SAN DIEGO, CALIFORNIA, Sept. 28, 2021 (GLOBE NEWSWIRE) -- International Land Alliance, Inc. (OTCQB:ILAL), (“ILA” or the “Company”), an international land investment and development firm, today provided a corporate update on its property portfolio and business operations.
Recent Company Highlights:
- Appointed Northern Baja California real estate veteran Frank Ingrande as President, concurrent with ILA’s minority interest acquisition in Rancho Costa Verde development.
- Executed 10 residential plot sales agreements for its Valle Divino project and accepted several reservations for home sales for its Plaza Bajamar project. A master bank trust is in process of being created to hold and transfer title, rights and interest to each property, which will allow the Company to record revenue from its Valle Divino and Plaza Bajamar projects, as sales are made, and individual trusts are established for each buyer. The Company expects to have this trust established by the end of its fourth fiscal quarter. Title and the ability to record sales at the Oasis Park Resort a has already been established.
- Partnered with CleanSpark, Inc. to successfully deploy a microgrid on ILA's model home at Plaza Bajamar, and established plan to outfit all units at the property, as well all units at ILA’s Valle Divino development, with solar microgrid installations.
- Resumed construction and service work at Oasis Park Resort for Phase I of the project, with over $60 million in anticipated gross lot sales.
- Commenced a construction financing fund to provide flexible financing solutions for homesite construction to selected qualified owners.
- Reopened its newly renovated event center at its Emerald Grove Estates property in Southern California. ILA sold a vacant 20-acre parcel of the property for approximately $630,000, with a significant return on investment for one-fourth of the 80-acre property that ILA originally purchased for $1.1 million. This sale is also expected to be recorded the fourth fiscal quarter.
- Continued efforts to secure financing and strengthen balance sheet by closing a $2.0 million private placement with a single institutional investor and paid off a $500,000 bridge loan in full. ILA owns all of its Baja California properties outright and without debt.
Management Commentary
“2021 has been an important year for ILA, highlighted by continued progress across our portfolio of properties, and a strengthened balance sheet to further propel that momentum,” said Roberto Valdes, Chairman & Chief Executive Officer of ILA. “We successfully raised $2 million which we are utilizing for construction, sales and marketing at each of our development projects in Mexico, expecting a high return on capital due to geographic arbitrage.
“Our Rancho Costa Verde property, located 8km north of Oasis Park Resort, experienced better than expected sales since our acquisition of a 25% interest in the development, with over 900 residential lots sold to date, 50 homes completed, over 20 homes under construction, and approximately 30 additional homes planned for development. With an on-site boutique hotel and restaurant, we are welcoming visitors to come visualize themselves being a part of this self-sustained, solar-powered community. The RCV Team has taken steps to optimize sales and marketing expenses at the property, which have decreased significantly when compared to historical expenditures, and we are implementing similar strategies across the ILA portfolio of properties.
“At Plaza Bajamar, located within the internationally renowned Bajamar Ocean Front Hotel and Golf Resort, our partnership with CleanSpark is a key differentiator for our community with sustainable, advanced solar-plus-storage power solutions. We are now moving to the next phase in which we will provide all units in the community with solar microgrid installations, which will be supported by our software solutions.
“CleanSpark’s innovative microgrid solutions will also power our model home and amenities at Valle Divino, at which we are commencing construction in the fourth quarter of 2021 for a model home, three casitas and a clubhouse for wine tasting aside our recently expanded two-acre vineyard. At a starting price of $49,000 per residential lot and $99,000 to $119,000 for the completed one- and two-bedroom homes respectively, we are widely broadening the accessibility of luxury homeownership. We are excited to see these innovative proptech solutions and amenities materialize at our properties, which we believe will drive demand as we progress with our sales strategy going forward,” concluded Valdes.
“We have been moving quickly on our operational and strategic initiatives since I joined ILA earlier in the quarter,” said Frank Ingrande, President of ILA. “At Oasis Park Resort, we have already pre-sold 75 of the 1,344 planned residential lots at the community to initial stakeholders. We resumed Phase I construction at Oasis Park in June, including marking the access road, staking residential lots, and site preparation for the clubhouse and model homes, and have now begun Phase II construction.
“With a fortified balance sheet and robust pipeline of attractive acquisition opportunities, we are enabled to make significant advancements on our operational strategy and ultimately drive sustainable long-term value for our shareholders. We continue to innovate and achieve our sales goals across our portfolio of properties, and I look forward to sharing our continued progress in the months ahead,” concluded Ingrande.
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 of 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 expectation and actual results may vary (perhaps materially) from certain of the results anticipated herein.
CONTACT
Investor Relations:
Brooks Hamilton
Senior Vice President
MZ Group – MZ North America
(949) 546-6326
ILAL@mzgroup.us
www.mzgroup.us
