BELLINGHAM, Wash., Aug. 21, 2007 (PRIME NEWSWIRE) -- Asia Properties, Inc. (Pink Sheets:ASPZ) reported today it has signed an agreement to buy Ninety Nine (99.41) hectares (approximately 245.64 acres or 994,110 sq. metres) of beach front land on an island 20 kilometers offshore from Camarines Norte, Philippines.
Asia Properties CEO Daniel Mckinney said, "We are very pleased about signing the contract to buy this spectacular beach resort development site in the Philippines. To date, this is the largest investment and single most important transaction in the history of API. This deal will transform API from a mere seller of villas and homes into an owner of a prime resort property where we can develop four, five, and six star resorts, which has been our primary goal." The company is purchasing the beachfront island land for an undisclosed amount in cash and restricted stock and is paying a 53% deposit towards the acquisition. The company expects to fully disclose this information at the appropriate time.
Mckinney also stated: "This is a first for Asia Properties in the Philippines. As we have already tied up the best beaches and main part of the island in an exclusive option, we are now negotiating to acquire and lease the rest of the island. API's goal is to establish a new major tourist destination with an airport, and numerous four, five and six star resorts with major international hotel brands managing them."
About Asia Properties, Inc.: Asia Properties, Inc. was established to develop resorts and prime real estate in Thailand and 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 39,427,112 fully diluted shares consisting of 16,672,740 free trading and 22,754,372 restricted. The transfer agent is Computershare, Inc. of Golden, Colorado.
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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.