South American Properties, Inc. Plans Full Service Luxury Marina near Port City of Paita, Peru
PR Newswire
DALLAS, May 7, 2013
DALLAS , May 7, 2013 /PRNewswire/ -- South American Properties, Inc. (OTCPK: THCB), announced its first real estate project under its new name and since controlling interest was sold to LIG Assets, Inc. (OTCPK: LIGA). A filing with FINRA was recently approved to change the name of Texas Hill Country Barbecue, Inc. to South American Properties, Inc. The newly formed entity plans to acquire and develop real estate properties, and other income generating assets located in South America with a more specific focus on the country of Peru.
South American Properties plans to build a full service luxury marina called Colan Marina near the port of Paita in northern Peru . Colan Marina will be a planned full service marina and lake with 150 slips, dry dock facilities, maintenance and fuel service and full 24-hour security. The marina will be a man-made construction to be created by excavation of a salt flat bordering the emerald bay beach on the west and 100-foot cliffs on the east. A canal 24-meters wide and 200-meters long will connect the marina from the Pacific Ocean.
Land has been purchased surrounding the lake portion as well as on top of the cliffs overlooking the marina location. Plans call for a small draw bridge that will allow traffic along the beach when boats are not entering. A rock jetty will be constructed to calm any waves allowing a smooth entry into the canal and marina. The marina will be land locked and secure from weather and with 24-hour security. It will be connected to electric and water services. Future plans also include a marina club, bar and small hotel, as well as apartments and condos for sale and rent.
Peru has limited docking, slips and marinas along its 1500-mile coast and beaches. The Colan Marina will be located 10 kilometers from Paita, Peru , a port city. Last year, Terminales Potruarios Euroandinos Paita (Port of Paita) issued US$110 million of senior secured notes and plans to use the note proceeds to dredge the port, build a mooring point, buy cranes, purchase other handling equipment, and partially fund reserves.
In a report from Fitch Ratings in May last year and article titled " Peru 's Paita port has regional advantages," it stated that "activities at the port are likely to benefit from ongoing infrastructure developments in the region."
Colan is the gateway to the beaches of the north of Mancora, Punta Sal and Tumbes where there are excellent surfing, swimming and fishing, and is a day-and-one-half sail to Ecuador . It is also the gateway to the famous Galapagos Islands a two-to-three-day sail from Colan. Piura is the closest main city of northern Peru and is 30 miles away with commercial airport facilities and immigration officials to receive international flights. It is a one-hour-and-twenty-minute flight from Lima, Peru .
LIG Assets (OTCPK: LIGA) expects to discuss how this acquisition will benefit LIGA shareholders in the near future and its overall strategy in more detail.
About South American Properties, Inc.
South American Properties, Inc., formerly Texas Hills Barbecue, Inc., is a Nevada Corp. based in Dallas, Texas that plans to acquire and develop real estate properties, and other income generating assets located in South America with a more specific focus on the country of Peru. The Company believes significant opportunities exist in the countries of South America , and it plans to leverage its close relationships with contacts in the region. trades on the pink sheets under the ticker symbol "THCB".
About LIG Assets, Inc.
LIG Assets, Inc., based in Dallas, TX , is a Company focused on residential and commercial real estate. Through our Strategic Alliance with Texas Real Estate Hedge Fund, MMR Realty Advisors, and InterContinental Real Estate Partners, LIG Assets will expand its focus on multifamily, retail, hotel, and office properties with valuations between $3 and $100 million . LIG Assets, Inc. trades on the pink sheets under the ticker symbol "LIGA". For additional information, please visit LIG Assets corporate website: www.ligassetsinc.net .
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 that are detailed in the Company's filings and disclosures at www.OTCMarkets.com .
Contact Information:
South American Properties, Inc.
(214) 760-1000
SAPropIR@roadrunner.com
SOURCE LIG Assets, Inc.
