IFLM Posts Net Income of One Cent per Share
May 21 2014 - 5:30AM
Marketwired
IFLM Posts Net Income of One Cent per Share
NEW YORK, NY--(Marketwired - May 21, 2014) - IFLM (OTCQB: IFLM),
with a plan of operations to develop genre themed resorts,
announced today that for the six months ended March 31, 2014, IFLM
recognized net income of $957,366 or $0.01 per share.
"This is another step in the turnaround of IFLM," said CEO David
Garland. "Although it was an accounting profit, it is still another
concrete example of the positive steps we're taking to execute on
our plan, to clean up our balance sheet, and to build a highly
profitable company for the long term."
The income stems from the default judgment by the Central
District Court of California in the case Independent Film Dev. Corp
vs. Junior Capital, Inc. In granting the default judgment, the
court rescinded all debentures and releases the Company from all
obligations due to Junior Capital, Inc., Editor Newswire, Inc., and
iBacking Corp, including any and all accrued interest and
penalties. As a result of the release of liabilities the Company
has recognized a gain on the extinguishment of debt of $1,358,637,
which resulted in a net income of $957,366.
"Since our executive and strategic transition at the beginning
of the year, not only are we focusing on operational improvements,
but we've also made a concerted effort to address outstanding
issues on our balance sheet," said IFLM CFO Rachel Boulds. "I'm
excited about the direction we're headed in."
About IFLM
Based in New York, NY, Independent Film Development Corporation
has developed a business plan of operations of developing genre
themed resorts, and real estate 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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