Asia Properties Inc. Signs Letter of Intent to Acquire Commercial Properties in Cambodia & Thailand.SAN DIEGO--(BUSINESS WIRE)--June 11, 1999-- Asia Properties, Inc. (API) (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). :ASPZ), today announced that it had signed a letter of intent with Northbridge Communities Holding Ltd. (NCL NCL Norwegian Cruise Line NCL New Caledonia (ISO Country code) NCL National Consumers League (Washington, DC) NCL Neuronal Ceroid Lipofuscinosis (adult type) ), Bangkok, Thailand, to acquire NCL's commercial property in Cambodia and Thailand, valued at approximately U.S.$20 million. NCL has developed two planned gated communities in 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. , both of which are based on their proximity to high quality American international schools American International School (AIS) may refer to:  Australia: American International School, Sydney, AustraliaAustria: , also owned and operated by NCL. API will acquire the properties for an undisclosed amount of API common stock. Daniel S. McKinney, President and Chief Executive Officer, Asia Properties, said, "Both pieces of property have excellent potential to increase in value due to the strong demand for international standard accommodation within a well planned, well maintained community setting. We believe this is a major opportunity to enhance value for our shareholders." Mr. McKinney added, "Both properties have international schools (based on the American curriculum) within their confines in which Northbridge has a substantial interest. There is substantial room for further development on both sites, which will be very attractive long-term." The Thailand property, within 90 minutes drive of Bangkok, is located near the beach resort of Pattaya on the 36-hole BURAPHA golf course. Asia Properties will own a minority interest in the development (which also has a school with 380 students) upon completion of the acquisition, and hopes to increase its percentage ownership over time by acquiring more of the development. Northbridge tenants in this development include such companies as: Ford, General Motors, Michelin, Nestle, ESSO ESSO Standard Oil ESSO Enterprise Single Sign-On ESSO Executive Support Staff Officer ESSO Eastern States Standard Oil (ExxonMobil) ESSO Every Saturday and Sunday Off (UK) ESSO Earth Science Support Office and Caltex, as several major industrial zones and one of Thailand's major deep water ports are nearby. The Cambodia property is located between the International Airport and the center of Phnom Penh Phnom Penh (nŏm pĕn, pənŏm`) or Phnum Penh (pən  m`), city (1994 est. pop. , the capital of Cambodia. It comprises approximately 158 acres of land with an American International school building (with 88 students) already built and functioning since 1997. A adjacent subdivision community is planned for development within the property, much of which has already been filled and piled. Cambodia has recently witnessed a substantial and positive turn in its economy following the last years elections and there is a shortage of acceptable housing in the city. "Northbridge welcomes the union with API," said Dr. Robert Brewitt, Managing Director of Northbridge. "We have proved that planned, gated communities encompassing all the basic amenities which foreign investors require are an essential component of a country's infrastructure. "While there have been many real estate development concerns in Asia over the last few years caused by poor planning, excessive leverage and over-supply, Northbridge in stark contrast, has seen steady growth in its student body population, as well as 100% occupancy in its apartments and houses. With API' s access to capital, Northbridge is now poised to generate additional new cash flow from both its core assets," he added. Separately, the Company announced that although it plans to reorganize as Asia Properties International, Ltd. (API Ltd.), a publicly traded British Virgin Islands British Virgin Islands A British colony in the eastern Caribbean east of Puerto Rico and the U.S. Virgin Islands. Road Town, on Tortola Island, is the capital. Population: 21,700. Noun 1. company, it will maintain its headquarters in San Diego San Diego (săn dēā`gō), city (1990 pop. 1,110,549), seat of San Diego co., S Calif., on San Diego Bay; inc. 1850. San Diego includes the unincorporated communities of La Jolla and Spring Valley. Coronado is across the bay. and will continue to be listed as an over-the-counter pink sheet company. API Ltd. will be established by the end of June 1999. Asia Properties, Inc. invests in institutional quality commercial and residential real estate in Thailand and other Southeast Asian countries for long-term capital gain Long-term capital gain A profit on the sale of a security or mutual fund share that has been held for more than one year. . This press release contains forward-looking statements. All such statements involve risk and uncertainties, including, without limitation, the risks detailed in Asia Properties, Inc.'s filing and reports with the Securities and Exchange Commission. Such statements are only predictions and actual events and results may differ materially. 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 web site at www.kcsa.com. |
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