BELLINGHAM, Wash., Jan. 18, 2006 (PRIMEZONE) -- Asia Properties, Inc. or "API" (OTCBB:ASPZ) announced today that Chief Executive Officer Daniel McKinney had purchased 3,500 shares of the Company's stock, over the past week, at an average price of $2.50. The purchases increase the number of shares that Mr. McKinney has acquired via the open market to 13,300.
"I am excited about the Company's prospects for 2006," said Mr. McKinney. "Our real estate business continues to grow rapidly, and we believe that this year will be a record year for sales of our resort properties. We continue to improve the conditions signed in our Memorandum of Understanding, to acquire a promising oil deposit in China and will sign the formal contract with the government there in early February. The original MOU signed in August 2005 for 601 sq kilometers with 7 million barrels of proven oil reserves has now been expanded to include over 11,000 sq. kilometers which could contain as much as 1 billion barrels of oil. Finally, our ownership stake in privately-held Entellium, which could go public within 12-24 months, could by itself be worth more than the entire current market capitalization of the Company."
The Company expects fiscal 2006 revenue of approximately $10 million and net income of approximately $3 million, or $0.30 per share.
About Asia Properties, Inc.: Asia Properties, Inc. was established to invest in 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, where investors can invest in Asian real estate and hold the investment in the form of a security trading on a U.S. securities market.
For up-to-date corporate information about Asia Properties, Inc., contact Daniel McKinney at (360) 392-2841 or www.asiaprop.com, or Charlotte Filleul, Phuket Sales Manager, CB Richard Ellis Thailand (www.cbre.co.th) at Tel 66 76 239 967-9, Fax 66 76 239 970, Cell 661 597 7137.
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.
The Asia Properties, Inc. company logo is available at: http://www.primezone.com/newsroom/prs/?pkgid=1733