BELLINGHAM, Wash. and HONG KONG, March 31, 2008 (PRIME NEWSWIRE) -- Asia Properties, Inc. (Pink Sheets:ASPZ), today released a statement addressing several investor inquiries regarding the current corporate share structure and business outlook.
As of March 27, 2008, there were 39,220,112 shares outstanding giving the company a market capitalization of $5.88 million based on the closing share price multiplied by the number of outstanding shares. This equals less than ten percent (10%) of the Company's real estate assets (not including valuing its majority stake in MicroArt, Inc. (Pink Sheets:MCRT)), which management believes is not reflective of the Company's business prospects.
With regards to the Company's operations and performance, the Company had sales in 2007 exceeding $15 million with a net profit of approximately $2.5 million. The Company's accounts are currently being audited and we hope to have them completed soon.
Daniel McKinney, President of API, noted, "Our 2007 profits give us earnings per share of $0.063 and a PE of 2.51. Asia Properties reaffirms its commitment to its shareholders that the Company is well positioned for long-term success with the prospects of the Asian real estate markets."
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 39,220,112 fully diluted shares consisting of 16,672,740 free trading and 22,462,376 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
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