Asia Properties, Inc. and Northbridge Communities.Business Editors/Real Estate Writers BANGKOK, Thailand--(BUSINESS WIRE)--Jan. 17, 2001 Both companies agree to develop independently and in parallel and to renegotiate a new share purchase and sale agreement pending the increased funding of both parties Asia Properties, Inc. (API) (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :ASPZ) today announced that the agreement with Northbridge signed on February 4, 2000 was terminated by mutual agreement. API and NCL NCL Norwegian Cruise Line NCL New Caledonia (ISO Country code) NCL National Consumers League (Washington, DC) NCL Neuronal Ceroid Lipofuscinosis (adult type) confirmed today that if circumstances changed in the future, they would discuss a renewed relationship for further expansion. API and NCL felt that a parallel approach would be beneficial to both companies as 3.5 million shares in API, representing 60% of the outstanding shares, are now released, and will be used to raise operating capital Noun 1. operating capital - capital available for the operations of a firm (e.g. manufacturing or transportation) as distinct from financial transactions and long-term improvements capital, working capital - assets available for use in the production of further assets and provide funds for marketing. In addition, NCL is currently negotiating with a number of parties to acquire additional education facilities. Both of these developments are better negotiated independently and in a parallel course. API has signed agreements with The Lester Group who has agreed to fund the Company with $15 million by purchasing three million new shares at $5.00 per share through a private placement dated August 16, 2000. The Lester Group has confirmed their commitment for equity funding Equity funding An investment consisting of a life insurance policy and a mutual fund. The insurance policy is paid by the collateral value of fund shares, giving the investor the advantages of insurance protection with the growth potential of a mutual fund. and indicate funds will be released soon, however, several previous funding dates have been delayed. About Asia Properties, Inc. Asia Properties, Inc. was established to invest in prime quality 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. . API currently operates as the only U.S. listed vehicle focusing exclusively on Asian real estate investments, where investors can invest in Thai, and other Asian countries, real estate and hold the investment in the form of a security trading on a U.S. securities market. This press release contains forward-looking statements related to future events. Shareholders are cautioned that such statements are predictions and that actual events or results may differ significantly. Note: This release and prior releases are available on the KCSA KCSA Krannert Center Student Association KCSA Kentucky Crushed Stone Association (Frankfort, KY) KCSA Kyiv City State Administration KCSA Kalamazoo Christian School Association KCSA Kentucky-Canadian Studies Association Public Relations public relations, activities and policies used to create public interest in a person, idea, product, institution, or business establishment. By its nature, public relations is devoted to serving particular interests by presenting them to the public in the most Worldwide website at www.kcsa.com Asia Properties' web site is: www.asiaprop.com. |
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion