LIG Assets Subsidiary Signs LOI to Acquire First Run Multimedia for Cash; Acquisition to Provide Revenue Source from over 3000 Hotel Rooms
DALLAS, May 15, 2012 /PRNewswire/ -- LIG Assets, Inc. (PINKSHEETS: LIGA) announces it has signed a letter of intent to acquire 100% of First Run Multimedia Corporation of Nanoose Bay, British Columbia, Canada for CDN $350,000. The closing shall take place on or before June 4, 2012. LIG Assets expects this acquisition to be a fantastic compliment to SuiteMagic, a Company that LIG Assets retains about 45% ownership after its recent stock dividend to shareholders.
First Run Multimedia Corporation has been providing movies to the lodging industry and private cable television to hotels and apartment buildings for over 22 years. More information about the Company can be found at www.firstrun.ca. It is estimated that First Run contracts its services to include over 3000 hotel rooms in mostly small to medium size hotels and motels.
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.
Jeff Love, CEO of LIG Assets commented, "SuiteMagic owns a system that enables hotel operators to offer its guests added features without incurring additional cost or expenses to install. The potential revenue boost to SuiteMagic and LIG Assets comes through the proprietary software in our SuiteMagic system."
Mr. Love concluded, "The additional revenues we anticipate earning once our systems are installed should pay for this entire purchase in a short period of time."
About LIG Assets, Inc.
LIG Assets, Inc., based in Dallas, TX, is a multi-faceted worldwide investment company that focuses on real estate, technology, and other sectors of the economy. We are a proactive company that is committed to providing opportunities in all structures of the economy and are always welcoming new opportunities. LIG Assets, Inc. trades on the pink sheets under the ticker symbol "LIGA".
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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