BELLINGHAM, Wash., July 30, 2007 (PRIME NEWSWIRE) -- Asia Properties, Inc. (Pink Sheets:ASPZ) reported today it has signed an option agreement to buy 764 hectares (approximately 1887 acres or 7,640,000 sq. metres) of beach front island land on an island 20 kilometers offshore from Camarines Norte, Philippines.
Asia Properties CEO Daniel McKinney said, "We are incredibly excited about signing this option agreement (expiring December 31, 2007) to buy this spectacular beach resort development site in the Philippines. This deal, when completed, will be the largest investment and single most important transaction in the history of API. This deal will transform API from a mere seller of villas and homes into an owner of the majority of a prime resort island to develop numerous four, five, and six star resorts, which is our goal." The company will be purchasing the beachfront island land for cash and restricted stock.
Please see: http://www.asiaprop.com/palawan-island/imperial-beach.html
McKinney also stated that, "This is a first for Asia Properties in the Philippines. We consider this island, which is larger, more picturesque, scenic and better value than beach sites in Boracay Island, where prime beach land can sell for up to $1,000 per sq. meter. API's goal is to establish a new major tourist destination, with a small airport handling single and twin-engine aircraft to deliver guests to the island from Manila and to develop numerous four, five and six star resorts with major international hotel brands managing the resorts."
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.
For up to date corporate information about Asia Properties, Inc. contact Daniel McKinney (360) 392-2841 or (http://www.asiaprop.com) For Investor Relations, call Dennis Burns. Tel (419) 989-4247 email: dennyburns@stealthpost.com
The Asia Properties, Inc. 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.