DALLAS, Dec. 10, 2013 /PRNewswire/ -- LIG Assets, Inc. (OTCPK: LIGA), a Company focused on residential and commercial real estate, announces that it has activated new asset based lending agreements and initiated purchases of single family homes in Texas. LIGA has begun to remodel or upgrade homes purchased at a discount to market in an effort to sell or lease at a profit or positive cash flow. This business proved successful to LIG Assets for years before its focus was displaced by business opportunities less focused on real estate.
Since adding a qualified CFO in August, LIG Assets is taking a focused approach to eliminate low probability commercial real estate deals, reduce unnecessary spending, incentivize revenue production, clean up its balance sheet, prepare timely financial reports, and focus on transactions that will generate strong profits. Management is constructively moving ahead to turn around LIG Assets and provide steady growth on behalf of its loyal shareholders.
Last month, LIG Assets announced a reduction in its primary lender's mortgage balance to facilitate the process of refinancing the residential mortgage to obtain a lower rate. This balance for the older portfolio of single family homes was reduced to $14,094,000, and it is estimated that the current market value of that portfolio is over $20 million. LIG Assets remains hopeful that it will successfully refinance all or part of this residential mortgage portfolio to obtain a lower rate and generate a positive cash flow.
As of today, management plans to communicate its developments and progress through press releases more actively.
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.
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.
SOURCE LIG Assets, Inc.