BELLINGHAM, Wash. and HONG KONG, Nov. 6, 2007 (PRIME NEWSWIRE) -- Asia Properties, Inc. (Pink Sheets:ASPZ) today applauded the Philippines record achievements in tourist arrivals for 2007.
Philippine Tourism Secretary Joseph Ace Durano stated that: "This will be a milestone year for the tourism industry," and "first semester statistics registered more than 1.5 million foreign tourist arrivals, and with the upbeat and sustained momentum of visitor influx into the country, we are looking at breaching, for the first time, the three million mark by year end."
The latest figures released by the Department of Tourism (DOT) show that arrivals for the first half of the year registered a 7.6 percent growth compared to the same period last year. With this welcomed development and the upcoming peak season, the department also foresees increased tourism revenues to reach as high as US$2.9 billion or PhP133 billion this year. Visitor expenditure growth averaged 20.11 percent over the last three years, making the industry one of the top dollar earners.
Asia Properties CEO, Daniel McKinney said, "This is welcomed news, as I am currently in Manila finalizing our first acquisition of 100 hectares (approx. 250 acres) of the island property which includes pristine white sandy beach frontage. We anticipate signing several more sales and purchase agreements soon, which we are currently negotiating. API's goal is to develop several four, five and six star resorts with major international hotel brands, which we are currently in discussions to manage those resorts."
About Asia Properties, Inc.: Asia Properties, Inc. was established to develop resorts and prime real estate in 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 39,115,112 fully diluted shares consisting of 16,672,740 free trading and 22,357,376 restricted. The transfer agent is Computershare, Inc. of Golden, Colorado.
For up to date corporate information about Asia Properties, Inc., contact Daniel McKinney, email: dmckinney@asiaprop.com or (http://www.asiaprop.com). For Investor Relations, call Dennis Burns. Tel 567-237-4132 email: denny@nvestrain.com www.nvestrain.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 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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