BELLINGHAM, Wash., Dec. 5, 2005 (PRIMEZONE) -- Asia Properties, Inc. or "API" (Pink Sheets:ASPZ) announced today its business outlook for fiscal 2006. The company expects revenue of approximately $10 million and net income of approximately $3 million, or $0.30 per share. The strong revenue growth is anticipated to come from growing sales of homes in Baan Naiyang Resort, a resort subdivision in Phuket, Thailand. CB Richard Ellis Thailand, a unit of CB Richard Ellis (NYSE:CBG) is serving as sales agent.
The 2006 financial expectations exclude any revenue from the recently announced Memorandum of Understanding that API entered into to acquire the exclusive mineral rights to an oil deposit in China. The deposit indicates a proven reserve of more than seven million barrels of oil, nearly a half billion U.S. dollars at the current prices, already on this property, which borders another oil deposit with 180 million barrels of proven reserves.
The business outlook also excludes any revenue from the company's interest in privately held Entellium, one of the fastest growing providers of a suite of CRM software solutions. API owns two (2) million shares in the company, which could go public within the next 24 months. (www.entellium.com)
"We believe that Asia Properties is highly undervalued," said Asia Properties CEO, Daniel McKinney. "In addition to our rapidly growing property business and opportunities in a promising energy venture, we feel that our ownership position in Entellium alone is worth far more than the current valuation of the company."
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.
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