DALLAS, Jan. 16, 2013 /PRNewswire/ -- Mr. Jeff Love, Chairman of LIG Assets, Inc. (OTCPK: LIGA) and its subsidiary companies, announces the following statements to further clarify recent announcements, provide updates, and discuss its focus for 2013:
- LIG Assets, Inc. is focused on residential and commercial real estate in Texas and nearby markets that are expected to achieve above market returns. Although the Company has additional interests and subsidiary companies, its focus is on real estate and the bulk of its net assets continue to be in real estate. The Company has revised its description to better reflect this focus. Subsidiary Companies not part of the Company's focus on real estate will be spun off in the form of a stock dividends to shareholders.
- The Strategic Alliance announced on December 19, 2012 was a milestone event for LIG Assets, Inc. Through our alliance with Texas Real Estate Hedge Fund, LP, MMR Realty Advisors, and Inter Continental Real Partners, we will focus on commercial properties including multifamily, retail, hotel, and office. The Strategic Alliance allows us to enter the market for much larger properties with valuations between $3 million and $100 million. The anticipated profit from turnover and/or leases is significant, and the opportunities to take positions in distressed and special situations are the best we have ever seen as we enter 2013.
- The Strategic Alliance has presented opportunities to finance our purchases at extremely low rates. We are also negotiating to restructure our current outstanding debt to significantly improve our monthly cash flow and pay down our debt.
- Victor F. Russell was instrumental in the creation of our Strategic Alliance. Mr. Russell's background in commercial real estate is extensive. His contacts and experience allow us to now enter opportunities of size and significance previously unavailable to the Company.
- The Strategic Alliance represents a significant step in achieving the goal set forth in the August 2012 press release regarding the issuance of a real estate investment trust (REIT) dividend. Although LIG Assets would maintain its current real estate holdings in LIGA, it is planned that assets acquired through the Strategic Alliance will be packaged and spun off to shareholders through a stock dividend that would pay cash dividends.
- The Strategic Alliance recently completed its initial transaction and a 20-year lease was signed with a large grocery store chain. Terry's Supermarket plans to open a total of 10 locations for its new premium concept with the help of the Strategic Alliance.
- LIG Assets initiated a buyback program of its common stock October 4, 2012 to repurchase up to 20 million shares at prices up to .10 per share over the following 180 days. As of January 14, 2013 the Company has officially bought 3,330,001 shares from the open market. These shares have been ordered for delivery to be returned to the Treasury.
- The balance sheet continues to show improvement. In our Q3 Quarterly Filing for the quarter ended September 30, 2012, we reported net equity of $10.6 million representing a book value of over .10 per share. We expect transactions in the Strategic Alliance, restructuring of our debt, and the growth of our Subsidiary Companies to improve net equity in 2013. LIG Assets continues to prepare and maintains its plan to provide audited financials for improved listing of its common stock.
- On December 5, 2012, LIG Assets subsidiary SuiteMagic, Inc. hired Mr. Brooks Pickering who is the creator of SuiteMagic's unique hospitality and digital media platform. His extensive hospitality background includes his education (Cornell University School of Hotel Management), management training (Hyatt), design (Hyatt, Marriott, St. Regis, and Four Seasons), development (Loews, Peninsula) and consulting (Cosmopolitan of Las Vegas). It is expected that experience and contacts of Mr. Pickering and Faith Parks, VP of Sales, will help in signing numerous additional contracts over the near-term.
- A stock dividend for shares of SuiteMagic, Inc. was issued to LIGA shareholders of record in April 2012. LIG Assets, Inc. expects to retain ownership of over 50% of SuiteMagic, Inc. after its planned S-1 filing so current shareholders of LIGA can still benefit from the success of SuiteMagic, Inc.
- On January 10, 2013, LIG Assets announced the formation of LIG Entertainment Management, Inc. We wish to make it clear this is not the focus of our Company and we plan to spin it off as a stock dividend to shareholders. We view this business opportunity to have very low risk since our investment is secured by State Grants, yet provide the opportunity for significant returns. We also believe it provides a fantastic media platform to expand our brand name to the general public.
About LIG Assets, Inc.
LIG Assets, Inc., based in Dallas, TX, is a Company focused on residential and commercial real estate. Through our Strategic Alliance with Texas Real Estate Hedge Fund, MMR Realty Advisors, and Inter Continental Real Partners, LIG Assets will expand its focus on multifamily, retail, hotel, and office properties with valuations between $3 and $100 million. LIG Assets also maintains majority ownership of SuiteMagic, Inc., a company that owns patent-pending software for internet-based television and cable programming, interactive game content, as well as a host of other goods and services for the hospitality industry.
LIG Assets, Inc. trades on the pink sheets under the ticker symbol "LIGA". For additional information, please visit LIG Assets corporate website: www.ligassetsinc.net or SuiteMagic, Inc. at www.suitemagic.net.
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 with the U.S. Securities and Exchange Commission (SEC).
LIG Assets, Inc.
SOURCE LIG Assets, Inc.