IFLM Creates Division for California Realty Acquisition
April 25 2014 - 05:30AM
Marketwired
IFLM Creates Division for California Realty Acquisition
LOS ANGELES, CA--(Marketwired - Apr 25, 2014) -
Independent Film Development Corporation (OTCQB: IFLM), with
a plan of operations to develop themed resorts and be a sales /
distribution agent for digital films, announced today that it has
created a limited liability company (LLC) designed to house a fund
in order to facilitate the purchase of real estate for
development.
"This is next step in our real estate development strategy,"
said Jeff Ritchie, IFLM's COO. "We're both actively looking for
opportunities as well as acting to acquire those we've found."
The purpose of the LLC is to finance investment properties --
residential and commercial -- where IFLM management and advisors
have identified a niche. IFLM actively seeks distressed and below
market properties that are outside the scope of the major
developers and / or cash strapped operators. IFLM target properties
may be below market for reasons ranging from creditor pressure and
poor management to a lack of cash to manage properties; however,
the geographic focus is domestic and in regions with high growth
potential.
"We are constantly looking for subject properties that can
either be renovated and re-sold or can be managed for income," said
CEO David Garland. "We believe that the Southern California market
is the right place to start and to execute on our strategy. As
I've said since Day 1, our passion is to be pioneering the
integration of entertainment and hospitality. Real estate is a
core component of this strategy, and this fund is a natural
extension of our business model."
IFLM's fund objective will be to invest in properties that offer
short and medium-term cash flow and a high ROI for participating
investors. IFLM's executive team has years of collective experience
in real estate investment, development and reorganization.
About Independent Film Development Corp.
Based in Los Angeles California, Independent Film Development
Corporation has developed a business plan of operations of
developing genre themed studio style resorts, and film sales,
distribution, and development.
Forward-Looking Statements:
This press release includes forward-looking statements
concerning the future performance of our business, its operations
and its financial performance and condition, and also includes
selected operating results presented without the context of
accompanying financial results. These forward-looking statements
include, among others, statements with respect to our objectives
and strategies to achieve those objectives, as well as statements
with respect to our beliefs, plans, expectations, anticipations,
estimates or intentions. These forward-looking statements are based
on our current expectations. We caution that all forward-looking
information is inherently uncertain and actual results may differ
materially from the assumptions, estimates or expectations
reflected or contained in the forward-looking information, and that
actual future performance will be affected by a number of factors,
including economic conditions, technological change, regulatory
change and competitive factors, many of which are beyond our
control. Therefore, future events and results may vary
significantly from what we currently foresee. We are under no
obligation (and we expressly disclaim any such obligation) to
update or alter the forward-looking statements whether as a result
of new information, future events or otherwise.
Contact: Independent Film Development Corp. C. David Pugh CCO
Email Contact 914-763-3229
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