Asia Properties Inc. Purchases Thailand's Northbridge Communities, Ltd.Business Editors BELLINGHAM, Wash.--(BUSINESS WIRE)--February 4, 2000 Northbridge Communities Limited; Bangkok (NCL NCL Norwegian Cruise Line NCL New Caledonia (ISO Country code) NCL National Consumers League (Washington, DC) NCL Neuronal Ceroid Lipofuscinosis (adult type) ) today signed a share purchase and sale agreement with Asia Properties, Inc. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB: API), whereby NCL will become a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of API. Terms were not disclosed. Established in 1995, NCL is a Thai real estate developer, specializing in building and operating gated residential communities with international schools. The company owns 14 houses in the Burapha Estate, near Pattaya, Thailand and manages the International School of the Eastern Seaboard, with nearly 330 students, which it owns jointly with Burapha. It also has interest in an additional 23 houses on the estate. In 1997, NCL established its operations in Phnom Penh, Cambodia, and now owns 58 hectares of land. The company plans to build about 200 apartments and 240 houses, partly for sale and partly for lease. A school has already been built, the Northbridge International School of Cambodia, which has nearly 100 students. &uot;This agreement with API will give Northbridge strong financial support and provides our shareholders with liquidity. We are looking forward to developing our business in Thailand and throughout Asia as this is an excellent opportunity to expand our business,&uot; said Dr. Robert Brewitt, Managing Director, NLC NLC National League of Cities NLC National Library of Canada NLC National Library of China NLC Northern Lights College (British Columbia, Canada) NLC North Lake College (Irving, Texas) . &uot;Northbridge is a very successful and well integrated business with a proven track record. We plan to upgrade our listing status to the American Stock Exchange American Stock Exchange (AMEX) Stock exchange in the U.S. Originally known as “the Curb,” it began as an outdoor marketplace in New York City c. 1850. It moved indoors to its present location in the Wall Street area in 1921. (AMEX AMEX See: American Stock Exchange ) as soon as we file our registration statement with the SEC, and provide strong support to Northbridge. We believe we are the only US-listed company which specializes in capturing the future real estate growth in Asia,&uot; said Daniel McKinney, President, API. API was established in 1998 to acquire and benefit from property development opportunities in Thailand and other Far East &uot;Tiger&uot; economies following the 40-50 percent collapse of prices during the recent Asian crisis. With a current market capitalization about $25 million, API intends to raise $20-$25 million to acquire and develop properties to support the Northbridge business in the Eastern Seaboard of Thailand The Eastern Seaboard of Thailand is an emerging economic region. The region comprises of Chon Buri Province, Chachoengsao Province, and parts of Samut Prakan Province and Rayong Province. and Phnom Penh, as well as Bangkok City Centre high rise residential and office properties. 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. 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 Worldwide website at www.kcsa.com Asia Properties web site is: www.asiaprop.com. |
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