DALLAS - May 30, 2012 (www.Investorideas.com Newswire) - LIG Assets, Inc. (OTCPK: LIGA), filed its Quarterly Report as of March 31, 2012 to bring its filing status to “current”.
As
of March 31, 2012, LIG Assets reported total assets of $24,287,429 and
total liabilities of $16,350,370 for total net equity of $7,937,059.
Based on reported shares issued and outstanding, book value
demonstrates .105 per share. Net income for the quarter was reported to
be $75,292. On April 13, 2012, LIG Assets reported full year 2011 Net
Income to be $1,341,960.
CEO
Jeff Love commented, "Earnings for the first quarter of the year are
typically much lower than other quarters due to property taxes that are
due on most of our properties. We also do not realize near as much
turnover and sales during this time of the year as we do during the
balance of the year." He added, "We expect to see much stronger numbers
in the current quarter and for the foreseeable future with additional contributions from SuiteMagic and other divisions. All total, it should result in much higher net income in 2012 than in 2011."
The
Company continues to believe that the real estate markets in and near
most medium and large cities in Texas are great places to invest. A
recent NAIOP Research Foundation Study revealed that Texas ranked #1 in
commercial real estate development in 2011. Texas also led the nation in
private sector job growth in the past decade. Job creation in Texas
seems to be driven by a number of factors including a robust energy
industry, an increasingly diversified economy, and an affordable cost of
living.
Recent operational and development highlights:
- The Company maintains strong expectations for SuiteMagic as it delivered a credit facility to lease equipment for the subsidiary. SuiteMagic is a technology entertainment services company providing internet-based TV and Cable programming, interactive game content, and goods and services. The product provides hotel guests with an all-encompassing in-room experience while allowing hoteliers to monetize the rapidly growing consumer trend towards a truly Internet-integrated TV experience.
- LIG Assets retained approximately 45% of SuiteMagic following a stock dividend paid to shareholders of record April 30, 2012. Globex Transfer, LLC of Deltona, FL was retained as Stock Transfer Agent, and SuiteMagic is expected to go public through an S-1 filing later this year.
- Although the primary focus of LIG Assets is in real estate transactions and income producing properties, the Company has a variety of other business interests evidenced by its recent stock dividend paid in SuiteMagic. LIG Assets has identified at least two other divisions it would prefer to spin off, operate separately, and issue stock as dividends to its shareholders in LIGA over the next 12 to 18 months.
- An LOI was signed to acquire First Run Multimedia Corporation for cash. The acquisition is expected to provide revenue to SuiteMagic from its existing customers than include over 3000 hotel rooms.
- April 27, 2012, Goldman Small Cap Research, a stock market research firm atwww.GoldmanResearch.com focused on the small cap and micro cap sectors, initiated research coverage of LIG Assets, Inc. (OTCPK: LIGA). An updated report on May 29, 2012 was issued confirming the forecasts.
- On April 26, 2012, the Company retained Bravo International Services to provide Investor Relations Services.
About LIG Assets, Inc.
LIG
Assets, Inc., based in Dallas, TX, is a multi-faceted worldwide
investment company that focuses on real estate, technology, and other
sectors of the economy. We are a proactive company that is committed to
providing opportunities in all structures of the economy and are always
welcoming new opportunities. LIG Assets, Inc. trades on the pink sheets
under the ticker symbol "LIGA". For additional information, please visit
LIG Assets corporate website: www.ligassetsinc.net.
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 that are detailed in the Company's filings, which
are on file with the U.S. Securities and Exchange Commission (SEC).
Contact Information:
LIG Assets, Inc.
(214) 760-1000
(214) 760-1000
Investor Relations Contact:
Bravo International Services
Larry K. Davis (250) 595-7714
Larry K. Davis (250) 595-7714
Published at Investorideas.com
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