DALLAS, TX , Jan. 04, 2018 (GLOBE NEWSWIRE) -- LIG Assets, Inc. (OTC PINK: LIGA) (also known as the "Leader in Green Assets" or "LIGA"), announces it has signed additional new and revised board resolutions as well as officially confirming and further recognizing several terms previously agreed to in the Company’s Restructuring Agreement dated June 1, 2016. In addition to these resolutions, LIGA reviews its primary accomplishments in 2017, and provides an operational and corporate outlook for 2018.
New and Revised Board Resolutions signed January 3, 2018:
1. LIGA will be launching a new subsidiary in early 2018 that will avail LIGA of a highly significant business opportunity that we anticipate will result in a material and substantial positive impact on our bottom line.
2. LIG Assets is currently finalizing plans to issue a stock dividend for all LIGA shareholders of record in 2018. The stock dividend will not increase nor dilute the outstanding share count.
3. We are committed to the existing share structure; the total authorized common share count will not increase above the current level of 2.4 billion shares for at least two years or December 31, 2019 unless the Company’s common stock share price trades above .05 per share for at least 30 calendar days.
4. By means of Corporate Resolution, there will be no reverse split of LIGA common stock before December 31, 2019 unless the common stock trades above .05 per share for at least 30 calendar days or in the event that LIGA is converted to list on NASDAQ exchange for compliance with the minimum share price required by NASDAQ to maintain active listing status.
5. We resolve to maintain that each share of Preferred Stock will have only one voting share - the same that is currently set for each share of common stock.
2017 Highlights:
1. LIGA launched a new subsidiary, LIG Developments, LLC. and opened an office in Roanoke, Texas. LIGD was awarded approximately $5.5 million in contracts in 2017. Some of these projects are already near completion while others are slated to commence in 2018.
2. The acquisition of BGTV Direct gave Lig Assets financial stability to help expand the company into other sectors. BGTV has been instrumental in the revenue growth of LIGA in 2017. This allowed us us to take our time in establishing our new subsidiaries, which will commence in 2018.
3. In 2017, LIGA completed the updating of financial reporting to the OTC Markets, implemented several strategic management changes, successfully resolved significant and burdensome indebtedness issues, limited and in some cases cancelled share issuances, and implemented shareholder protection restrictions on preferred and restricted LIGA stock.
4. As reported on the OTC Markets website, LIGA has continued to maintain the existing share status, A/S & O/S are the same since the new management has taken control and is preparing to file audited financials as soon as possible. Also, LIG Assets, Inc. has updated all pertaining corporate documentation and resolutions to the OTC Markets and the Secretary of State in Nevada.
5. LIG Assets successfully settled a lawsuit with TCA Global Credit Fund that reduced the Company’s outstanding debt incurred by previous management by more than $750,000 with no dilution to shareholders. It is important to note that in 2017 the jurisdictional court has dismissed (with prejudice by consent decree) the lawsuit. The old management agreed to pay over half of the reduced settled amount leaving LIGA with only $220,000 in debt to be paid over the next two years. This settlement was considered a win-win for all parties and allows LIGA to move forward aggressively on its new business plan. LIGA has successfully made every monthly settlement payment in 2017 and in full, and as of January 2018 currently reduced its obligation to TCA Global, the remaining balance is now $180,000.
6. LIGA has continued the Company’s collaboration with famed environmental pioneer and visionary, Mr. Robert Plarr, to deliver affordable, sustainable homes in select communities throughout the United States. It is further noted that Mr. Plarr maintains a large active database of interested parties that wish to purchase and place non-refundable deposits for homes constructed by LIGA that utilize Plarr approved green technologies and building materials.
7. In June 2017, LIGA held its second Sustainability Impact Conference in Nashville, TN where senior management and corporate advisors detailed the Company’s technologies, products and vision for the future.
8. Due in large part to LIGA’s new management team and expanded operating structure, the Company in the 3rd quarter of 2017 reported double the Company’s revenues from the 2nd quarter of 2017 and surpassed $1 million in revenue for the first time in many years.
