DALLAS, Jan. 28, 2014 /PRNewswire/ -- LIG Assets, Inc. (OTCPK: LIGA), a Company focused on residential and commercial real estate, announces that it was an exhibitor at the 2014 Dallas-Fort Worth Real Estate Investor Expo from Friday, January 24th through Sunday, January 26th. The REI Expo is the nation's leading real estate investing trade show and educational event designed to provide a platform for education, networking, and training. LIG Assets says attendance at the show and its booth was brisk.
LIG Assets continues to implement a turn around. The interim CFO added in August 2013, has pushed LIG Assets to continue to reduce unnecessary spending, incentivize revenue production, clean up its balance sheet, prepare timely financial reports, and focus on transactions that will generate strong profits. The Company has also instituted a freeze on new common share issuances and has not issued any new common shares since early September, 2013.
LIG Assets has activated new asset based lending agreements and has purchased at least 10 single family homes in Texas over the past few months. Remodels or upgrades to these homes have been completed. The Company plans to greatly increase activity over the near-term, and has also recently secured additional sources to finance its purchase of discounted single family homes.
It remains a key objective of the Company to reduce the interest rate on its large, older portfolio of single family homes. Previously, it was announced that the balance on this portfolio was reduced to $14,094,000, and it was estimated that the current market value of that portfolio was over $20 million. A reduction on this rate would significantly enhance cash flow for the Company.
Finally, LIG Assets would like to address some older issues.
- The transaction involving a casino-hotel in Cripple Creek, CO has closed successfully.
- A movie partially funded last year by LIG Assets is expected to be completely edited and available for sale beginning in the first quarter, 2014.
- The office near Austin, TX has been closed as part of its cost cutting efforts and all obligations related to that office have been satisfied. Open deal flow generated from that office has been referred to the Dallas office.
LIG Assets and its management appreciate the patience from its loyal shareholders during its turn around, and hopes to make 2014 its best year ever.
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.