BELLINGHAM, Wash.and HONG KONG, June 23, 2008 (PRIME NEWSWIRE) -- Asia Properties, Inc. or "API" (Pink Sheets:ASPZ) announced today that it issued the following Letter to Shareholders:
Dear API Shareholders,
I am writing to you from Hong Kong where API is moving forward with its audits and goal of becoming fully reporting. As previously reported, API completed the acquisition of three properties in 2007; Swiss Gardens and a land site, both in Guangzhou, China and the first two phases of acquisitions of the new island resort destination in the Philippines. The company purchased the three properties for about US$51 million, with no debt attached to the properties.
China Opportunity
As reported on January 28th, 2008, API signed a Letter of Intent to acquire 150 hectares of a large central business district land site in Nanning, China. API plans a five star hotel development along with an automobile city and commercial center. The development cost of this central business district site is estimated at US$342 million. Nanning is the regional capital of Guangxi Zhuang Autonomous Region and a gateway to Southwest China and Indochina.
Please read about Nanning: http://www.china.org.cn/market/nanning/403573.htm
Please download our Nanning pdf: http://www.asiaprop.com/project/Nanning.pdf
Philippines Opportunity
As reported on March 24th, 2008, API's representative company closed on the 2nd phase of prime beachfront land acquisition in Camarines Norte, Philippines.
Asia Properties CEO, Daniel McKinney said, "We are pleased to report the closing of the next phase of our beach resort development site in the Philippines and we plan to close on the other remaining areas in Q3 and Q4 of this year. This acquisition adds to the growing number of strategically valuable property assets within the Company. API looks forward to its future in the Philippines, and achieving our ambitions of launching this new beach resort destination." The cash all came from internal sources and there is no debt attached to the property.
Please see pictures at: : http://asiaprop.com/tinagaisland/
Microart Subsidiary
On November 15, 2007, API announced that its board has approved a 1:10 dividend of its subsidiary Microart, Inc. ("MCRT") common stock.
The share dividend entitles each holder of ten shares of API's common stock to receive a dividend of one common share of MCRT. Asia Properties shareholders of record on November 30, 2007 holding physical certificates will be entitled to receive the common stock dividend distribution. Those shareholders holding ASPZ in their brokerage accounts will still be able to receive this dividend until the Xdate is properly established. Daniel S. McKinney, CEO said, "We are currently restructuring MCRT and will be distributing the dividend to our shareholders as soon as this process is finalized and all regulatory agency filings have been completed." The Company plans to file a SEC registration statement, and list MCRT on the OTC Bulletin Board. MCRT is currently traded on the "grey-sheet" market.
"MCRT is negotiating to acquire a Hong Kong based internet TV channel (www.mychannel.hk), which, along with our ownership of two million shares of CRM company Entellium, will add significant value to API in 2008-09," said McKinney.
Currently, API is on track to increase sales and profits for 2008-09. I believe our stock is considerably undervalued right now," said McKinney.
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 39,351,362 fully diluted shares consisting of 16,757,736 free trading and 22,593,626 restricted. The transfer agent is Computershare, Inc. of Golden, Colorado.
For up to date corporate information about Asia Properties, Inc. contact Daniel McKinney, email: dmckinney@asiaprop.com or (http://www.asiaprop.com) For Investor Relations, call Dennis Burns. Tel 567-237-4132 email: denny@nvestrain.com www.nvestrain.com
The Asia Properties, Inc. logo is available at http://www.primenewswire.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.