9. In November, 2017, the Securities and Exchange Commission filed indictments against an individual and corporation for unlawful manipulation of LIG Assets and several other OTC companies’ stock. LIGA plans to use a significant portion of the proceeds to be returned to the Company to enact an open market stock buy-back plan. You can read the full SEC indictment @ https://www.sec.gov/litigation/complaints/2017/comp23992.pdf
10. LIGA reduced the conversion rate of the entire 50 million shares of Preferred Stock. The previous conversion rate was one share of Preferred would convert to 50 shares of common stock. Now, the conversion rate is one share of Preferred stock converts to one share of common stock. This cancellation in potential issuance of nearly 2.5 billion shares now protects the Company’s shareholders and current share structure from potential and substantial dilution.
11. LIGA has frozen over 100 million shares of stock in reference to the SEC Indictments and will do so for the next 2 years and plan on retiring these shares and possibly others once the SEC finishes their investigation. Any monies received from ill-begotten gains, will be applied to share buybacks, dividend and/or reinvesting in fiscally prudent new projects that would produce a guaranteed minimum return of investment
12. LIGA's stock price rose 600%, six-fold, in 2017. On January 5, 2017, LIGA's share price started the year at a share price of $0.0005 and ended the year at $0.003.
Doug Vaughn, Lig Assets CFO, states “In 2017, we acquired BGTV as our first revenue producing entity to provide revenues not only for the parent company LIGA, but also to help fund our second subsidiary LIG Developments (LIGD based in the Dallas Metroplex). This has been successful, and LIGD is now ready to fulfill a $5.5 million backlog of light gauge steel framing projects. Our Twitter feed (www.twitter.com/ligassets) shows the start of the first two projects, and in 2018 other larger contracts will commence. BGTV has recently landed new contracts of approximately $5 million, and LIGD no longer needs the ‘startup funding’ from BGTV. Therefore we expect free cash flow to be substantially better going forward. These developments have led to serious opportunities for funding that will not require diluting the common stock or give up any portion of the company. Any direct investments will be into a specific project or future subsidiary, and best of all, without any dilution of the stock.
“Due to the opportunities in other areas of the country that Mother Nature presented to us, we decided to allocate our assets to projects that offered the most revenue and profit for LIGA in the shortest period of time. Long story short, we went with the best revenue and profit opportunities that were in front of us. Panama City is still a priority, but revenue and profitability are the utmost importance to LIGA and to the benefit of our shareholders. The Panama City beach home is still scheduled to get started shortly, which should lead to significant non-refundable deposits for Robert Plarr designed homes. We appreciate Robert's understanding in this process, and he has a large list of interested parties who will be touring the home upon its completion. Nevertheless, LIGA is in discussions for multiple developments utilizing Mr. Plarr’s technologies.” Doug Vaughn continues, "We are grateful to all of our shareholders that have realized that our company is different from other companies in the OTC Market. Thanks to your support of our vision in building this company, we expect a great return on investment to our shareholders in 2018."
2018 Goals and Plans:
1. LIGA launched LIG Developments, LLC., headquartered in Roanoke, Texas, and has been awarded approximately $5.5 million in contracts. Some of these projects are already near completion while others are slated to commence in the near future. LIGD has received requests to bid on several other substantial projects and expects to be awarded projects with additional gross revenues exceeding $10M.
2. LIGA’s other subsidiary BGTV Direct is on par to report record revenues for the month of January and has booked almost $5 million in contracts for 2018 and has launched a new west coast sales office in Las Vegas, Nevada. If projections pan out, the new sales office in Las Vegas could double the companies current projected revenues in 2018.
3. LIGA aims to deploy state-of-the-art technology and methodologies to bring sustainable and disaster resistant housing and commercial developments to a price level that is competitive with traditional construction. LIGA’s business plan is to provide the average homeowner the ability to purchase a home in one of its developments that is sustainable; thus significantly reducing expenses for water and power. Additionally, LIGA will utilize construction materials that exhibit the highest ratings of moisture, mold, wind, earthquake, and fire resistance - and are far less susceptible to aging decay associated with traditional building materials. The Company's designs are not necessarily intended for a niche market, but scalable for mass development nationwide.
