SAN DIEGO, CALIFORNIA, Nov. 01, 2023 (GLOBE NEWSWIRE) -- International Land Alliance, Inc. (OTCQB:ILAL), (“ILAL” or the “Company”), an international land investment and development firm, today announced the incorporation of state-of-the-art technology to obtain the approval of its second phase by the newly formed Municipality of San Felipe, Baja California, Mexico at its Rancho Costa Verde development. The 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: “Advances in lithium battery technology and the utilization of Starlink as an internet provider option allow for our homes to be self-sustained in an off-grid environment with all the conveniences of any modern home. This is an accomplishment that many have talked about doing in the US but have been unable to do so. We believe that our development in Baja California, Mexico may be able to serve as a model for potential like communities in the US.”
As previously filed in Form 8-K on October 25, 2023, Rancho Costa Verde, S.R.L. de C.V., a wholly-owned Mexico the Company, received authorization and issuance of a subdivision approval from the Municipality of San Felipe for its Rancho Costa Verde development in San Felipe, Baja California, also known as, “Rancho Costa Verde Ecological Tourism Development Phase II and III. This is the final performance obligation for roughly 600 residential lots previously sold. The 600 residential lots generated gross sales of over $18M, but had $4,200,000 in deferred revenues due to this final contractual performance obligation, which have now been met. With this subdivision approval and payment of final transfer taxes, the Company can now recognize $4,200,000 in deferred revenues.
About Rancho Costa Verde:
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.
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:
Jason Sunstein, CFO
Jason@ila.company
Toll Free: (877) 661-4811
