BELLINGHAM, Wash., Sept. 29, 2008 (GLOBE NEWSWIRE) -- Asia Properties, Inc. (API) (Pink Sheets:ASPZ) today reported that is has allowed its Letter of Intent to acquire 150 acres of a 506 acre new central business district site in Nanning, China to expire.
CEO, Daniel McKinney said, "due to the recent financial turmoil resulting from the Bear Sterns bailout, Lehman Brothers bankruptcy and world wide economic malaise, we find it very difficult to finance such a venture at this time. We plan to engage other similar projects when the viability to finance such projects returns."
Unlike many other property companies, API is not leveraged and has paid cash for its recent acquisitions with no bank debt. The Company plans to remain focused on its other projects, including its planned resort destination in the Philippines Islands.
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 39,220,112 fully diluted shares consisting of 16,672,740 free trading and 22,462,376 restricted. The transfer agent is Computershare, Inc. of Golden, Colorado.
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For up to date corporate information about Asia Properties, Inc. contact Daniel McKinney, email: dmckinney@asiaprop.com or (http://www.asiaprop.com) For Investor Relations, call Dennis Burns. Tel 419-951-4842 email: denny@nvestrain.com www.nvestrain.com
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.