HONG KONG and BELLINGHAM, Wash., Nov. 1, 2007 (PRIME NEWSWIRE) -- Asia Properties, Inc. or "API" (Pink Sheets:ASPZ) announced today its business outlook for fiscal 2007. The Company expects revenue of approximately $15 million and net income of approximately $2.4 million, or $0.061 per share. Strong revenue growth in 2008 is anticipated to come from our recently acquired Swiss Garden Resort in China.
The 2007 financial expectations exclude any revenue from our Philippine islands deal or our Thai business.
"We believe that ASPZ is undervalued," said Asia Properties CEO, Daniel McKinney. "With the Company having its first profitable year, a rapidly growing property and resort business in China, and our Philippine island destination all moving forward, we feel that the current valuation of the Company is extremely low."
About Asia Properties, Inc.: Asia Properties, Inc. was established to develop resorts and prime real estate in Southeast Asia. Asia Properties currently operates as the only listed U.S. public company focusing on S.E. Asian real estate investments. API is a Nevada corporation and trades on the Pink Sheets under the symbol "ASPZ." There are currently 39,115,112 fully diluted shares consisting of 16,672,740 free trading and 22,357,376 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
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.