DALLAS, Feb. 25, 2014 /PRNewswire/ -- LIG Assets,
Inc. (OTCPK: LIGA) filed its 4th Quarter financials at
www.OTCMarkets.com last week. Since adding a new interim CFO
in August last year, the Company has taken several definitive steps
to embark on a turnaround of operations, focus on its core real
estate businesses, divest itself of investments in non-real estate
related business, and improve shareholder value.
See below for a list of accomplishments from the Company's
4th quarter report and/or to date:
- Management believes it made significant progress in the
business with respect to expense reductions and revenue
increases. Challenges do remain, and the Company is focused
on overcoming these challenges successfully.
- The casino/hotel in Colorado
closed and generated a fee for the Company. Proceeds were
used to retire debt and pay corporate expenses. LIG Assets is
carefully exploring other commercial property opportunities.
- Terry's Supermarket was disposed of during the quarter for no
gain or loss since it offered limited upside potential for the
Company.
- LIG Assets did not issue any new shares of stock in the
4th quarter and maintains a freeze on any share issuance
to date. It remains committed to decrease the issued and
outstanding share count in 2014.
- After a hiatus of almost 2 years, the Company is again in the
business of buying real estate that it considers undervalued.
It closed on the purchase of 6 homes during the fourth quarter and
more after quarter end. The Company has skills acquiring
properties below market and doing cost efficient renovations to
turn into owner financed purchase or outright sale for profit.
- After year end, a ten year extension was signed on the loan
related to its older portfolio of residential real estate assets
providing relief that the loan could be called in the
near-term. The portfolio has roughly $14 million in mortgage debt held against a
portfolio estimated to be worth over $20
million currently.
- A movie partially funded by LIG Entertainment Management
(LIGEM) has now completed post production and is available for
sale. Proceeds from the sale will be used to retire debt,
repurchase common shares or for general corporate purposes.
LIG Assets no longer plans to produce or fund any projects outside
of its core real estate business.
About LIG Assets, Inc.
LIG Assets, Inc., based in Dallas,
TX, is a Company focused on residential and commercial real
estate. Through its alliances with hedge funds, mortgage
brokers, and hard money lenders, LIG Assets plans to expand its
residential portfolio and increase commercial property
transactions. LIG Assets, Inc. currently trades on the pink
sheets under the ticker symbol "LIGA". For additional
information, please visit LIG Assets corporate website:
www.ligassetsinc.net.
Forward-Looking Statements
This press release may contain forward-looking statements. The
words "believe," "expect," "should," "intend," "estimate,"
"projects," variations of such words and similar expressions
identify forward-looking statements, but their absence does not
mean that a statement is not a forward-looking statement. These
forward-looking statements are based upon the Company's current
expectations and are subject to a number of risks, uncertainties
and assumptions. The Company undertakes no obligation to update any
forward-looking statements, whether as a result of new information,
future events or otherwise. Among the important factors that could
cause actual results to differ significantly from those expressed
or implied by such forward-looking statements are risks that are
detailed in the Company's filings, which are on file at
www.OTCMarkets.com.
Contact Information:
LIG Assets, Inc.
1700 Pacific Ave. Suite 2600
Dallas, TX 75201
Email: Richard@ligassetsinc.net
Investor Relations: IR@pricetargetmedia.com
Phone: 214-760-1000
SOURCE LIG Assets, Inc.