BELLINGHAM, Wash., Sept. 17, 2007 (PRIME NEWSWIRE) -- Asia Properties (Pink Sheets:ASPZ) CEO, Daniel McKinney, commented about the current activity in the share price of the stock.
"I'm astounded! I have been working with consultants who have been tracking the movement through the Depository Trust Company (DTC) and have come to believe that there is a big short position in the shares at this point. As you know, API trades on the Pink Sheets and from time to time professional short traders take advantage of small companies that have upward movements in their share price with limited volume. They come in and indiscriminately sell shares short hoping to create panic selling in a company they know nothing about. I would like to inform our shareholders at this time that the company is well aware of this situation and we are preparing steps to protect the company and our shareholders from this type of unregulated, improper market abuse. One step we are taking is to encourage our long-term shareholders to take physical delivery of their shares from their brokerage accounts to eliminate the ability of the shorters to borrow our shares. Another step we are considering taking is to declare a special double barrel warrant dividend that will enable our shareholders to purchase shares in the company at a specified strike price for a 6 and 12 month period of time. The strike price will be set and the company will reserve the right to adjust the strike price downward at its discretion. The ability to adjust the strike price will benefit all of our shareholders equally. We are in the process of preparing this dividend with our attorneys and hope to set a record date shortly. I know that there are other OTC companies in the same situation as API, and the Board has decided not to let this activity continue to hurt both the company and our shareholders."
For more information please contact Daniel McKinney by email at: dmckinney@asiaprop.com or call Dennis Burns. Tel 567-237-4132 email: dennyburns@stealthpost.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.
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.
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