NASHVILLE, TN--(Marketwired - Aug 15, 2017) - LIG Assets, Inc. (OTC PINK: LIGA) (also known as the "Leader in Green Assets" or "LIGA") will be posting its financial results for the second quarter 2017. Corporate filing information and documentation has been submitted to OTC Markets, and will be posted once OTC Markets confirms updated corporate resolutions. LIG Assets, Inc. plans to upload the financials to their website later tonight at www.LeaderInGreenAssets.com.
LIGA second quarter 2017 highlights include:
Gross revenues of $319,429 for the second quarter
Elimination of $1,149,451 in debt previously reported through payment, negotiation and adjustment of frivolous or unsubstantiated claims and unsupported contingent liability
In full compliance with TCA Debt settlement
Completion of the acquisition of both BGTV & Precision Steel
Early phase execution of business plan for material, substantial revenue realization and asset recognition resulting from BGTV & Precision Steel acquisitions
Bids and new contracts in Q2 should start to materialize in Q3 & Q4 of this year
No reverse split or increase of authorized shares as the Company remains committed to plan not to reverse split the stock below .05 per share. LIGA is also under a long term agreement not to add any other classes of stock
LIG Assets Chairman Aric Simons stated, "We've been going through an exhaustive forensic accounting procedure to be able to get the books in order and ultimately to transition the company to fully reporting. In large part due to our new CFO's efforts, we will be amending our financials in a manner that is consistent with full transparency and generally accepted accounting principles."
Mr. Simons added, "We continue to concentrate on creating new revenue sources and bidding on new contracts for LIGA and its subsidiaries. I'm very pleased with the new management team that we've assembled and their due diligence on all fronts including, but not limited to, creating revenue for the company, successfully bidding on new contracts that will scale our revenue from early growth patterns into multi-million dollar projects, cleaning up the financials, eliminating debt through strategically paying it down, negotiating favorable and manageable terms for legitimate debt and canceling debt that cannot be validated. Our goal is to create a viable company that generates revenues that places LIGA on the tier of top national and ultimately international businesses. I believe that in the near future investors will look back at 2017 Q2 as the turning point for the transformation from upstart company to a leader in industry."
CFO Doug Vaughn stated, "The second quarter of 2017 saw significant revenues for the first time in years. The acquisition of BGTV contributed to providing LIGA the necessary liquidity for moving forward. Our average balances in Q2 have been in the $15K to $20K range and as of close of business last night, August 14, 2017, we had over $200,000 in our combined bank accounts. This is why, I'm very confident that our goal for Q3 and beyond will generate strong operating cash flows and profits that will create long term value for our shareholders."
About LIG Assets, Inc.:
LIG Assets, Inc. in association with Robert Plarr is the emerging "Leader in Green Assets" -- focused on exclusive green, renewable energy and sustainable homes, living systems, technologies and components to be utilized in the residential and commercial real estate acquisition and development projects currently under way and now individual product sales, as well as rapid 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 about LIG Assets, Inc., Robert Plarr, and/or more information about and how to purchase Plarr's exclusive homes, structures, products and technologies or to subscribe online to LIGA's free Shareholder Newsletter for regular updates and alerts regarding important Company developments, please visit the Company's website at www.LeaderInGreenAssets.com
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 are detailed in the Company's respective filings at www.otcmarkets.com.