BELLINGHAM, Wash., July 10, 2007 (PRIME NEWSWIRE) -- Asia Properties, Inc. (Pink Sheets:ASPZ) issued an update that is designed to give current shareholders and potential investors a first glimpse of revenue projections. These projections include the nearly completed sales program for the Baan Naiyang Resort in Phuket, Thailand and the anticipated acquisition and development of the majority of an island, in the Philippines.
CEO, Daniel McKinley commented, "Asia Properties is continuing to move forward with its plan to develop superior resort accommodations in Thailand and the Philippines. We will work diligently to keep our shareholders informed and to capture the attention of future investors in regard to our progress in the development of resort properties and other activities underway."
The following outlines revenue projections and corporate activity currently underway:
The Baan Naiyang Resort:
Asia Properties recently entered into an exclusive agreement with My Trusted House, a prestigious international property-marketing firm. The company is confident that this relationship will lead to the successful sale of the remaining 8 of the original 13 resort villas in the Phase 1 Subdivision. Asia Properties is currently working to finalize negotiations with several groups to purchase the entire Phase 2 and Phase 3 Subdivisions of Baan Naiyang Resort. The company fully expects gross revenues from the sale of the Baan Naiyang Resort Subdivisions in Phuket, Thailand, to reach at least US$1.5 million for fiscal year 2007.
Tinaga Island, Philippines:
Asia Properties plans to fund the purchase through cash and restricted stock, and is currently in advanced talks with a HK-based institution who has expressed an interest in raising the cash requirements for this acquisition. In addition, the company has already signed a Non-Disclosure Agreement with an agent of one of the world's premier resort operators. This premier resort operator desires to develop and manage 5 star resorts on the company's beachfront property in the Philippines. This acquisition and the subsequent development is expected to bring Asia Properties US$30 million in gross sales in 2007 and 2008.
About My Trusted House: Please see Baan Naiyang at My Trusted House: http://www.mytrustedhouse.com
My Trusted House, a leading International property marketing company, markets and promotes through its associate company, Liberty TV Netherlands, via infomercials and on travel TV stations in Germany. Interested buyers are flown to Phuket as part of specialized Thailand Property Tours, which are offered via a large number of tour operators in Europe. These property seminars are free and empower foreigners with all necessary information needed to purchase property in Thailand, resulting in a high percentage of sales by those who join their property tours.
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. API is a Nevada corporation and trades on the Pink Sheets under the symbol "ASPZ." There are currently 39,427,112 fully diluted shares consisting of 16,672,740 free trading and 22,754,372 restricted. The transfer agent is Computershare, Inc. of Golden, Colorado.
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 My Trusted House, email: thailand@mytrustedhouse.com. Tel: +662-630-4795.
The Asia Properties, Inc. logo is available at http://www.primezone.com/newsroom/prs/?pkgid=1733
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.