SAN DIEGO, CALIFORNIA, May 18, 2023 (GLOBE NEWSWIRE) -- International Land Alliance, Inc. (OTCQB | ILAL), (“ILAL” or the “Company”), an international land investment and development firm, announced today that it has been working with OTC Markets Group, Inc. (“OTC”) and OTC has granted our request for an extension to file our Annual Report on Form 10-K for the period ending December 31, 2022 (the “Form 10-K”). We are confident we will file the Form 10-K within the extended time frame provided by OTC Markets, during which time our stock will continue to be quoted on the OTCQB Marketplace operated by OTC.
The Company’s recent acquisition of Rancho Costa Verde Development, LLC (“RCVD”) for $13.5M required that substantial resources be devoted to the completion of the transaction and consolidation of operations, as well as ensuring that RCVD’s accounting policies and processes are aligned. RCVD has never been subject to audit and is considered a significant, acquisition pursuant to Rule 1-02 (w) of Regulation S-X and as such the Company must filed audited financial statements of RCVD. This acquisition, combined with a change in the Company’s independent auditor in September of 2022, has presented challenges that have rendered timely filing of the Form 10-K impracticable without undue hardship and expense.
Jason Sunstein, CFO of ILA, commented: “This has been an enormous undertaking and everyone here has been making contributions to see to this to completion. As part of this acquisition and recent filings, we are making internal adjustments and adding staff to ensure we remain timely going forward.”
Mr. Sunstein continued: “I thank our shareholders for their strong support of this transaction and our talented employees for their hard work and dedication. “We are proud to have this significant milestone now behind us and expect the combined companies to deliver shareholder value in the future.”
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, which provide a diversity of investment and living options. Please visit: www.ila.company.
Safe Harbor Statement
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 Section21E 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 the 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:
Dave Gentry
RedChip Companies Inc.
1-800-RED-CHIP (733-2447)
Or 407-491-4498
ILAL@redchip.com
