LIG Assets, Inc. (PINK SHEETS: LIGA) is pleased to announce that it filed its quarterly and annual report for year 2015, and its first quarter ending March 31, 2016. Although OTC Markets has accepted the documents and filings, it could take a few days before all disclosure statements, filings, and opinion letters have been accounted for before the Stop Sign is replaced with OTC Pink Current Information.
As described in subsequent events listed in Note 19 of the most recent quarterly filing, the Company signed a Restructuring Agreement on June 1, 2016. This Agreement reorganized its management team and brought in a new President, Mr. Charles Gambino, to concentrate on the real estate and shareholder relations portion of the Company. The current CEO will remain, and with the new President, will comprise the new Board of Directors. A diverse and experienced Advisory Board with three members was also formed with plans to add additional qualified Advisory Board members in the future as the company moves forward with its business model.
It is noted that based on the Restructuring Agreement and in service to our loyal and supportive shareholders, there will be no increase in the authorized number of common shares to be issued, no additional classes of stock created, and no reverse split for at least three years unless unanimously approved by the Board of Directors. Further, it was agreed that the existing 50 million shares of Series A Preferred Stock would only convert into one share of common stock for each preferred share held, thus keeping the Company from increasing the authorized share count.
New President Mr. Gambino stated, “We intend to resolve previous indebtedness and aggressively begin the process of developing new real estate projects, revenue sources and additional business opportunities for the Company via acquisitions, mergers and joint venture partnerships. In addition, our motivation and intent is to significantly build shareholder value and make LIG Assets truly a company owned by its shareholders, and we have the business plan, resources and personnel to get started on those plans immediately.” The Company has also created a free shareholder newsletter to keep shareholders and the investment community informed about important current and future developments by the company. Interested parties can subscribe by visitingwww.LIGAssets.net.
About LIG Assets, Inc.
LIG Assets, Inc. is a Company focused on residential and commercial real estate acquisition and development as well as expansion into other sectors via acquisitions, mergers and joint venture partnerships. LIG Assets, Inc. trades on the pink sheets under the ticker symbol “LIGA”. For additional information, please visit LIG Assets current corporate website and/or sign up for the Company’s free shareholder newsletter created to keep shareholders and the investment community updated about the Company’s current and future developments. LIG Assets plans to debut its new official corporate website and domain in the very near future:
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.