already been contacted by a tier-one funding source that has expressed an interest in our company and would also like to assure shareholders that they will be notified of our intentions in this area as soon as commitments start to develop."
For up to date corporate information about Asia Properties, Inc., contact Daniel McKinney at (360) 392-2841 or (http://www.asiaprop.com). For property inquiries contact My Trusted House, email: thailand@mytrustedhouse.com. Tel: +662-630-4795
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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.