LOS ANGELES, CA--(Marketwired - Apr 25, 2014) - Independent Film Development Corporation (OTCQB: IFLM), with a plan of operations to develop themed resorts and be a sales / distribution agent for digital films, announced today that it has created a limited liability company (LLC) designed to house a fund in order to facilitate the purchase of real estate for development.
"This is next step in our real estate development strategy," said Jeff Ritchie, IFLM's COO. "We're both actively looking for opportunities as well as acting to acquire those we've found."
The purpose of the LLC is to finance investment properties -- residential and commercial -- where IFLM management and advisors have identified a niche. IFLM actively seeks distressed and below market properties that are outside the scope of the major developers and / or cash strapped operators. IFLM target properties may be below market for reasons ranging from creditor pressure and poor management to a lack of cash to manage properties; however, the geographic focus is domestic and in regions with high growth potential.
"We are constantly looking for subject properties that can either be renovated and re-sold or can be managed for income," said CEO David Garland. "We believe that the Southern California market is the right place to start and to execute on our strategy. As I've said since Day 1, our passion is to be pioneering the integration of entertainment and hospitality. Real estate is a core component of this strategy, and this fund is a natural extension of our business model."
IFLM's fund objective will be to invest in properties that offer short and medium-term cash flow and a high ROI for participating investors. IFLM's executive team has years of collective experience in real estate investment, development and reorganization.
About Independent Film Development Corp.
Based in Los Angeles California, Independent Film Development Corporation has developed a business plan of operations of developing genre themed studio style resorts, and film sales, distribution, and development.
This press release includes forward-looking statements concerning the future performance of our business, its operations and its financial performance and condition, and also includes selected operating results presented without the context of accompanying financial results. These forward-looking statements include, among others, statements with respect to our objectives and strategies to achieve those objectives, as well as statements with respect to our beliefs, plans, expectations, anticipations, estimates or intentions. These forward-looking statements are based on our current expectations. We caution that all forward-looking information is inherently uncertain and actual results may differ materially from the assumptions, estimates or expectations reflected or contained in the forward-looking information, and that actual future performance will be affected by a number of factors, including economic conditions, technological change, regulatory change and competitive factors, many of which are beyond our control. Therefore, future events and results may vary significantly from what we currently foresee. We are under no obligation (and we expressly disclaim any such obligation) to update or alter the forward-looking statements whether as a result of new information, future events or otherwise.