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Company: LIG Assets, Inc. (Pink Sheets: LIGA)
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Last:
Price: 0.04
Change (%): + 0.01 (33.00)
Volume: 3,776,754 |
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LIG Assets, Inc. Signs Definitive Agreement to Merge With West Coast Partners, LLC and CP Resources, LLC to Focus on Oil & Gas Exploration and Production
DALLAS, Sept. 4, 2014 (GLOBE NEWSWIRE) -- LIG Assets, Inc. (OTCPK:LIGA) is pleased to announce that it has officially merged with West Coast Partners, LLC and CP Resources, LLC effective September 02, 2014. West Coast Partners and CP Resources will become wholly owned subsidiaries of LIG Assets, Inc., and it is estimated that they bring added revenue of over 1 million dollars a quarter. The primary focus of the merged entity will be to develop its current portfolio of leases for oil and gas reserves on over 36,000 acres in Nevada and Texas. LIG Assets will maintain its commercial and residential real estate operations, but may consider a spin-off or sale of these assets in the future.
West Coast Partners and CP Resources are also based in Dallas, TX and now in the process of moving its office staff to LIG Assets' currently underutilized high rise office space in downtown Dallas, and will complete its move over the next 60 days. Jeff Love, former CEO of LIG Assets, will maintain a board seat and the new position of Chief Operating Officer with the merged entity. Dennis Hopkins, a seasoned veteran with over 40 years of experience in the oil and gas industry, has been named President. Anthony Feezel has also been named a Director. Additional details of its large probable reserves, management's history, and additional merger details will be announced soon.
Finally, it is noted that management of the merged entity has no current plans to execute a reverse split of LIGA. However, the Company has plans to trade on a more senior exchange in the future with audited financials that may require restructuring at some point. Management of the entire merged entity is focused on greatly improving shareholder value, and firmly believes it will deliver.
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