BELLINGHAM, Wash., Oct. 23, 2007 (PRIME NEWSWIRE) -- Asia Properties, Inc. (API) (Pink Sheets:ASPZ) announced today its goal to acquire a minimum of US$500 million in China resort and property assets over the next 12 months.
"We firmly believe this is an achievable goal," said Asia Properties CEO, Daniel McKinney, "We now have two full time API executives on the ground in China seeking and negotiating resort and real estate deals."
The Company is currently negotiating on several potential acquisitions, including a five star hotel in the central business district of a major Chinese city. The Company anticipates signing another China property acquisition shortly.
"Additionally, API has recently retained the law firm, Tai, Mak & Partners, a Hong Kong-based firm specializing in the China market, corporate finance, mergers and acquisitions, with an emphasis on listed companies in the China market. This firm's unique skills in formulating and executing China acquisitions and opportunities in China will be very useful to us in achieving our goal," said McKinney.
About Asia Properties, Inc.: Asia Properties, Inc. was established to develop resorts and prime real estate in Southeast Asia. Asia Properties currently operates as the only listed U.S. public company focusing on S.E. Asian real estate investments. 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.
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.