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IFLM SIGNS LOI TO ACQUIRE HOFFMAN LA BREA PROPERTIES
LOS ANGELES, CA --- Independent Film Development Corporation (OTCPINK: IFLM), with a plan of operations to acquire and manage commercial real estate as well as produce and distribute digital content, announced today that it has signed a Letter of Intent to acquire Hoffman La Brea Properties, LLC., a property holding company in Los Angeles, CA.
“We’re thrilled about the prospect of the acquisition,” said CEO Jeff Ritchie. “After several setbacks, we are making good headway on this acquisition.”
Hoffman La Brea owns seven parcels in Los Angeles, with six being leased to light industrial businesses, with one lot currently vacant. The value of these properties is subject to an ongoing appraisal. The transaction is expected to be in convertible preferred stock with some cash.
The purpose of the IFLM Realty strategy is to acquire investment grade properties – residential and commercial – where IFLM management and advisors have identified a niche. IFLM is actively looking for properties that are available under their market value and which are outside the scope of the major developers and / or owned by cash strapped operators. The causes of these under valuations can be anything from creditor pressure and poor management to a lack of cash to manage the properties.
“The current management of Hoffman La Brea will continue to operate the properties as they see fit,” said CEO Ritchie. “Once the acquisition takes place, the financials will be consolidated onto IFLM’s balance sheet. With positive revenue to show on the books, we think this will return value to shareholders.”
About the Independent Film Development Corp.:
Based in Irvine, California, Independent Film Development Corporation is developing a multi-pronged approach to commercial real estate acquisition and management and digital film creation and distribution.
This press release includes forward-looking statements concerning the future performance of our business, its operations and its financial performance and condition, and also includes selected operating results presented without the context of accompanying financial results. These forward-looking statements include, among others, statements with respect to our objectives and strategies to achieve those objectives, as well as statements with respect to our beliefs, plans, expectations, anticipations, estimates or intentions. These forward-looking statements are based on our current expectations. We caution that all forward-looking information is inherently uncertain and actual results may differ materially from the assumptions, estimates or expectations reflected or contained in the forward-looking information, and that actual future performance will be affected by a number of factors, including economic conditions, technological change, regulatory change and competitive factors, many of which are beyond our control. Therefore, future events and results may vary significantly from what we currently foresee. We are under no obligation (and we expressly disclaim any such obligation) to update or alter the forward-looking statements whether as a result of new information, future events or otherwise.