BELLINGHAM, Wash., Aug. 7, 2006 (PRIMEZONE) -- Asia Properties, Inc. (Pink Sheets:ASPZ) today announced that it has secured loans totaling $150,000 from two U.S. based banking institutions.
The funds will be used along with other cash and shares toward the acquisition of beach front land on an island that was previously disclosed in the Company's July 13th, 2006 press release. Daniel S. McKinney, CEO, said, "We are pleased to have secured these loans for our planned resort land acquisition and will disclose all details upon signing the Sales & Purchase agreement." The loans are unsecured and do not involve the issuance of any shares.
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.
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 Jill Lerlertkul, Phuket Sales Manager. Cell +661-0135136. Email: jill@asiaprop.com
The Asia Properties, Inc. company logo is available at: http://www.primezone.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.