HONG KONG and BELLINGHAM, Wash., Nov. 14, 2007 (PRIME NEWSWIRE) -- Asia Properties today reported that it has filed a complaint with FINRA, The Financial Industry Regulatory Authority on naked shorting activity in the Company's shares.
Asia Properties, CEO, Daniel Mckinney said, "I have today filed a complaint form to FINRA, naming the market makers who I believe have violated SEC's rules on short sales in our stock. NASD firms are not allowed to take both a long and short position in a stock in which they make a market. Further, I have been working with consultants tracking share movement through the Depository Trust Company (DTC) which have confirmed that there is a big short position in the shares at this point." API trades on the Pink Sheets and from time to time professional short traders take advantage of small companies that have upward movements in their share price with limited volume. They come in and indiscriminately sell shares short hoping to create panic selling in a company. I know that there are other OTC companies in the same situation as API, and the Board has decided not to let this activity continue to hurt both the company and our shareholders by reporting this illegal activity."
The Financial Industry Regulatory Authority (FINRA), is the largest non-governmental regulator for all securities firms doing business in the United States. Created in July 2007 through the consolidation of NASD and the member regulation, enforcement and arbitration functions of the New York Stock Exchange, FINRA is dedicated to investor protection and market integrity through effective and efficient regulation and complementary compliance and technology-based services.
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.
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
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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.