LIG Assets, Inc. Files Quarterly Report Ended June 30, 2012 with Positive Net Income, Book Value of Over .10 per share, and SuiteMagic Investment; Prepares Financials for Auditor
DALLAS, Aug. 15, 2012 /PRNewswire/ -- LIG Assets, Inc. (OTCPK: LIGA) filed its Quarterly Report as of June 30, 2012 and can be viewed at www.OTCMarkets.com. LIG Assets reported total assets of $24,370,451 and total liabilities of $16,320,009 for total net equity of $8,034,844. The Company reported yet another quarter of positive net income despite increased investment into SuiteMagic, Inc.
The Company continues to believe that the real estate markets in and nearby the state of Texas are great places to invest. The Texas Quarterly Housing Report for the second quarter 2012 demonstrated very encouraging and positive data. Featuring 13% more single-family home sales than the same quarter of the prior year and a median price that was seven percent higher than 2011-Q2, the results demonstrate that Texas's economic recovery is robust and widespread throughout the state. See article at http://www.texasrealestate.com/web/2/25/.
Recent operational and development highlights:
- LIG Assets reported yet another quarter of positive net income computed at .0036 per share despite its aggressive investments in SuiteMagic, Inc.
- LIG Assets remains very excited about the potential of SuiteMagic demonstrated by its investment of over $580,000 in Q2. The Company anticipates sales and placements to begin in Q3. SuiteMagic is a technology entertainment services company providing internet-based TV and Cable programming, interactive game content, and goods and services. The product provides hotel guests with an all-encompassing in-room experience while allowing hoteliers to monetize the rapidly growing consumer trend towards a truly Internet-integrated TV experience.
- The Company has recently started to prepare its financials internally to submit to a qualified independent auditor so that LIGA can become fully reporting and elevate trading to the Bulletin Board or a higher exchange. The Company believes audited financials will improve shareholder value considerably and provide more clarity and insight to its profitable operations.
- LIG Assets recently announced acquisition of additional properties and plans to acquire more should improve net earnings for the balance of the year and beyond.
- LIGA continues to make progress on other potential businesses that could contribute significantly to its balance sheet.
About LIG Assets, Inc.
LIG Assets, Inc., based in Dallas, TX, is a multi-faceted worldwide investment company that focuses on real estate, oil and gas, technology, and entertainment. 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.
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.
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