DALLAS, July 22, 2013 /PRNewswire/
-- Mr. Jeff Love, Chairman of LIG
Assets, Inc. (OTCPK: LIGA) and its subsidiary companies, announces
the following statements to further clarify its business plan,
provide a summary of current projects, and discuss its focus for
the balance of 2013.
- LIG Assets, Inc. maintains its inventory of about 235
residential real estate properties located in Texas. The
Company is in good standing with its lenders, and the properties
continue to generate positive cash flow. FP Management
Group, LLC, property manager and largest lender to LIG Assets, Inc.
provided a letter dated July 15, 2013
"to further affirm the information regarding the properties and the
debt thereon" referencing the Attorney Letter with Respect to
Current Information for LIG Assets dated June 6, 2013. A copy of this letter will be
provided upon request. LIGA's net real estate holdings are
conservatively valued at over $7.5
million.
- LIG Assets has identified at least two people that the Company
plans to add to its Board of Directors. The Company plans to
issue a formal announcement soon when each person officially
accepts a position. LIG Assets continues to prepare its
financials so it can be audited.
- Late last year, a Strategic Alliance was formed with Texas Real
Estate Hedge Fund, LP, MMR Realty Advisors, and InterContinental
Real Estate Partners to focus on commercial properties including
multifamily, retail, hotel, and office. The Strategic
Alliance as well as relationships with other hedge funds and
investors provides LIG Assets access to capital so it can be
involved in the commercial real estate market with property
valuations between $1 million and $100
million. Although these projects take longer to
develop, LIG Assets expects several large transactions to be
consummated by year end. A summary of current real estate
projects is included in this press release.
- The goal for the majority of the commercial real estate
projects is to purchase them for a quick turnaround through sale or
leaseback. LIG Assets has identified several new sources that
are interested in buying its properties. LIG Assets plans to
update its list of current projects quarterly to show which
projects were completed, which projects are still being worked on,
and which projects are no longer possibilities.
- On June 18, 2013, it was
announced that LIG Assets sold its contract rights for its role in
the hotel casino transaction in Cripple
Creek, CO. The sale of these rights was made to a
privately owned REIT. Proceeds from the sale of these rights
have not been received yet, but are expected soon.
- The office in Austin is led by
new management, and our belief is that a major breakthrough is
imminent that should enable this office to produce on its deal
flow. A list of possible transactions associated with this
office is also included below.
- LIG Assets also owns a wholly owned subsidiary called LIG
Entertainment Management, Inc. and has funded two movies.
"HOA Havoc – The Movie" has been completed, and management is
currently negotiating for the sale of the movie. Several
offers are currently under review, and a sale is expected within 30
days. Its other movie, "The Water's Edge" is in the process
of completion. Since this business is not the Company's
focus, management plans to use part of the proceeds from sales to
execute a share buyback plan. Management believes the current
share price of LIGA stock does not nearly reflect its net assets
value or potential earnings.
- LIG Assets also owns the majority of South American Properties,
Inc. (OTCPK: SAMP) that focuses on real estate transactions outside
the United States. LIG Assets plans to eventually issue a
stock dividend of common shares of SAMP to LIGA shareholders.
South American Properties has two projects that are moving
forward. First, Colan Marina
is intended to be a full service luxury marina near the Port of
Paita in northern Peru.
Development of the marina includes 150 slips, dry dock facilities,
maintenance and fuel services, as well as 24-hour security. It will
be man-made and created by the excavation of a salt flat bordering
the Emerald Bay Beach on the west and 100-foot cliffs on the
east. Second, a casino in the Dominican Republic may be acquired within 30
days.
Summary of Current Projects – Dallas
Office
The following is a list of projects that LIG Assets intends to
complete this year. For competitive reasons, only general
details can be provided. If an investor or interested party
wishes to inquire about more specific information, they are invited
to contact the Company directly.
Florida Resort – LIG Assets is negotiating for the sale /
leaseback of a Mediterranean-style villa resort that offers fully
furnished condos valued at over $2.5
million. It is conveniently located a short drive from
some of Florida's top attractions
like Disney World.
