BELLINGHAM, Wash., Nov. 7, 2005 (PRIMEZONE) -- Asia Properties, Inc. or "API" (Pink Sheets:ASPZ) reported today it has purchased a further 2 acres (4.3 rai) of land adjoining Phase III of Baan Naiyang Resort, a resort sub-division in Phuket, Thailand.
The company purchased the property for 164,000 restricted shares and an undisclosed future cash payment with a sale value exceeding US$3 million. The acquisition, which closed on November 2, 2005, includes (17 lots) Phase III of Baan Naiyang Resort, a gated sub-division in Northern Phuket. Further, the company also acquired in a separate transaction the remaining 7 plots in Phase I that API didn't already own for an undisclosed amount of cash, with a sale value of US$1 million.
"API is pleased to have acquired the balance of Phase I plots and to double the size of our Phase III development of this exceptional property in Phuket. The consolidation of this purchase now allows us to control the entire development of Phases I through III of Baan Nai Yang Resort," said Asia Properties CEO, Daniel McKinney.
The Company recently closed on the balance of a US$525,000 private placement previously announced in a press release on June 14th this year. API is now strategically positioned to capitalize on the rebound in the tourism sector in Phuket and is fully funded for expansion.
The Company will be holding an exhibition of its Baan Nai Yang Resort homes in Hong Kong from December 10-11th, 2005. See the brochure at: www.asiaprop.com/ (click on Baan Naiyang, pull down menu).
"All sectors of the Company's investments have been performing splendidly. Our investment in CRM software provider Entellium continues to appreciate with many positive developments, our oil prospects in North Asia are progressing well and developments at Baan Nai Yang Resort are exceeding our expectations," said CEO Mckinney.
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, ((360) 392-2841 or www.asiaprop.com) or Ed Lewis, CEOcast, Inc. for Asia Properties at (212) 732-4300, Charlotte Filleul, Phuket Sales Manager, CB Richard Ellis Thailand. www.cbre.co.th, 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