BELLINGHAM, Wash. and HONG KONG, March 24, 2008 (PRIME NEWSWIRE) -- Asia Properties, Inc. (Pink Sheets:ASPZ) reported today it has closed on the 2nd phase of prime beach front 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 later in the year. This acquisition adds to the growing number of strategic 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 came from internal sources, and there is no debt attached to the property.
Please see pictures at: http://asiaprop.com/tinagaisland/
McKinney also noted, "We are currently working to acquire or lease the remaining part of the island adjoining our first two acquisitions. API's goal is to develop numerous 4, 5 and 6 star resorts, with many international hotel brands already expressing keen interest in managing the resorts." The Company is well positioned for long-term success with the bullish prospects of the Asian real estate markets, which have not been affected by the sub-prime crisis in USA.
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.
The Asia Properties, Inc. logo is available at http://www.primenewswire.com/newsroom/prs/?pkgid=1733
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.