|By Marketwired .||
|April 28, 2014 05:30 AM EDT||
LOS ANGELES, CA -- (Marketwired) -- 04/28/14 -- IFLM (OTCQB: IFLM), with a plan of operations to develop themed resorts and be a sales / distribution agent for digital films, announced today that it has identified its first target property for acquisition.
IFLM and the seller have agreed on a price of $1.275 million for the 2.83 acre building lot, currently awaiting approval by the city of building plans.
"If approved by the city and the deal closes, we're seeking to improve the land with an architecturally significant residential home. Once it's completed, we planning on selling the finished product on the open market," said IFLM CEO David Garland.
The property is the first acquisition under the IFLM Realty strategy. 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 that are outside the scope of the major developers and / or owned by cash strapped operators. The causes of these undervaluations can be anything from creditor pressure and poor management to a lack of cash to manage properties.
"If final approval is obtained from the city and we move forward, we hope that this represents the first of many acquisitions," said Garland. "It would be the first real property asset on IFLM's books, and although we would not intend to hold these types of properties in our long-term portfolio, it would represent a successful launch of our new strategy."
The planned residence, which has already been designed, is a magnificent architectural statement by Vitus Matare -- a two story, 4,618 SF gem with additional 1176 SF detached studio, including two car garage, pool and spa and additional 684 SF of covered decks. The purchase price includes all the plans, reports, results of investigations, and is contingent on final City approval.
About Independent Film Development Corp.
Based in Los Angeles California, Independent Film Development Corporation has developed a business plan of operations of developing genre themed studio style resorts, and film sales, distribution, and development.
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.
Independent Film Development Corp.
C. David Pugh