DALLAS, TX--(Marketwired - Jan 5, 2017) - LIG Assets, Inc. (OTC PINK: LIGA) (also known as the "Leader in Green Assets" or "LIGA") announces it has signed new and revised board resolutions that officially and further recognize many terms that were agreed in a Restructuring Agreement dated June 1, 2016. In addition to these resolutions, LIGA reviews its primary accomplishments in 2016, and provides an outlook for 2017.
New and Revised Board Resolutions signed January 4, 2017:
1. We resolve to reduce the conversion rate of entire 50 million shares of Preferred Stock. The previous conversion rate was one share of Preferred would convert to 50 shares of common stock. Now, the conversion rate will be one share of Preferred stock converts to one share of common stock. The cancellation in potential issuance of nearly 2.5 billion shares now protects the current share structure from massive dilution.
2. We now resolve that each share of Preferred Stock will have one voting share, the same that is set for each share of common stock.
3. We resolve that the total authorized common share count will not increase above the current level of 2.4 billion shares for at least three years or December 31, 2019 unless the common stock share price trades above .05 per share for at least 30 calendar days.
4. We resolve that no reverse split of LIGA common stock will occur before December 31, 2019 unless the common stock trades above .05 per share for at least 30 calendar days.
5. We resolve that no additional classes of any stock preferred or otherwise be issued for at least three years or December 31, 2019.
6. We resolve that any funding of the Company must occur through debt issuances, project based financing, or through the small balance of common stock that has not been issued.
1. In June 2016, LIGA signed a Restructuring Agreement with agreed terms to update financial reporting the OTC Markets, implement management changes, resolve indebtedness, limit share issuances, and restructure the preferred stock.
2. In August 2016, LIGA filed updated financials for 2015 and 2016 so that its status with OTC Markets was upgraded to OTC Pink Current. LIGA is committed to maintain this status and will aim to file audited financials in the future.
3. In October 2016, LIG Assets announced it would rebrand itself as the "Leader in Green Assets" -- also an acronym for its stock symbol "LIGA" -- to better represent the company's current and planned future focus. The Company would focus on the construction of new homes and home upgrades that utilize the most advanced disaster resistant construction materials and design, alternative energy, and sustainable technologies.
4. In November 2016, LIG Assets successfully settled a lawsuit with TCA Global Credit Fund that reduced its outstanding debt by over $750,000 with no dilution to shareholders. Previous management agreed to pay over half of the reduced settled amount leaving LIGA with only $220,000 in debt to be paid over the next two years. This settlement was considered a win-win for all parties and allows LIGA to move forward aggressively on its new business plan.
5. Collaboration with famed environmental pioneer and visionary, Mr. Robert Plarr, to deliver affordable, sustainable homes in select communities throughout the United States. It is further noted that Mr. Plarr maintains a large database of interested parties that wish to purchase homes constructed by LIGA that utilize Plarr approved green technologies and building materials. Listen to 25 minute interview at November 2016 Interview with Mr. Robert Plarr
6. In November 2016, LIGA held its first Sustainability Impact Conference in Nashville, TN where speakers and corporate advisors detailed its technologies, products and vision for the future. A new website was also introduced at www.LeaderInGreenAssets.com.
7. In December 2016, Mr. Aric Simons agreed to become Chairman of the Board. Aric brings extensive real estate experience through construction of numerous development projects. He has also actively practiced law since 1989 specializing in the entertainment and real estate industries.
8. In December, 2016, LIGA signed an Agreement to co-develop its first official property to showcase its brand of sustainable, green, disaster proof homes. Construction of the waterfront property in Panama City Beach, FL will begin in January 2017 with an aggressive completion schedule. LIGA high performance homes are designed to be constructed in a more efficient manner than conventional homes.
2017 Goals and Plans:
1. LIGA aims to deploy state-of-the-art technology and methodologies to bring sustainable housing to a price level that is competitive with traditional construction. Its business plan is to allow the average homeowner the ability to purchase a home in one of its developments that is sustainable; thus significantly reducing expenses for water and power. Additionally, LIGA will utilize construction materials that exhibit the highest ratings of moisture, mold and fire resistance and are far less susceptible to aging decay associated with traditional building materials. The Company's designs are not necessarily intended for a niche market, but scalable for mass development.
2. LIGA will begin construction of its first model home on the Panama City Beach property and will serve to demonstrate and incorporate all elements of the Company's innovative construction, design, and technology. LIGA's architectural and design team has produced renderings of many homes that are being used now to secure new development projects.
3. LIGA has a goal to sign Agreements to participate in at least four developments across the nation in 2017 for its brand of homes. In addition, LIGA is entering into strategic partnerships with material suppliers which will enhance net profitability. This will be accomplished by acting as a developer of sustainable communities, homes and "Post-Construct" upgrades for those who want to make their current homes more sustainable.
4. LIGA is actively pursuing and developing projects in at least six states that range from small scale high performance showcase homes like the one in Panama City Beach, to much larger home community developments that involves construction plans of over 1000 homes. LIGA is working with its partners and advisors to value engineer its own brand of energy efficient, high performance homes that are priced and built for developing mass markets.
5. LIGA plans to work closely with Mr. Robert Plarr to offer his large database of interested buyers a home that is truly sustainable and green. LIGA will implement many of Mr. Plarr's most highly recommended and approved technologies and building materials.
6. Through successful implementation of the business plan, we hope to deliver gains to our loyal shareholders that exceed our wildest dreams.
Aric Simons, LIGA Chairman and Corporate Counsel, stated, "The ambitious plans for LIGA in 2016 have already commenced to become a reality in 2017. This year will mark the transformation of LIGA from a development stage company into a profitable revenue generating corporation that will greatly enhance the value of our shareholders equity."
About LIG Assets, Inc.
LIG Assets, Inc. (OTC PINK: 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 on file at www.OTCMarkets.com.