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NASHVILLE, TN, May 16, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- LIG Assets, Inc. (OTC PINK: LIGA) (also known as the "Leader in Green Assets" or "LIGA") announces today financial results for the first quarter of fiscal year 2019. Revenue for the quarter was $930,583, an increase of 5.4% over the prior quarter. Gross profit for the quarter decreased due to increased investments which appear currently as business expenses but are expected to yield substantial growth in subsequent quarters. The resulting return on investment will be stated as increased net revenue as the investments (detailed below and in prior announcements)
Marvin Baker, President of LIG Assets, stated, “The ‘Media Buy’ portion of the business was profitable as expected. Spending on the Digital Signage Division, Buck Lake Ranch, and Bella Serra Brentwood were a priority this quarter. We already know this money was well spent as the company netted revenue of over $450,000 in April.”
BGTV Direct expensed over $150,000 on the new business ventures. The Digital Signage Division is expected to produce meaningful revenues in the next 60 days and potentially significant net revenue over the next couple of quarters. These investments which are characterized as business expenses in Q1 will transform into significant profit in subsequent quarters. The investment in Buck Lake ranch of $124,235 was capitalized on the balance sheet. The finalized procurement of the additional 30 acres for Brentwood, TN, Bella Serra development will result in substantial economies of scale for the amortization of infrastructure construction that will be applied to 60 acres of homes rather than 30 acres of homes. Financing for the construction has already been secured with infrastructure construction to commence in the very near future. Once real estate sales commence to generate revenues the company will add a ‘segment report’ to the published financials. The company also just revamped our website www.ligahomes.com which is now live. Be sure to sign up for our newsletter for updates.
Non-GAAP Financial Measures:
In addition to disclosing results prepared in accordance with GAAP, the Company also discloses certain non-GAAP results of operations, including adjusted EBITDA and adjusted diluted earnings per share that either exclude or include amounts that are described in the reconciliation table of GAAP to non-GAAP information provided at the end of this release. Non-GAAP financial measures do not replace and are not superior to the presentation of GAAP financial results, but are provided to improve overall understanding of the Company's current financial performance. Management believes that this non-GAAP information is useful to both management and investors regarding certain additional financial and business trends related to the operating results. Management uses this non-GAAP information, along with GAAP information, in evaluating its historical operating performance.
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".
LIGA Homes in association with the Company’s other wholly-owned subsidiary, LIG Developments, LLC., a steel framing manufacturing and design entity incorporated under the LIG Assets corporate umbrella will fast track LIGA Homes’ development as an emerging pioneer in the green and renewable energy sectors having successfully created the world’s first earthquake, flood, hurricane and fire resistant homes and structures that are 100% fully sustainable and disaster resistant – from individual green systems and homes to fully sustainable communities and commercial centers - completely revolutionizing the sustainable and renewable construction movement forever!
For additional information about LIG Assets, Inc., Robert Plarr, and/or how to purchase our 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.LigaHomes.com -- also follow LIGA at Twitter.com/LIGAssets.
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.
LIGA Shareholder/Investor inquiries can be directed to:
President – LIG Assets, Inc.
CEO – BGTV Direct Worldwide Media Solutions