LIG Assets, Inc. Files Q1 Earnings with Positive Net Income and Nearly $8 Million in Net Equity
Company Provides Corporate Review of Recent Developments
DALLAS, Wednesday, May 30, 2012 - LIG Assets, Inc. (OTC: LIGA) filed its Quarterly Report as of March 31, 2012 to bring its filing status to “current”. See filing at: http://www.otcmarkets.com/financialReportViewer?symbol=LIGA&id=82643.
As of March 31, 2012, LIG Assets reported total assets of $24,287,429 and total liabilities of $16,350,370 for total net equity of $7,937,059. Based on reported shares issued and outstanding, book value demonstrates .105 per share. Net income for the quarter was reported to be $75,292. On April 13, 2012, LIG Assets reported full year 2011 Net Income to be $1,341,960.
CEO Jeff Love commented, “Earnings for the first quarter of the year are typically much lower than other quarters due to property taxes that are due on most of our properties. We also do not realize near as much turnover and sales during this time of the year as we do during the balance of the year.” He added, “We expect to see much stronger numbers in the current quarter and for the foreseeable future with additional contributions from SuiteMagic and other divisions. All total, it should result in much higher net income in 2012 than in 2011.”
The Company continues to believe that the real estate markets in and near most medium and large cities in Texas are great places to invest. A recent NAIOP Research Foundation Study revealed that Texas ranked #1 in commercial real estate development in 2011. Texas also led the nation in private sector job growth in the past decade. Job creation in Texas seems to be driven by a number of factors including a robust energy industry, an increasingly diversified economy, and an affordable cost of living.
Recent operational and development highlights:
- The Company maintains strong expectations for SuiteMagic as it delivered a credit facility to lease equipment for the subsidiary. SuiteMagic is a technology entertainment services company providing internet-based TV and Cable programming, interactive game content, and goods and services. 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.
- LIG Assets retained approximately 45% of SuiteMagic following a stock dividend paid to shareholders of record April 30, 2012. Globex Transfer, LLC of Deltona, FL was retained as Stock Transfer Agent, and SuiteMagic is expected to go public through an S-1 filing later this year.
- Although the primary focus of LIG Assets is in real estate transactions and income producing properties, the Company has a variety of other business interests evidenced by its recent stock dividend paid in SuiteMagic. LIG Assets has identified at least two other divisions it would prefer to spin off, operate separately, and issue stock as dividends to its shareholders in LIGA over the next 12 to 18 months.
- An LOI was signed to acquire First Run Multimedia Corporation for cash. The acquisition is expected to provide revenue to SuiteMagic from its existing customers than include over 3000 hotel rooms.
- April 27, 2012, Goldman Small Cap Research, a stock market research firm at www.GoldmanResearch.com focused on the small cap and micro cap sectors, initiated research coverage of LIG Assets, Inc. (OTCPK: LIGA). An updated report on May 29, 2012 was issued confirming the forecasts.
- On April 26, 2012, the Company retained Bravo International Services to provide Investor Relations Services.
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". For additional information, please visit LIG Assets 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, which are on file with the U.S. Securities and Exchange Commission (SEC).
LIG Assets, Inc.
Investor Relations Contact:
Bravo International Services
Larry K. Davis (250) 595-7714