New Attorney Letter Filed at OTCMarkets.com Adds Additional Transparency and Validation of LIGA's Net Assets
DALLAS, June 7, 2013 /PRNewswire/ -- LIG Assets, Inc. (OTCPK: LIGA), a Company focused on residential and commercial real estate, has filed a new Attorney Letter under "Supplemental Information: Attorney Letter with Respect to Current Information" at OTCMarkets.com. The entire three page document can be viewed at http://www.otcmarkets.com/stock/LIGA/filings. The purpose of this exercise was to provide LIGA shareholders more transparency and confidence behind the numbers. It was also considered to be the first stepping stone in its path to become a fully reporting and audited Company.
The Attorney Letter states, "In reviewing the total assets value of LIGA's holdings, we have determined that the market value for the over 200 properties is approximately $26,711,800.00. We believe this figure to be very conservative as it reflects various county recorder data which, in our experience, is almost always listed at a number lower than the actual market value of the specific property."
In summation, the letter states, "Accordingly, we have reached a conservative calculation that LIGA's net holdings are worth at least an estimated $7,511,800.00."
President and CEO Jeffrey Love stated, "As can be seen by the determination from counsel, the net assets of our Company were over $7.5 million, and this did not include value of any of our subsidiaries such as LIG Entertainment Management that we valued at $1.25 million as of the quarter ended March 2013. The new asset valuation also did not include our holdings in South American Properties, Inc. (OTCPK: SAMP) which remains an entity we expect will contain significant assets and properties located outside the United States."
The closing price for SAMP yesterday was .032 per share. LIG Assets reported in its press release on Wednesday, June 5, 2013 that it intends to issue LIGA shareholders a stock dividend of common shares in SAMP.
Love concluded, "The estimated current market capitalization of just our real estate assets based on yesterday's closing price of .0085 was $1.1 million. We have a long list of properties in the United States that are projected to provide us significantly more assets and profits for the foreseeable future, and we remain on target to report news about the large Cripple Creek hotel casino within days. You do the math, but I certainly like where we are headed now."
About LIG Assets, Inc.
LIG Assets, Inc., (OTCPK: LIGA) based in Dallas, TX, is a Company focused on residential and commercial real estate. Through our Strategic Alliance with Texas Real Estate Hedge Fund, MMR Realty Advisors, and InterContinental Real Estate Partners, LIG Assets will expand its focus on multifamily, retail, hotel, and office properties with valuations between $3 and $100 million.
LIG Assets, Inc. (OTCPK: LIGA) trades on the pink sheets under the ticker symbol "LIGA". For additional information, please visit LIG Asset's 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 and disclosures at www.OTCmarkets.com.
LIG Assets, Inc.
Phone: (214) 760-1000
SOURCE LIG Assets, Inc.