4. LIGA will begin construction of its first model home on the Panama City Beach property and will serve to demonstrate and incorporate all elements of the Company's innovative construction, design, and technology. LIGA's architectural and design team has produced renderings of many homes that are now being used to secure new development projects.
5. LIGA is currently working to secure Agreements to participate as a developer, in multiple real estate development projects across the nation in 2018 for LIGA’s exclusive and revolutionary brand of homes and structures. In addition, LIGA is entering into strategic partnerships with material suppliers and manufacturers that will greatly enhance corporate capabilities, operational efficiency and net profitability as well as provide opportunities for rapid Company expansion. This will be accomplished by acting not just as a builder but more importantly as a developer of sustainable communities, homes and "Post-Construct" upgrades for those who want to make their current homes more sustainable and disaster resistant.
6. LIGA is actively pursuing and developing projects in at least six states that range from small scale high performance showcase homes like the one in Panama City Beach, to much larger residential/commercial community developments that involve construction plans of over 1000 homes and ancillary structures beyond those six states. LIGA is working with its partners and advisors to value engineer its own brand of energy efficient, high performance, disaster resistant residential and commercial units that are priced and built for developing mass markets.
7. LIGA plans to continue working closely with Robert Plarr to demonstrate, market and sell to his large database of interested buyers as well as the general public, homes and commercial developments that are truly sustainable, disaster resistant and green – a first in the United States, while implementing many of Mr. Plarr's most highly recommended and approved technologies and building materials.
8. Through successful implementation of the Company’s business plan and expanded management team of experienced sector professionals, LIGA share value has increased from our original starting point of $0.0001 to its current share price of approximately $0.003 and LIGA will continue the Company’s aggressive efforts to deliver additional significant gains to our loyal shareholders that exceed even our wildest dreams.
Aric Simons, LIGA Chairman and Corporate Counsel, states, "The ambitious plans for LIGA in 2017 have already commenced to become a reality in 2018. This past year has seen our plans for growth transform into tangible, revenue producing reality. 2018 will mark the transformation of LIGA from a developmental company into a high growth, profitable company that employs vertical and horizontal integration to maximize operating efficiencies. The result will be realized by the enhanced value of our shareholders equity and make LIGA a household name and industry leader in the months and years ahead. I would like to personally express my gratitude to our shareholders, many of whom have actively participated in the growth of our Company by presenting valuable opportunities and resources. I truly believe we have the greatest base of investors in the OTC market and we will continue to work tirelessly to ensure that investment is rewarded beyond that of any company in the OTC market."
On behalf of Lig Assets, Inc's management, we plan on fulfilling our vision of building Lig Assets into the leader of sustainable building that will benefit our shareholders in 2018 and beyond.
Sincerely,
Aric Simons - Chairman
Allan Gillis - CEO
Charles Gambino - President
Doug Vaughn - CFO
About LIG Assets, Inc.:
LIG Assets, Inc. in association with Robert Plarr is the emerging "Leader in Green Assets" -- focused on exclusive green, renewable energy and sustainable and disaster resistant homes, living systems, technologies and components to be utilized in the residential and commercial real estate acquisition and development projects currently under way and now individual product sales, as well as rapid expansion into other sectors via acquisitions, mergers and joint venture partnerships. LIG Assets, Inc. trades on the pink sheets under the ticker symbol "LIGA."
For additional information about LIG Assets, Inc., Robert Plarr, and/or how to purchase our exclusive homes, structures, products and technologies or to subscribe online to LIGA's free Shareholder Newsletter for regular updates and alerts regarding important Company developments Please visit the Company's website at www.LeaderInGreenAssets.com -- also follow LIGA at Twitter.com/LIGAssets.
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 on file at www.OTCMarkets.com.