IFLM Identifies First Target Property for Real Estate Fund
April 28 2014 - 5:30AM
Marketwired
IFLM Identifies First Target Property for Real Estate Fund
LOS ANGELES, CA--(Marketwired - Apr 28, 2014) - IFLM (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 identified its first target property for acquisition.
IFLM and the seller have agreed on a price of $1.275 million for
the 2.83 acre building lot, currently awaiting approval by the city
of building plans.
"If approved by the city and the deal closes, we're seeking to
improve the land with an architecturally significant residential
home. Once it's completed, we planning on selling the finished
product on the open market," said IFLM CEO David Garland.
The property is the first acquisition under the IFLM Realty
strategy. The purpose of the IFLM Realty strategy is to acquire
investment grade properties -- residential and commercial -- where
IFLM management and advisors have identified a niche. IFLM is
actively looking for properties that are available under their
market value that are outside the scope of the major developers and
/ or owned by cash strapped operators. The causes of these
undervaluations can be anything from creditor pressure and poor
management to a lack of cash to manage properties.
"If final approval is obtained from the city and we move
forward, we hope that this represents the first of many
acquisitions," said Garland. "It would be the first real property
asset on IFLM's books, and although we would not intend to hold
these types of properties in our long-term portfolio, it would
represent a successful launch of our new strategy."
The planned residence, which has already been designed, is a
magnificent architectural statement by Vitus Matare -- a two story,
4,618 SF gem with additional 1176 SF detached studio, including two
car garage, pool and spa and additional 684 SF of covered decks.
The purchase price includes all the plans, reports, results of
investigations, and is contingent on final City approval.
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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