Seller Accepts IFLM Offer for Property Acquisition
May 01 2014 - 4:30AM
Marketwired
Seller Accepts IFLM Offer for Property Acquisition
Earnest Money Has Been Deposited in Escrow
LOS ANGELES, CA--(Marketwired - May 1, 2014) - IFLM (OTCQB:
IFLM), with a plan of operations to develop themed resorts and be a
sales / distribution agent for digital films, announced today that
it is set to acquire the first property for its real estate fund.
IFLM and the seller have agreed on a price of $1.275 million for a
property in southern CA.
"The offer has been accepted by the seller and earnest money has
been transferred to escrow," said IFLM COO Jeff Ritchie.
"Tentatively, we are looking to complete the transaction and take
possession of the parcel in June."The property is the first
acquisition under the IFLM Realty strategy. The purpose of the IFLM
Realty strategy is to acquire investment grade properties --
residential and commercial -- where IFLM management and advisors
have identified a niche. IFLM is actively looking for
properties that are available under their market value and that are
outside the scope of the major developers and / or owned by cash
strapped operators. The causes of these undervaluations can be
anything from creditor pressure and poor management to a lack of
cash to manage the properties."
"Once the deal closes, we're seeking to improve the land with an
architecturally significant residential home," said IFLM CEO David
Garland. "This is a solid first step in the execution of our
strategy. We hope that this represents the first of many
acquisitions. It will also be the first real property asset on
IFLM's books."
The parcel consists of a 2.83 acre parcel with two building
lots. A residence is planned on the larger of the two building
lots. The proposed design will be a magnificent architectural
statement by Vitus Matare. As designed, it will be a 4,000+ SF
modern masterpiece with an additional 1176 SF detached studio. The
completed property is designed to include a two car garage, along
with a pool, a spa and an additional 684 SF of covered decks. The
purchase price includes all the plans, reports, results of
investigations, and is contingent on final City approval.
About Independent Film Development Corp.: Based in Los Angeles
California, Independent Film Development Corporation has developed
a business plan of operations of developing genre themed studio
style resorts, and film sales, distribution, and development.
Forward-Looking Statements:
This press release includes forward-looking statements
concerning the future performance of our business, its operations
and its financial performance and condition, and also includes
selected operating results presented without the context of
accompanying financial results. These forward-looking statements
include, among others, statements with respect to our objectives
and strategies to achieve those objectives, as well as statements
with respect to our beliefs, plans, expectations, anticipations,
estimates or intentions. These forward-looking statements are based
on our current expectations. We caution that all forward-looking
information is inherently uncertain and actual results may differ
materially from the assumptions, estimates or expectations
reflected or contained in the forward-looking information, and that
actual future performance will be affected by a number of factors,
including economic conditions, technological change, regulatory
change and competitive factors, many of which are beyond our
control. Therefore, future events and results may vary
significantly from what we currently foresee. We are under no
obligation (and we expressly disclaim any such obligation) to
update or alter the forward-looking statements whether as a result
of new information, future events or otherwise.
Contact: Independent Film Development Corp. C. David Pugh CCO
Email Contact 914-763-3229
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