HONG KONG, March 3, 2015 (GLOBE NEWSWIRE) -- Asia Properties, Inc. (OTCQB:ASPZ) today announced that it has informed the Financial Industry Regulatory Authority (FINRA) and the US Securities and Exchange Commission about two unauthorized news releases, one of which was distributed via an online service called PRweb.com, the other by a similar service called digitaljournal.com. The Company has contacted PRweb.com in an attempt to determine who filed the false news release published by them. PRWeb was helpful and ASPZ was able to obtain a telephone number of the individual, but calls to that number have only been answered by a voice mail service. DigitalJournal.com is a company based in Canada. The Company left messages at the DigitalJournal office, but our calls have not yet been returned.
One of the unauthorized releases was published on Feb 13, 2015 with the title: "Fan Haoran Appoints the President after Reorganization of ASPZ" and the other on February 18, 2015 with the title: "M&A News on ASPZ – Entering Petroleum Pipeline Engineering Industry". Neither release was authorized by the company.
Additionally, both unauthorized so-called "news" releases contain patently false or inaccurate statements. ASPZ does not provide private equity fund raising, management and investment services together with investment banking services. ASPZ does not make unfounded predications. Additionally, ASPZ management has not said and ASPZ does not predict "there will be a large-scale merger in the energy conservation and environmental protection business to promote the development of ASPZ." Nor does ASPZ make unfounded and un-provable statements such as "ASPZ will bring in the most advanced worldwide technique." These three claims were included in the PRWeb unauthorized release.
Further, the same PRWeb release states: "Rong Guang technologies engineering Co. Ltd. is now applying for the construction of China's largest resource recycling industrial park, with a total investment and annual profit of hundreds of billions of RMB." Again, this statement is completely unfounded. No legitimate company would claim that their project is the "largest" in a country the size of China unless the claim was supported in writing by numerous independent and qualified agencies. It should also be noted that the Company is not predicting the profit from any subsidiary at this time while our PCAOB audit work is being carried out. The second sentence in the February 18th release on DigitalJournal states: "It is a big bomb in the national petroleum pipeline industry". ASPZ never uses such absurd hyperbole in any of its public documents. In our view, the ridiculous term "big bomb" has the exact opposite connotation than that intended by the unknown writer.
A clue to the unauthorized nature of the DigitalJournal new releases can be found in the level of English usage. For example, the headline "Fan Haoran Appoints the President after Reorganization of ASPZ", shows a distinct failure to grasp the facts or the proper English terminology. Fan Haoran did not appoint the president. He was appointed president.
New ASPZ CEO, Fan Haoran commented, "I am appalled that anyone would release such unauthorized press releases with unconfirmed, overblown and false information about our Company and I condemn such action in the strongest possible terms."
ASPZ only releases its press releases via GlobeNewswire following their approval by the CEO and review by directors, the Company's consultants and the Company's SEC attorney.
Management urges all shareholders and interested parties to contact the Company if they uncover any other unauthorized releases. All our legitimate news releases will be available on the OTCMarkets website at http://www.otcmarkets.com/stock/ASPZ/news
Lawsuit update: ASPZ filed a suit against Appinero LLC, David Laflin and James Kaufman who engaged in an illegal marketing "Pump and Dump" scheme to sell the API Stock. The Defendants published information on various social media websites concerning the value of the ASPZ Stock, and its potential for an increase in value, with the purpose of enticing members of the public to have a belief that the ASPZ Stock was about to experience an increase in value. The representations made by the Defendants were false, and were known to be false at the time, and were made with the sole purpose of causing an increase in the value of the ASPZ Stock. ASPZ "the Plaintiff" took action against this illegal activity and sued the Defendants in Nevada court in 2014. The Company has now instructed our lawyers to file a Motion for Judgment against the Defendants. We expect a decision by end of March 2015
ASPZ is current in its reporting to the Securities and Exchange Commission and trades on the OTCQB.
About Asia Properties, Inc.
A diversified Utility Company. Founded in 1998, Asia Properties Inc. (Symbol:ASPZ) API's Company goal is to deploy capital in Asia, specifically for developing and achieving mergers and acquisitions in the reorganization of quality assets in utilities and in the environmental energy-saving industry in China.
Founded in 2003, Guangdong Rongguang Technology Engineering Co., Ltd is a wholly-owned subsidiary of API and specializes in environmental engineering. The Company is committed to R&D and applications of clean production and environmental energy-saving technologies to help enterprises enhance their overall competitiveness through technology.
This press release contains forward-looking statements based on management's expectations and beliefs, and may involve known and unknown risks and uncertainties and other factors that may cause the actual results to be materially different from the results implied herein. Readers are cautioned not to place undue reliance on the forward-looking statements made in this press release.