HONG KONG and BELLINGHAM, Wash., Sept. 07, 2017 (GLOBE NEWSWIRE) -- Asia Properties, Inc. (“API”) (OTC:ASPZ) is pleased to announce that its acquisition of Sino King Management Limited (SKML) as announced in April 2017 is moving forward as planned. The closing of this acquisition is on track for December 31, 2017.
As part of its obligations to the closing, API has retained new auditors, SRCO, who are diligently preparing thorough audits and financial reports per the strict standards of PCAOB. These standards are required for a listing on NASDAQ. The Company plans to apply for a listing on NASDAQ in Q1 2018, but cannot guarantee success in that endeavor.
The auditors’ reports are expected to be completed and filed shortly, thereby bringing the Company current and fully compliant per OTCMarkets.
Simultaneously, a third-party independent valuator has been working on auditing and establishing the valuation of the SKML Holdings and Subsidiaries. SKML is fulfilling all of its obligations per the April Acquisition Agreement and expects to be ready to close on time.
API is updating its website, http://www.aspz-usa.com to illustrate and explain its new business ventures in China. “A better understanding of SKML’s business model will available to customers and shareholders in the coming weeks,” stated API CEO, Chen Junyan adding “We expect to be able to provide timely updates going forward.”