DALLAS, Feb. 10, 2014
/PRNewswire/ -- LIG Assets, Inc. (OTCPK: LIGA), a Company focused
on residential and commercial real estate, announces that it has
successfully negotiated new terms on its balance of roughly
$14,000,000 in mortgage debt that is
held against its primary portfolio of single family homes in
Texas. LIG Assets and its lender FP Management agreed to a
firm reduction in the interest rate it pays on a new 10 year
note. LIG Assets reserves the right to further improve terms
on this debt.
The new terms provide relief from concern that the loan could be
called in the near-term. LIG Assets and its lender estimate
that the current market value of this portfolio is over
$20 million. As part of
negotiating for the new loan terms, LIG Assets relinquished control
of South American Properties, Inc. (OTCPK: SAMP) to its
lender.
Jeff Love, CEO of LIG Assets,
stated, "Step by step, the management team at LIG Assets is
accomplishing the goals necessary to sustain the long term success
and viability of our Company." He continued, "It was
critical that we extend our loan with FP Management to ensure we
could benefit from the value the portfolio holds. Now, the
Company can focus more on new real estate transactions to generate
strong profits and the balance of items on our turnaround
list."
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.
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
Email: Richard@ligassetsinc.net
Investor Relations: IR@pricetargetmedia.com
Phone: 214-760-1000
SOURCE LIG Assets, Inc.