SAN DIEGO, CALIFORNIA, Oct. 26, 2022 (GLOBE NEWSWIRE) -- International Land Alliance, Inc. (OTCQB:ILAL), (“ILA” or the “Company”), an international land investment and development firm, is providing an update to the previously announced executed Binding Letter of Intent to acquire the remaining 75% interest in Rancho Costa Verde Development, LLC (“RCV”) for $13,500,000 paid through a new series of the Company’s preferred stock. Based on the successful completion of the acquisition of a 25% minority interest in early 2021, the Company has been able expedite and complete due diligence and is preparing for a closing with counsel for both the Company and RCV completing final review of closing documents. The Company expects to close this acquisition by November 3, 2022.
RCV is a profitable 1,100-acre, 1,400-lot master planned community in Baja California, located roughly eight kilometers north of the Company’s Oasis Park Resort on the Sea of Cortez. For more information about this green off-grid community, we invite you to visit: www.ranchocostaverde.com
To date, RCV has sold over 1,000 residential lots and built 55 single family homes with 32 under construction. This is in addition to a completed boutique hotel and clubhouse.
For the nine months ended September 30, 2022, RCV has sold 48 residential lots, generated roughly $1.5 million in gross lot sales and started or signed contracts to begin construction on another 22 single family homes for roughly $4.5M. RCV has also expanded is real estate holdings with one large parcel in escrow that will add 200 acres. This new phase will have gross potential lot sales of approximately $6,000,000 and in excess of $40,000,000 in construction revenue. Sales for the three months ended September 30, 2022, have surpassed pre-pandemic levels. Sales are expected to continue, as the Company continues to see maximum occupancy at informational dinner presentations throughout California and onsite tours, as well as full occupancy at the Ranch Costa Verde hotel for the 23rd San Felipe Annual Shrimp Festival held November 5, 2022.
For more information about the Company, please visit RedChip’s new ILAL page at https://ilalinfo.com/.
About International Land Alliance, Inc.:
International Land Alliance, Inc. (OTCQB: ILAL) is an international land investment and development firm based in San Diego, California. As its’ core mission, the Company has embraced technology for sustainable and socially responsible solutions, in addition to using proptech and construction tech advanced applications to meet these goals. The Company is focused on acquiring attractive raw land primarily in Northern Baja California, often within driving distance from Southern California. The Company serves its shareholders by devoting considerable time and resources to seeking out the finest sites available and obtaining the necessary development permits to build a compelling portfolio of properties, which provide a diversity of investment and living options. Please visit: www.ila.company.
Safe Harbor Statement
The press release may include certain statements that are not descriptions of historical facts but are forward looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section21E of the Securities Exchange Act of 1934. These forward-looking statements may include the description of our plans and objectives for future operations, assumptions underlying such plans and objectives, and other forward-looking terminology such as "may," "expects," "believes," "anticipates," "intends," "projects,” or similar terms, variations of such terms or the negative of such terms. There are a number of risks and uncertainties that could cause actual results to differ materially from the forward-looking statements made herein. Such information is based upon various assumptions made by, and expectations of, our management that were reasonable when made but may prove to be incorrect. All of such assumptions are inherently subject to significant economic and competitive uncertainties and contingencies beyond our control and upon assumptions with respect to the future business decisions which are subject to change. Accordingly, there can be no assurance that actual results will meet expectation and actual results may vary (perhaps materially) from certain of the results anticipated herein.
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