Does anyone know about the new projector called Ultimea Apollo P40 from Projectorcentral?

Yes, quiet- advertised at less than 25db and the full sealed optics engines at that price was insame. 

I haven't seen this projector, but used one of the budget $200 projectors I bought from Amazon for a number of months.  I eventually upgraded to an Epson PJ, but for the cost, the budget PJ was not bad all things considered.  The colors were a bit washed out, but in a completely dark room, it was watchable.  The real issue I had with the budget unit was the noise from the fan- it was around 45db which is just too high in my opinion.

What is interesting about the Apollo P40, is that it is quiet- advertised at less than 25db.  If you are able to return it if you are dissatisfied, maybe the best way forward is to buy it and try it in your system?