HONG KONG and BELLINGHAM, Wash., Oct. 23, 2008 (GLOBE NEWSWIRE) -- Asia Properties, Inc. (API) (Pink Sheets:ASPZ) announced today that its board has approved a plan to participate in purchases of distressed resort real estate assets in Asia over the next two years.
CEO, Daniel McKinney said, "Due to the recent financial turmoil and world wide economic malaise, we expect to find some interesting distressed Asian deals over the 24 months."
Unlike many other property companies, API is not highly leveraged and has paid cash for its real estate acquisitions, and has no bank mortgages. However, the Company plans to remain focused on its planned new resort destination in the Philippines Islands as its first priority.
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.
The Asia Properties, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=1733
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.