BELLINGHAM, Wash., June 26, 2007 (PRIME NEWSWIRE) -- Asia Properties, Inc. (Pink Sheets:ASPZ) announced today that they have entered into the final due diligence stages of its first major real estate transaction in the Philippines.
Asia Properties CEO, Daniel McKinney, said, "After 15 long months, the fruits of our labor are finally about to pay off. As you know, we have been completing our due diligence process and finalizing our sales and purchase agreement. Pending final sign off by our Philippine counsel, we hope to sign our first acquisition of 100 hectares (approx. 250 acres) which includes pristine white sandy beach frontage. We anticipate signing several more sales and purchase agreements which have already been negotiated, pending our completing our due diligence which we target to complete by year's end. API's goal is to develop several 5-6 star resorts with major international hotel brands managing the resorts, and we are in discussions with several at this time." Mr. McKinney went on to say, "As for our new exclusive relationship with Trusted House, we feel confident that they will be able to sell out the remaining villas and plots in our phase 1 sub-division at our Baan Naiyang Resort in Phuket, Thailand. We expect to be able to give financial guidance for 2007-08 in the next few weeks as we complete these transactions."
About My Trusted House : Please see Baan Naiyang at My Trusted House: http://www.mytrustedhouse.com
My Trusted House, a leading International property marketing company, markets and promotes through its associate company, Liberty TV Netherlands, via infomercials and on travel TV stations in Germany. Interested buyers are flown to Phuket as part of specialized Thailand Property Tours, which are offered via a large number of tour operators in Europe. These property seminars are free and empower foreigners with all necessary information needed to purchase property in Thailand, resulting in a high percentage of sales by those who join their property tours.
About Asia Properties, Inc.: Asia Properties, Inc. was established to invest in resorts and prime real estate in Thailand and Southeast Asia. Asia Properties currently operates as the only listed U.S. public company focusing on S.E. Asian real estate investments, where investors can invest in Asian real estate and hold the investment in the form of a security trading on a U.S. securities market. API is a Nevada corporation and trades on the Pink Sheets under the symbol "ASPZ." There are currently 39,427,112 fully diluted shares consisting of 16,672,740 free trading and 22,754,372 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
For up to date corporate information about Asia Properties, Inc. contact Daniel McKinney (360) 392-2841 or (http://www.asiaprop.com). For property inquiries contact My Trusted House, email: thailand@mytrustedhouse.com. Tel: +662-630-4795
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.