LIG Assets, Inc. Announces Review of 2020, Including the Successful Resolution & $3 Million Tax Loss Carried Forward

Rhea-AI Summary

LIG Assets, Inc. (LIGA) announced key developments in 2020, including a favorable SEC judgment related to unlawful share manipulation and a resolution with the IRS granting a $3 million tax loss carryforward. The SEC had previously indicted an individual and a corporation for manipulative practices affecting LIGA and other OTC companies. Following the resolution, LIGA aims to resume real estate transactions and potentially cancel frozen shares. Furthermore, management is exploring joint ventures to leverage the tax benefits and advance ongoing projects, including property development in Tennessee.

Positive

• SEC summary judgment won against unlawful share manipulators.
• IRS negotiation resulted in a $3 million tax loss carryforward.
• Resolutions allow LIG Assets to resume real estate dealings.
• Plans to cancel 140 million shares frozen due to SEC issues.

Negative

• Tax issues significantly affected business operations for over 18 months.
• Previous management's tax mismanagement led to additional complications.

Nashville, TN, Oct. 14, 2020 (GLOBE NEWSWIRE) -- via NewMediaWire -- LIG Assets, Inc. (OTC PINK: LIGA) (also known as the "Leader in Green Assets" or "LIGA"), announces primary accomplishments in 2020, including the SEC summary judgment against the individual and corporation for the unlawful manipulation and selling of LIG Assets shares and other companies’ stock illegally and the resolution with the IRS that concluded with a $3 million Tax Loss Carried Forward for LIGA.

In November 2017, the Securities and Exchange Commission filed indictments against an individual and corporation for unlawful manipulation of LIG Assets and included 38 other OTC companies’ stock. You can read the full SEC indictment @ https://www.sec.gov/litigation/complaints/2017/comp23992.pdf; and on August 20, 2020, the SEC won a summary judgment against the individual and corporation, here's the Litigation Release No. 24871 - See Link: https://www.sec.gov/litigation/litreleases/2020/lr24871.htm

In addition to the SEC lawsuit, LIGA has successfully negotiated with the IRS when we came to an agreement after refiling our taxes for the years 2010, 2011, 2012, 2013, 2014, 2015 and 2016.  The IRS took the additional steps to file these as a NO CHANGE AUDIT which gave LIG Assets a $3 million tax loss carried forward instead of any assessed penalties that previous management failed to disclose nor deliver proper banking and tax documents to LIGA's current management.  It should be noted that LIG Assets’ original management that launched the company in 2008 had properly filed all of the tax returns from 2008 to 2013 and it was at this point in 2013 that an interim management team took over.  This interim management team decided to amend several of the previous tax returns and then failed to file 2014, 2015 and 2016 tax returns. Later, the IRS rejected the amended tax returns for 2010, 2011 and 2012.  After LIGA's current management took over LIG Assets in July 2017, the IRS notified them that the previous management ignored and/or was complacent with these tax issues.  Also, and it should be noted the previous management failed to inform LIGA's current management of any issues with the IRS.  So the current management led by CFO Doug Vaughn, and aided by IRS Tax Advocate John Delladonna with the help of many others had to go back and reconstruct the taxes from 2010 through 2016, which LIG Assets did.  

LIGA's CFO, Doug Vaughn, stated, "This complex tax issue was worked out with the IRS over the last 18 months and required thousands of man hours by LIGA's current management and thankfully we were aided by 2 current US Senators.  The events with the IRS and SEC materially impacted our ability to close real estate transactions and many other deals during this time." The successful resolution of this issue allows LIG assets to begin moving forward quickly on the real estate side of the business.

As stated in our press release on Jan. 4, 2018, LIGA had frozen 140 million shares of stock in reference to the SEC Indictments and has done so for the entire 3 years of the SEC lawsuit.  LIGA's plan is to cancel these shares and possibly others now that the SEC has won a summary judgment.  All monies received from ill-begotten gains will be applied to share buybacks, dividend and/or reinvesting in fiscally prudent new projects that would produce a guaranteed minimum return of investment.  As stated in previous press releases, LIGA and its current management team reserves the right to purchase shares on the open market at any time.

Starting in 2016, LIGA held a Sustainability Impact Conference annually in Nashville, TN where senior management and corporate advisors detailed the Company’s technologies, products and vision for the future.  Unfortunately due to the Coronavirus, the city of Nashville banned gatherings such as our conference this year and management decided that in the best interest of our shareholders that we would put off the event until next year, granted that everything returns to normal. 

LIGA's management is now negotiating to make a deal and/or joint venture agreement to take full advantage of our $3 million tax loss carried forward.  Project specific news will follow very soon since resolution of these two issues frees up management to focus on all of our projects including but not limited to the development of the properties in Brentwood, Tennessee and Buck Lake Ranch in addition to building homes with Horton World Solutions. Please look forward to more updates over the next couple of weeks.

About LIGA Homes:
LIGA Homes unique residential and commercial developments utilize specially designed and manufactured recycled "element resistant" steel framing, in addition to toxic free magnesium oxide building materials and panels that are 100% mold, fungus, termite and rot resistant and fire resistant against temperatures up to 3500 degrees Fahrenheit as well as famed environmentalist Robert Plarr's exclusive "maximum rated" R-60 insulation -- combining to create disaster resistant materials and structures that can withstand up to a 7.5 magnitude earthquake and sustained gale force winds up to 175 MPH while negating damage caused by rain and flood exposure. With the addition of Plarr's green and renewable systems and products, LIGA Homes is now capable of providing affordable, fully sustainable and disaster resistant living environments – LIGA Homes is at the forefront of this new and improved direction for the green, sustainable and construction sectors.

For more information about LIGA Homes visit - www.LIGAHomes.com or contact the Company directly at 833-LIGAHOMES

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.LeaderInGreenAssets.com -- also follow LIGA at Twitter.com/LIGAssets.

Forward-Looking Statements
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.

Contact Information:
LIGA Shareholder/Investor inquiries can be directed to:

Marvin Baker
President – LIG Assets, Inc.
CEO – BGTV Direct Worldwide Media Solutions
Email: Marvin@BGTVDirect.com
www.LeaderInGreenAssets.com
www.BGTVDirect.com
www.LIGAHomes.com
833 – LIGAHOMES

FAQ

What recent developments has LIG Assets (LIGA) announced?

LIG Assets announced a favorable SEC judgment and a $3 million tax loss carryforward.

How does the SEC judgment impact LIG Assets' stock?

The SEC judgment helps clear up past issues, potentially improving confidence in LIG Assets' stock.

What is the significance of the $3 million tax loss carried forward for LIGA?

The tax loss carryforward allows LIG Assets to offset future taxable income, enhancing financial flexibility.

How will the resolution with the IRS affect LIG Assets' operations?

The IRS resolution empowers LIG Assets to focus on real estate projects and upcoming ventures.

What business plans does LIG Assets have following these resolutions?

LIG Assets plans to resume real estate development and explore new joint ventures leveraging tax benefits.