DALLAS, Aug. 24, 2012 /PRNewswire/ -- LIG Assets, Inc. (OTCPK: LIGA), a multi-faceted Company focused on real estate and technology, is pleased to announce that significant progress has been made to advance the Company forward. LIGA management is proud of the recent accomplishments and progress that has occurred, and it believes that its loyal shareholder base will be rewarded over the coming months for maintaining ownership in the Company.
Below are a list of recent updates and developments. LIG Assets, Inc. plans to elaborate on each and every point listed below in the coming days and weeks:
- To follow up on its statement in the August 1, 2012 press release regarding establishment of a real estate investment trust (REIT), the Company confirms it will do so. LIG Assets has identified the multi-family, single family, and commercial properties that would initially comprise the portfolio. LIGA shareholders of record on a date to be determined are expected to receive shares of the REIT through a stock dividend.
- SuiteMagic, Inc., subsidiary of LIG Assets, Inc., will soon file its S-1 to register its securities with the SEC through its attorney to go public. The Company has selected a brokerage firm to file a form 211 with FINRA. LIGA successfully paid a dividend of one share of SuiteMagic, Inc. for every three shares owned of LIGA as of record date April 30, 2012. Last month, LIGA bought out the balance of SuiteMagic, Inc. it did not previously own and will retain the majority of the Company.
- LIG Assets has identified an auditor to prepare financial statements for both LIG Assets, Inc. and SuiteMagic, Inc. so that both companies are fully reporting. The goal of both companies is to be listed or graduate to a higher level exchange.
- SuiteMagic, Inc. has signed its first contract for installation of SuiteMagic technology in a branded hotel. The Company is hopeful that successful implementation in the trial hotel will lead to a contract for hundreds more hotels in this chain.
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.
About SuiteMagic, Inc.
SuiteMagic is a technology entertainment services company providing internet-based TV and Cable programming, interactive game content, and goods and services. It will deploy hardware and software to create an enhanced television suite of offerings that combine the best of HD TV, the Internet, PC functionality and VOD. 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.
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.
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