Countertop Manufacturer in Texas – This property valued at over
$1.5 million is occupied by a company
that has been fabricating and installing countertops (granite,
marble, travertine, limestone, soapstone, quartz and solid surface
countertops) for both commercial and residential customers for over
20 years. A contract has been signed and we anticipate
closing within 45 days.
Hotel in Louisiana - LIG
is currently working to find new locations for a hotel chain. Once
qualified properties are found and agreed upon they will be
purchased and leased to the hotel owner. One property valued
at over $3 million in West Monroe, LA has been identified and LIG is
in the process of negotiating the contract for this project.
In addition to purchasing the hotel there are plans to purchase the
adjacent land for new proposed parking. The additional lot will
provide parking for semi-trucks and trailers and is anticipated to
help generate additional income.
Large Sports and Fitness Center near Dallas – LIG has
started to negotiate to identify funding for a 36 acre mixed used
development that will incorporate sports and fitness training for
athletes and individuals, and provide a venue for sporting events.
There are plans for a regulation size football field and soccer
field, a fitness and development center, 3 regulation size
basketball and volleyball courts and much more. In addition
there are plans for retail stores inside the recreation center.
The funding amount for the project is approximately
$20 million.
Five Additional Hotel Properties for Established Hotel Chain
in Louisiana – The purchase
price for all five hotel properties in $35
million. LIG is negotiating the contract and is
waiting for a counter offer.
Tyler, Texas Hotel – LIG
has purchased land in Tyler, Texas
and is preparing for construction for a new hotel. An
operator for the hotel has already been identified. The
operator has expressed interest in locating additional properties
and LIG now has three under review.
Almond Ranch in Central
California – LIG Assets has signed an MOU to purchase
about 3,000 acres of land in the heart of the San Joaquin
Valley. Total funding to develop the almond ranch and a
biomass plant is nearly $40
million.
Twelve Barbecue Restaurants in Texas – LIG is negotiating for the
purchase and lease back of a chain of 12 well-known popular
barbecue restaurants located throughout Texas.
Pawn Shops – LIG Assets has formed a partnership with a
pawn shop chain to acquire additional locations and lease the
properties to the pawn shop.
Terry's Supermarket – LIG Assets acquired one location
and leased the property. LIG plans to locate several more
properties for Terry's Supermarkets.
Summary of Current Projects – Austin
Office
Three Automotive Tire Centers in Texas – LIG has agreed to terms to acquire
these properties, and expects to execute the contract any day.
Prison Facility in Wisconsin – LIG may acquire this facility
from a private company that is the current owner.
Casino in Cripple Creek
– This is a different casino property in Cripple Creek than the one where LIG sold its
contract rights. This deal is ready to contract pending final
approvals from management
Wakeboarding Extreme Sports Complex – Execution of
documents is pending as the owner awaits closing of another
deal.
Additional Locations for Large Chains – The Austin office
is working with major developers representing well known retail
chains throughout Texas. We
expect to contract two major sale and leaseback opportunities
within the next 60 days, creating a pathway into this market
segment.
Summary of Current Projects with Texas Hedge Fund
Office/Warehouse Property – InterContinental Real Estate
Partners, MMR Realty Advisors & LIG Assets plans to acquire and
broker a 137,000 square foot office/warehouse in Carrolton,
Texas in the amount of
$8.4MM.
Clarion Hotel – A Clarion Hotel in Shreveport, LA is being purchased and the
repositioning strategy will be to include video poker gaming.
Additional upgrades and improvements could total $5-6 million. An LOI has been signed and
the purchase could take place by the end of July.
About LIG Assets, Inc.
LIG Assets, Inc., 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, InterContinental Real Estate
Partners and other funders, LIG Assets has expanded its focus on
multifamily, retail, hotel, and office properties with valuations
between $1 million and $100
million.
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.
Forward-Looking Statements
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.
Contact Information:
LIG Assets, Inc.
1700 Pacific Ave. Suite 2600
Dallas, TX 75201
(214) 760-1000
Email: jefflove@ligassetsinc.net
SOURCE LIG Assets, Inc.