DALLAS, Sept. 4, 2014 (GLOBE NEWSWIRE) -- LIG Assets, Inc. (OTCPK:LIGA) is pleased to announce that it has officially merged with West Coast Partners, LLC and CP Resources, LLC effective September 02, 2014. West Coast Partners and CP Resources will become wholly owned subsidiaries of LIG Assets, Inc., and it is estimated that they bring added revenue of over $1 million a quarter. The primary focus of the merged entity will be to develop its current portfolio of leases for oil and gas reserves on over 36,000 acres in Nevada and Texas. LIG Assets will maintain its commercial and residential real estate operations, but may consider a spin-off or sale of these assets in the future.
West Coast Partners and CP Resources are also based in Dallas, TX and now in the process of moving its office staff to LIG Assets' currently underutilized high rise office space in downtown Dallas, and will complete its move over the next 60 days. Jeff Love, former CEO of LIG Assets, will maintain a board seat and the new position of Chief Operating Officer with the merged entity. Dennis Hopkins, a seasoned veteran with over 40 years of experience in the oil and gas industry, has been named President. Anthony Feezel has also been named a Director. Additional details of its large probable reserves, management's history, and additional merger details will be announced soon.
Finally, it is noted that management of the merged entity has no current plans to execute a reverse split of LIGA. However, the Company has plans to trade on a more senior exchange in the future with audited financials that may require restructuring at some point. Management of the entire merged entity is focused on greatly improving shareholder value, and firmly believes it will deliver.
Jeff Love, COO of LIG Assets, stated, "We recognized the need to do something significant to benefit our shareholders." He continued, "Through our merger with a Company with revenue, assets, huge potential, and a capable management team under one roof, we believe we can more effectively operate our real estate division while adding the huge potential that the oil business offers."
About LIG Assets, Inc.
In September 2014, LIG Assets, Inc. based in Dallas, TX, a Company focused on residential and commercial real estate, merged with West Coast Partners, LLC and CP Resources, LLC that are also based in Dallas. West Coast Partners and CP Resources are focused on oil and gas exploration and production. These entities currently have over 36,000 acres under lease in Nevada and Texas with geological reports that demonstrate the potential for massive reserves.
LIG Assets, Inc. still plans to expand its residential portfolio and increase commercial property transactions. The real estate division will continue to operate as a separate subsidiary under LIG Assets. 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.