BELLINGHAM, Wash. and HONG KONG, Nov. 13, 2007 (PRIME NEWSWIRE) -- Asia Properties, Inc. (API) (Pink Sheets:ASPZ) announced today that it has signed a Letter of Intent to acquire Microart, Inc. (Pink Sheets:MCRT).
Asia Properties plans to acquire the majority position of Microart, Inc. using restricted shares. Once acquired, API plans to inject its IT investments and other non-core real estate assets in order to secure those investments. Further details will be announced later in the week.
Daniel McKinney, API's CEO, said, "Our management team seeks to deliver the best possible returns for our investors and to build shareholder value. The performance of the micro-cap Index in the last decade has shown a 12% annualized total return, which bids well for small cap stocks and further justifies our decision to buy Microart."
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.
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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.