BELLINGHAM, Wash., July 13, 2006 (PRIMEZONE) -- Asia Properties, Inc. or "API" (Pink Sheets:ASPZ) today announced that it has closed a private placement for US$100,000. The funds will be used along with internal cash and shares towards the acquisition of beachfront land on an island in Asia that API is currently negotiating.
The private placement consists of 100,000 restricted shares at a share price of $1.00 per share. The company closed on the funding on July 12th and plans to close several more rounds of private placements under the same terms for up to US$500,000 over the next 60 days.
Daniel McKinney, CEO of Asia Properties said, "This is more great progress for API and a significant step forward to enable us to acquire this incredible island beach site and move our resort business forward." API plans to purchase this Asian island property for cash and restricted shares and develop it into a 5 star luxury resort with an internationally branded hotel management company managing the resort. The Company will release details about this acquisition, post pictures and information including a map of its location on its web site as soon as the due diligence is completed and the Sales and Purchase agreement is signed. Please see www.asiaprop.com.
API also reported that it is in final negotiations to sell its remaining eight plots in Phase 1 of Baan Naiyang Resort and anticipates this sale to close soon along with one home in Phase 2. Please see the re-designed web site at www.baannaiyangresort.com
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.
The Asia Properties, Inc. company logo is available at http://www.primezone.com/newsroom/prs/?pkgid=1733
For up to date corporate information about Asia Properties, Inc. contact Daniel McKinney (360) 392-2841 or (http://www.asiaprop.com) For property inquiries contact: Jill Lerlertkul, Phuket Sales Manager. Cell +661-0135136; email: jill@asiaprop.com.
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