Hong Kong and BELLINGHAM, Wash., Feb. 13, 2008 (PRIME NEWSWIRE) -- Asia Properties, Inc. (Pink Sheets:ASPZ) reported today it has scheduled its next closing for February 29, 2008, for the second phase of prime beach front land acquisition in Camarines Norte, Philippines.
Asia Properties CEO Daniel McKinney said, "We completed the phase 1 acquisition in mid-December 2007 and will now be closing on phase 2 on February 29th. We anticipate closing the other remaining areas on the island with our exclusive option through the end of 2008. API is very bullish on the future of tourism in the Philippines, and our ambitious new beach resort destination."
Please see pictures: http://asiaprop.com/tinagaisland/
McKinney also remarked, "This is our most significant project in our company's history. We are currently working to acquire or lease the remaining parts of the island. We consider this island to be one of the most picturesque and scenic beach areas in Asia. API's goal is to develop numerous 4, 5 and 6 star resorts with such international hotel brands as Hyatt, Starwood and Movenpick already expressing keen interest in managing the resorts."
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.
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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.