DALLAS, Feb. 25, 2014 /PRNewswire/ -- LIG Assets, Inc. (OTCPK: LIGA) filed its 4th Quarter financials at www.OTCMarkets.com last week. Since adding a new interim CFO in August last year, the Company has taken several definitive steps to embark on a turnaround of operations, focus on its core real estate businesses, divest itself of investments in non-real estate related business, and improve shareholder value.
See below for a list of accomplishments from the Company's 4th quarter report and/or to date:
- Management believes it made significant progress in the business with respect to expense reductions and revenue increases. Challenges do remain, and the Company is focused on overcoming these challenges successfully.
- The casino/hotel in Colorado closed and generated a fee for the Company. Proceeds were used to retire debt and pay corporate expenses. LIG Assets is carefully exploring other commercial property opportunities.
- Terry's Supermarket was disposed of during the quarter for no gain or loss since it offered limited upside potential for the Company.
- LIG Assets did not issue any new shares of stock in the 4th quarter and maintains a freeze on any share issuance to date. It remains committed to decrease the issued and outstanding share count in 2014.
- After a hiatus of almost 2 years, the Company is again in the business of buying real estate that it considers undervalued. It closed on the purchase of 6 homes during the fourth quarter and more after quarter end. The Company has skills acquiring properties below market and doing cost efficient renovations to turn into owner financed purchase or outright sale for profit.
- After year end, a ten year extension was signed on the loan related to its older portfolio of residential real estate assets providing relief that the loan could be called in the near-term. The portfolio has roughly $14 million in mortgage debt held against a portfolio estimated to be worth over $20 million currently.
- A movie partially funded by LIG Entertainment Management (LIGEM) has now completed post production and is available for sale. Proceeds from the sale will be used to retire debt, repurchase common shares or for general corporate purposes. LIG Assets no longer plans to produce or fund any projects outside of its core real estate business.
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.