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Management to Host Shareholder Update Call Thursday, November 18th, 2021, at 11:30am ET
SAN DIEGO, CALIFORNIA, Nov. 16, 2021 (GLOBE NEWSWIRE) -- International Land Alliance, Inc. (OTCQB:ILAL), (“ILA” or the “Company”), an international land investment and development firm, today provided a corporate update in conjunction with the filing of its Quarterly Report on Form 10-Q for the third quarter ended September 30, 2021.
Third Quarter 2021 and Subsequent Company Highlights:
Sold a 20-acre parcel at the Emerald Grove development for $630,000. For the nine months ended September 30, 2021 the Company has received $248,650 in payments against the balance due. The Company purchased this property (comprised of four 20-acre parcels, which includes a 8,000 sq ft event center) at a price of $1.1M in Q1 2019.
Opened Oasis Park Resort, a 500-acre eco-friendly, off grid community, for property tours following substantial construction progress for Phase I of the project including completion of the two-mile access road and the community entrance structure. Recent commencement of Phase II construction including the waterfront clubhouse, casitas and model homes.
Sold 3 home sites at Oasis Park Resort for a total of a $120,000 with a 10% down payment with the balance paid over 36 months.
Received a $20,000 down payment on their first new home construction contract at Oasis Park Resort to build a 2BR/2BA home for $99,000.
Through September 30, 2021 the Company presold 13 home sites at Valle Divino, an eco-friendly, off grid community, for gross proceeds of $360,080.
For the nine months ended September 30, 2021, Rancho Costa Verde (“RCV”) had a combination of lot sales and construction for gross sales of $1,623,662 with net income of $98,238. In May 2021, the Company acquired a 25% interest in RCV, a 1,100-acre, 1,200-lot master planned, eco-friendly, off grid community in Baja California, located roughly 8 km north of ILA’s Oasis Park Resort.
Completed a 2BR/2BA model home, an enhanced entrance and interior roads, as well as site preparation for 4 new homes adjacent to the model home at Plaza Bajamar.
Closed a $2.0 million private placement with a single institutional investor for the purchase of 3,000,000 shares of common stock at a purchase price per share of $0.68.
Taglich Brothers, Inc. initiated research coverage of the Company with an initial price target of $2.00 per share.
Presented at multiple investor conferences including the Q3 Investor Summit, SNN Network Summer Virtual Event 2021, LD Micro Main Event and Q4 Investor Summit.
Management is actively working with its independent registered auditor to ensure full compliance with Accounting Standards Update (“ASU”) 606 Revenue from Contracts with Customers, in order to recognize revenue from the Company’s contracts for deed, specifically when sales to customers include a significant financing component and when title of the underlying asset is not released until full payment of the consideration to which the Company is entitled. Management expects to have revenue compliance, pursuant to ASU 606 by the of end of Q4.
The Company further announced today that it has entered into a Letter of Intent (LOI) for the sale of its interest in a hemp joint venture (JV) at its Emerald Grove development. The Company expects to consummate this transaction in the next 7 to 10 days.
"During the third quarter we continued to press forward on the development of our portfolio of properties, with increasing interest driving our progress,” said Frank Ingrande, President of ILA. “We have now commenced construction at Valle Divino and are ahead of schedule at this premier wine country development. With travel restrictions now lifted and the construction progress at Oasis Park Resort, prospective homeowners and existing lot holders are now arriving for tours of the property, which have already resulted in multiple sales closings and commitments for new home construction
“We expect visitors to the region to continue to strengthen, and we are leveraging this opportunity with increased sales and marketing efforts. We are conducting research and marketing efforts to identify potential home buyers in the United States, with the primary focus on California, and have continued the development of our interactive website for visitors to view home sites, condominiums, and villa options and allow customization. Progress of construction of all our projects can be seen at www.ila.company. Through our investment and partnership with Rancho Costa Verde, we have been able to leverage additional resources with the use of their established and proven marketing plan which can help us with sophisticated execution and the desired results for residential homesite sales and development.
“During the quarter we continued efforts to secure financing and strengthen our balance sheet by closing a $2.0 million private placement with a single institutional investor. We attended several investor conferences to build awareness and interest in the Company, and we are pleased to receive initiation of research coverage by Taglich Brothers.
“Looking ahead we will continue to showcase our properties and welcome visitors to come visualize themselves being a part of these communities. We are ramping up lot sales and home construction in the months ahead and expanding interest with our marketing efforts, which will support the long-term growth of our Company and creation of sustainable value for our shareholders. I look forward to providing further updates on our shareholder update today,” concluded Ingrande.
Shareholder Update Call
ILA management will present an overview of the Company’s critical recent updates and growth initiatives. The call can be accessed via the webcast link or dial-in numbers below.
To access the call, please use the following information:
Thursday, November 18, 2021
11:30 a.m. Eastern time (8:30 a.m. Pacific time)
A telephone replay will be available approximately two hours after the call and will run through Tuesday, December 14, 2021, by dialing 1-844-512-2921 from the U.S., or 1-412-317-6671 from international locations, and entering replay pin number: 13725108. The replay can also be viewed through the webinar webcast link above.
About International Land Alliance, Inc.
International Land Alliance, Inc. (OTCQB:ILAL) is an international land investment and development firm based in San Diego, California. As its’ core mission, the Company has embraced technology for sustainable and socially responsible solutions, in addition to using proptech and construction tech advanced applications to meet these goals. The Company is focused on acquiring attractive raw land primarily in Northern Baja California, often within driving distance from Southern California. The Company serves its shareholders by devoting considerable time and resources to seeking out the finest sites available and obtaining the necessary development permits to build a compelling portfolio of properties, which provide a diversity of investment and living options. Please visit: www.ila.company.
Safe Harbor Statement
The press release may include certain statements that are not descriptions of historical facts but are forward looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section21E of the Securities Exchange Act of 1934. These forward-looking statements may include the description of our plans and objectives for future operations, assumptions underlying such plans and objectives, and other forward-looking terminology such as "may," "expects," "believes," "anticipates," "intends," "projects,” or similar terms, variations of such terms or the negative of such terms. There are a number of risks and uncertainties that could cause actual results to differ materially from the forward-looking statements made herein. Such information is based upon various assumptions made by, and expectations of, our management that were reasonable when made but may prove to be incorrect. All of such assumptions are inherently subject to significant economic and competitive uncertainties and contingencies beyond our control and upon assumptions with respect to the future business decisions which are subject to change. Accordingly, there can be no assurance that actual results will meet expectation and actual results may vary (perhaps materially) from certain of the results anticipated herein.