NASHVILLE, TN, Aug. 15, 2018 (GLOBE NEWSWIRE) -- LIG Assets, Inc. (OTC PINK: LIGA) (also known as the "Leader in Green Assets" or "LIGA") announced today its financial results for the second quarter 2018. The following Corporate filing information and documentation has been submitted to OTC Markets and the quarterly report was uploaded yesterday.
Second Quarter 2018 Highlights:
- Gross revenues in Q2 2018 tripled over Q2 2017 revenues. Second quarter revenues in 2018 were $1,089,582.00, up 241% compared to $319,429 for the second quarter of 2017
- LIGA continues to eliminate debt by paying off or negotiating favorable debt reduction
- In full compliance with TCA Debt settlement
- In 2nd quarter of 2018 completed the controlling ownership interest in historic Buck Lake Ranch, one of the oldest music venues in the United States
- Plan to create substantial valuations and assets for LIGA moving forward via BGTV, LIG Homes & new projects in the works for LIG Developments commencing the third Quarter of 2018
- No reverse split or increase of authorized shares as the Company remains committed to its mandate to prohibit any increase in Authorized Shares or reverse split of the stock below .05 per share
"LIGA has employed extensive forensic accounting procedures to remediate accounting deficiencies from past management and remains committed and on schedule to becoming fully reporting pursuant to the business plan which also will result in LIGA’s ascension from the current OTC market,” said Aric Simons, Chairman of LIG Assets, Inc. Mr. Simons continued, "We continue to concentrate on implementing our integrated business plan by aggressively pursuing new business and revenue opportunities for LIGA and its subsidiaries. LIGA is so fortunate to operate with a uniquely diverse, experienced and creative new management team that we've assembled over the past two years and their tireless efforts on all fronts including, but not limited to, creating new substantial revenue sources and strategic partnerships, modernizing our financial and reporting systems and further diminishing debt through strategic payment solutions, and eliminating unverifiable debt. LIGA continues to exceed our expectations in achieving rapid growth goals with the intention of transcend from the OTC to the next market level within the next two years. I believe that our investors and prospective investors will look at the second quarter of 2018 as an important benchmark to that end. LIGA will continue to grow with sound business practices, intelligent allocation of assets, and investments that will ensure our investors can be proud to be an important part of a leading-edge company that operates with integrity while enjoying ROI's that are best in class."
Business Developments and News:
- LIGA posted YTD revenues surpassing $2 million, more than all of LIGA's 2017 YTD revenues
- Buck Lake Ranch has started to generate revenues and has become cash flow positive which will greatly affect BGTV Direct's bottom line in the years to come.
- BGTV Direct, Inc. will make several major announcements and announce the launch of several new ventures in the near future that could make a major impact and greatly increase their revenues and profits
- Through LIGA's partners, associates and joint ventures, Lig Developments has already bid on more projects that will greatly increase revenues for LIGA that will commence this Quarter
- LIGA will announce soon many new partnerships and deals
- LIVESTOR's beta facility in Sydney, Nova Scotia is operational and once fully implemented. LIGA plans to launch LIVESTOR America coast to coast
- LIG Developments & LIGA Homes will be announcing updates on Panama City Beach & Brentwood development
- A new LIGA website for LIGA Homes is in the final stages of completion
- All of these business developments will be discussed at the LIGA 2018 Sustainability Conference that will be held at the Entrepreneur Center in Nashville, TN on Sept. 24th, 2018
“The second quarter of 2018 saw significant revenue increase of almost triple over the prior Q2 2017 revenues. As LIGA gets closer to breaking ground for new developments in Brentwood, Tennessee, and Panama City Beach, Florida. Both of these projects and a few others that will be announced soon will create significant revenue and profit for LIG Assets. Also, I'm proud to announce that BGTV has secured expansion opportunities and offices in Las Vegas, Indiana and China and already sourced cash flow that will allow LIGA's subsidiary BGTV to expand in its core business that could allow BGTV’s revenues to grow ten-fold in the future. Our goal for the rest of 2018 and moving forward is to focus on generating strong operating cash flows and profits that will create long term value for our shareholders," said Marvin Baker, President of LIGA & CEO of BGTV.
Also, the second quarter report noted that no shares were issued in Q2 and in the process of changing transfer agents and working towards audited financials, LIGA uncovered several discrepancies the first of which led to the stop order of the 160,000,000 shares and secondly there was a legend that was illegally removed that led to the stop order. The 160,000,000 shares are under review for cancellation. The above mentioned process has uncovered the fact that the previous float number provided by the former Transfer Agent was incorrect as of March 2018. The float has remained unchanged since November 2, 2017.
LIG Assets, Inc. submitted yesterday the Quarterly Report for the period ended June 30, 2018 and it was made available publicly at https://backend.otcmarkets.com/otcapi/company/financial-report/199933/content
Non-GAAP Financial Measures:
In addition to disclosing results prepared in accordance with GAAP, the Company also discloses certain non-GAAP results of operations, including adjusted EBITDA and adjusted diluted earnings per share that either exclude or include amounts that are described in the reconciliation table of GAAP to non-GAAP information provided at the end of this release. Non-GAAP financial measures do not replace and are not superior to the presentation of GAAP financial results but are provided to improve overall understanding of the Company's current financial performance. Management believes that this non-GAAP information is useful to both management and investors regarding certain additional financial and business trends related to the operating results. Management uses this non-GAAP information, along with GAAP information, in evaluating its historical operating performance.
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 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 more information about and how to purchase Plarr's 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 websites at www.LeaderInGreenAssets.com, and please check out our other company websites at www.LIGAHomes.com or www.BGTVDirect.com.
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 are detailed in the Company's respective filings at www.otcmarkets.com.