Asia Properties Announces Negotiations to Acquire Thai Property Fund.Business Editors, Real Estate Writers BELLINGHAM, Wash.--(BUSINESS WIRE)--Sept. 9, 2002 Asia Properties, Inc. (Pink sheets:ASPZ) today announced it has commenced negotiations to acquire 100% of a Thai property fund, with condominium condominium In modern property law, individual ownership of one dwelling unit within a multidwelling building. Unit owners have undivided ownership interest in the land and those portions of the building shared in common. assets for stock. Such property funds allow foreigners Foreigners alienage the condition of being an alien. androlepsy Law. the seizure of foreign subjects to enforce a claim for justice or other right against their nation. gypsyologist, gipsyologist Rare. to own property assets in Thailand -- buying and selling them virtually tax free. The unique benefits of the property fund include: 100% foreign ownership; corporate and dividend tax exemption tax exemption, immunity from the requirement of paying taxes. Federal, state, and usually local law provide exemption from taxation for a wide variety of organizations, usually not-for-profit, such as churches, colleges, universities, health care providers, various ; minimal land transfer tax; no encumbrances for fund remittances
Remittances are transfers of money by foreign workers to their home countries. in or out of Thailand and the fund is freely transferable (a tax free event). The fund was activated by a deposit of 500 million Baht (US$13 million) into its bank account from abroad, and the purchase of a condominium property. API (Application Programming Interface) A language and message format used by an application program to communicate with the operating system or some other control program such as a database management system (DBMS) or communications protocol. said that because of the small number of funds of this type approved by the Thai Government, they represent considerable value to the Company. "The Property Fund is a unique vehicle in which to place properties and will help us gain maximum value for API shareholders through investments in the commercial and residential real estate markets in Thailand," Daniel S Daniel, book of the Bible Daniel, book of the Bible. It combines "court" tales, perhaps originating from the 6th cent. B.C., and a series of apocalyptic visions arising from the time of the Maccabean emergency (167–164 B.C. . McKinney, API's President and Chief Executive Officer, said. The company is negotiating a multi-year loan against stock owned by one of the directors to finance company operations worldwide. API is also negotiating a US$2 million equity line in which to fund company activities. "With the advent of the internet bust, funding for distressed hard assets in the capital markets is becoming more feasible," said Mr. Mckinney. Asia Properties, Inc. was established to invest in prime quality real estate in Thailand, and regionally in Asia at deep discounts. API is the only vehicle through which non-Thais can buy Thai real estate and hold the interest in the form of a liquid security trading on a U.S. securities market. Statements which are not historical facts are forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. . 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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