BELLINGHAM, Wash., June 14, 2005 (PRIMEZONE) -- Asia Properties, Inc. (Pink Sheets:ASPZ) today announced that it has signed a private placement for US$500,000. These funds will be used towards the acquisition of beachfront land in Phuket previously announced on January 27, 2005.
The Private placement consists of 1,000,000 units with each unit consisting of one share of restricted common stock at a price of $0.50 per share and one warrant with an exercise price of $0.75 per share for a period of two years. The company expects to close on the funding in several tranches over the next 60 days.
Daniel McKinney, CEO of Asia Properties said, "This is great news for API which will enable us to acquire this undervalued asset and move our business plan forward."
Further the company announced that Scott Bennett, a Director of Citigroup based in Hong Kong has joined its advisory board. "Scott is an extremely intelligent businessman who brings a wealth of financial disciplines as well as regional expertise to API," said CEO Daniel McKinney.
About Asia Properties, Inc.
Asia Properties, Inc. was established to invest in resorts and prime real estate in Thailand and Southeast Asia. API currently operates as the only U.S. listed vehicle focusing exclusively on S.E. Asian real estate investments, where investors can invest in Thai, and other Asian countries, real estate and hold the investment in the form of a security trading on a U.S. securities market.
Statements contained in this release which are not historical facts may be considered "forward-looking statements" under the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on current expectations and the current economic environment. We caution the reader that such forward-looking statements are not guarantees of future performance. Unknown risk, uncertainties as well as other uncontrollable or unknown factors could cause actual results to materially differ from the results, performance, or expectations expressed or implied by such forward-looking statements