BELLINGHAM, Wash., March 26, 2007 (PRIME NEWSWIRE) -- Asia Properties, Inc. (Pink Sheets:ASPZ) announced today it has targeted a major island acquisition in the Philippines islands.
Asia Properties CEO, Daniel McKinney said, "I have been spending most of my time in the Philippines since early last year examining beach sites, retaining lawyers and conducting due diligence. We have now targeted several world-class island sites and have been negotiating with the current owners since mid 2006. We plan a shift of our major focus from Thailand to the Philippines as we feel the investment environment and opportunities are even better there. Our planned acquisition in the Philippines will be the largest investment and single most important transaction in the history of API. We have already moved the necessary cash and assets into the Philippines to complete the purchase in anticipation of this procurement. This deal will transform API from a seller of villas and homes into a major player in the resort developer arena in the region. Becoming the owner of prime beach and island land to develop 5 star resorts has been our goal for many years."
Please see: http://www.asiaprop.com/palawan-island/imperial-beach.html
McKinney also stated, "This first acquisition that we are currently negotiating to acquire is 100 hectares (approx. 250 acres) which includes three pristine white sandy beaches. We consider the Philippines far more picturesque and scenic and a much better value than beach sites in nearby countries. Two of the pristine secluded white sand beaches are over one kilometer in length. 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."
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 9,829,028 fully diluted shares consisting of 3,213,601 free trading and 6,605,427 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: Jill Lerlertkul, Phuket Sales Manager. Cell +6681-0135136, email: jill@asiaprop.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 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.