Total home site and construction revenue over $1.3M for Month of December
SAN DIEGO, CALIFORNIA, Dec. 07, 2023 (GLOBE NEWSWIRE) -- International Land Alliance, Inc. (OTCQB:ILAL), (“ILAL” or the “Company”), an international land investment and development firm, today announced new home construction contracts of $1,180,000 and $200,000 in homesite sales in December at its Rancho Costa Verde development (“RCV”). RCV is a profitable 1,100-acre, 1,200-lot master planned community in Baja California, located roughly eight kilometers north of the Company’s Oasis Park Resort on the Sea of Cortez. For more information about this green off-grid community, we invite you to visit: www.ranchocostaverde.com. To date, RCV has sold over 1,000 residential lots and built 55 single-family homes, with 40 under construction. This is in addition to a completed boutique hotel and clubhouse.
As previously announced, utilizing state-of-the-art technology, the Company recently obtained subdivision approval for its second phase by the newly formed Municipality of San Felipe, Baja California, Mexico, allowing the recognition of $4,200,000 in deferred revenue in Q4 of 2023. This green master-planned community is approved with solar as the sole source of electricity and individual wastewater treatment systems per home for sewage treatment.
Frank Ingrande, President of ILAL, commented: “At a time when household energy consumption accounts for an estimated 20% of the U.S.'s total greenhouse gas emissions, we are building a one-of-a-kind community to fight the global carbon footprint at a fraction of the cost in the U.S. without sacrificing home size and design.”
Mr. Ingrande commented further: “Based on recently established revenue recognition policies, we have revised our sales and construction contracts that now allow us better quality control, increased profit margins, and the ability to consolidate gross construction revenues.”
About International Land Alliance, Inc.:
International Land Alliance, Inc. (OTCQB: ILAL) is an international land investment and development firm based in San Diego, California. As its core mission, the Company has embraced technology for sustainable and socially responsible solutions, in addition to using proptech and construction tech advanced applications to meet these goals. The Company is focused on acquiring attractive raw land primarily in Northern Baja California, often within driving distance from Southern California. The Company serves its shareholders by devoting considerable time and resources to seeking out the finest sites available and obtaining the necessary development permits to build a compelling portfolio of properties, providing diverse investment and living options. Please visit: www.ila.company.
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The press release may include certain statements that are not descriptions of historical facts but are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements may include the description of our plans and objectives for future operations, assumptions underlying such plans and objectives, and other forward-looking terminology such as "may," "expects," "believes," "anticipates," "intends," "projects,” or similar terms, variations of such terms or the negative of such terms. There are a number of risks and uncertainties that could cause actual results to differ materially from the forward-looking statements made herein. Such information is based upon various assumptions made by, and expectations of, our management that were reasonable when made but may prove to be incorrect. All such assumptions are inherently subject to significant economic and competitive uncertainties and contingencies beyond our control and upon assumptions with respect to future business decisions, which are subject to change. Accordingly, there can be no assurance that actual results will meet expectations, and actual results may vary (perhaps materially) from certain of the results anticipated herein.
CONTACT:
Jason Sunstein, CFO
Jason@ila.company
Toll Free: (877) 661-4811
