HONG KONG and BELLINGHAM, Wash., Dec. 2, 2009 (GLOBE NEWSWIRE) -- Asia Properties, Inc. (API) (Pink Sheets:ASPZ) today released further details regarding its change of business direction and investment in Macau gaming.
API announced on November 17th that it signed a Memorandum of Understanding "MOU" to acquire 50.10% interest of a Macau casino VIP club from Peak Winner Holdings Limited ("Peak Winner"). Peak Winner has a profit share interest in Sing Hou VIP Club ("Sing Hou") located in the StarWorld Hotel (directly across the street from the Wynn Casino) and has been in operation since November 2008 under a VIP Promoter sub-license from Galaxy Entertainment Group. The Company wishes to further clarify that the Company has not now, or at anytime been involved in negotiations for an investment in either the StarWorld Hotel and/or Galaxy Entertainment Group.
"The Company is currently updating its website which will contain details about our VIP baccarat club business in Macau. In the coming weeks our customers and shareholders can look forward to timely updates on company activities on this website from now on," said Daniel McKinney, API's CEO.
About Asia Properties, Inc.: Asia Properties, Inc. was established to develop resorts and prime real estate in Southeast Asia. API is a Nevada corporation and trades on the Pink Sheets under the symbol "ASPZ." There are currently 35,474,362 fully diluted shares consisting of 11,965,626 restricted and 23,508,736 free trading. The transfer agent is Transfer Online, Inc. of Portland, Oregon.
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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.