Asia Properties, Inc. Stock Price Reaches $5.00 Per Share

Business Wire, Feb 16, 1999

SAN DIEGO--(BUSINESS WIRE)--February 16, 1999--Asia Properties, Inc. (API) (OTC PINK SHEET: ASPZ) announced today that the price of its common stock has reached the trading level of $5.00 per share.

API's common stock began trading on January 25, 1999, at $0.75 per share, with the price increasing steadily over the past 2-3 weeks.

Daniel S. McKinney, President and Chief Executive Officer of API, said, "We are pleased with the continuing interest in the growth potential of our Company. With the stock reaching the $5.00 level, we believe it will attract a new category of investors who were restricted from purchasing it for various reasons below $5.00 per share."

Asia Properties, Inc. was established to invest in prime quality real estate in Thailand, with initial properties to be purchased in Bangkok, at deep discounts. API is the only vehicle though which non-Thais can buy Thai real estate and hold the interest in the form of liquid security trading on a U.S. securities market.