Asia Properties was established to invest in prime quality real estate in Thailand and elsewhere in Asia at deep discounts. The company 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. Asia Properties stock trades on the Pink Sheets. Its share price stands at $0.60.

Asia Properties and Entellium had originally planned to merge, signing a letter of intent to do so in May 2002. "The merger was terminated by mutual consent and Asia Properties decided instead to take an investment position in Entellium of approximately 11%," said Daniel S. Mckinney, CEO.

Based on some of Entellium's current clients like Honda, Zurich Financial and Pan Pacific, Asia Properties hopes Entellium will ultimately establish itself in the U.S. as one of the premier CRM vendors. Asia Properties CEO Daniel McKinney did not immediately return a Thursday phone call seeking comment on the delay in reporting its stake in Entellium.