Asia Properties, Inc., to Acquire Beach Property in Phuket, Thailand.Business Editors/Real Estate Writers BELLINGHAM, Wash.--(BUSINESS WIRE)--Feb. 21, 2003 Asia Properties, Inc. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). :ASPZ) said today it has signed a Memorandum of Understanding A Memorandum of Understanding (MoU) is a legal document describing a bilateral or multilateral agreement between parties. It expresses a convergence of will between the parties, indicating an intended common line of action and may not imply a legal commitment. to purchase 46 acres of beach front land in Phuket, Thailand for US$9.5 million. Asia Properties CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , Daniel McKinney said, "We are thrilled to have secured such a highly undervalued Undervalued A stock or other security that is trading below its true value. Notes: The difficulty is knowing what the "true" value actually is. Analysts will usually recommend an undervalued stock with a strong buy rating. prime beach property as a distressed asset, as prime beachfront beach·front n. A strip of land facing or running along a beach. adj. Situated along or having direct access to a beach: beachfront hotels; beachfront property. Noun 1. property in Phuket can be as high as $2 million per acre. We look forward to developing a four star resort as well as a number of luxury villas for sale." The company will purchase the property for cash and an undisclosed amount of stock. The company anticipates closing the acquisition within 90 days. Please see pictures at: www.asiaprop.com/properties.htm Phuket is one of the premier holiday destinations in Asia with such world class resorts as the Amanpuri (www.amanpuri.com) and the JW Marriott Beach resort nearby. (www.phuket.com/marriott) About Asia Properties, Inc.: Asia Properties, Inc. was established to invest in resorts and prime real estate in Thailand and Southeast Asia Southeast Asia, region of Asia (1990 est. pop. 442,500,000), c.1,740,000 sq mi (4,506,600 sq km), bounded roughly by the Indian subcontinent on the west, China on the north, and the Pacific Ocean on the east. . 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. 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 necessarily 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, 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 An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. , competition and other factors which may be identified from time to time in the Company's public announcements. |
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