DALLAS, TX--(Marketwired - Nov 22, 2016) - LIG Assets, Inc. (OTC PINK: LIGA) (also known as the "Leader in Green Assets" or "LIGA"), focused on residential and commercial real estate acquisition and development, today announced that it has entered into an agreement with TCA Global Credit Master Fund ("TCA Global") to settle the significant majority of the company's current outstanding debt.
The settlement agreement reduces the outstanding debt to TCA Global by approximately 75% and essentially allows LIG Assets to begin its new business ventures with a fresh start and build assets from this point unencumbered by liens or the potential of ever-increasing debt owed to this lender. Additionally, LIGA shareholders are expected to see no dilution through this settlement.
Terms of the settlement allow LIGA to engage in revenue generating activity for almost 6 months before commencement of monthly payments to pay off the settlement amount. Payments to TCA Global are anticipated to be generated from multiple new business ventures and revenue streams.
Over three years ago, previous LIG Assets management borrowed $500,000 from TCA Global. The debt subsequently accrued interest and penalties that ballooned to over $1 million. It is noted that TCA Global did receive some payments against the original loan.
TCA Global was by far LIG Assets, Inc.'s largest creditor, and all other creditors or claims against LIG Assets have been settled, are in the process of being settled, or management believes can be settled amicably.
Aric Simons, Chief Legal Counsel for LIG Assets, was instrumental in negotiation of the amicable settlement with TCA Global and their representation. Mr. Simons stated, "We are pleased to come to an agreement that benefits all parties, and appreciate everyone related to TCA Global for working with us on a fair settlement."
Previous management of LIG Assets, Inc. will be responsible for paying over half of the reduced negotiated settlement over a two-year time frame. Again, no dilution to LIGA stock occurred or is expected to occur from this Settlement Agreement, and no payment in cash or stock was made to previous management for this commitment. As long as LIG Assets abides by the terms of the agreement, it owes TCA Global only a remaining $220,000 over the next two years for its portion of the settlement.
LIGA President Charles Gambino added, "This settlement is a win-win for all parties, in particular the shareholders of LIG Assets. Now, we can focus on the incredible opportunities presented at the recent Sustainability Impact Conference hosted by LIGA at The Nashville Entrepreneur Center in downtown Nashville."
About LIG Assets, Inc.
LIG Assets, Inc., which trades on the over-the-counter market under the ticker symbol "LIGA," is focused on residential and commercial real estate acquisition and development as well as expansion into other sectors via potential acquisitions, mergers and joint venture partnerships. To receive updates directly from the company when material is disclosed, please visit www.LeaderInGreenAssets.com and subscribe to our investor newsletter.
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 at www.OTCMarkets.com.