BELLINGHAM, Wash., Sept. 14, 2007 (PRIME NEWSWIRE) -- Asia Properties, Inc. or "API" (Pink Sheets:ASPZ) is pleased to report that the company's acquisition of a private island in the Philippines is proceeding according to plan.
Daniel Mckinney, API's CEO, said, "We have signed the contract to buy this spectacular beach resort development site in the Philippines and have already tied up the best beaches and main part of the island in an exclusive option, we are now negotiating to acquire and lease the rest of the island. It is our intention to create a new resort destination with international direct flights to the island from Manila, Singapore, Hong Kong, Tokyo and Taipei. We have already begun negotiating with several of the worlds premier hotel resort operators who are keen to participate in this exciting project." As reported last week, the Philippines are on its way to achieving record economic growth this year, the best performance in two decades during the second quarter, the government announced. GDP grew by 7.5% in the second quarter, better than the first quarter's 7.1% growth, and last years 5.1%. "API is pleased to be in the right place, at the right time," said Mckinney.
Mckinney went on to say, "We are moving forward on the US$10 million financing being arranged for us by Quam Securities, Hong Kong. Quam Securities Group is a tier-one brokerage firm in Hong Kong and a division of Quam Limited, a holding company of financial and wealth management. Quam is listed on the Hong Kong Stock Exchange (Stock code: 952) Please see http://www.quamlimited.com
About Asia Properties, Inc.: Asia Properties, Inc. was established to develop 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. 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 567-237-4132 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.