SAN DIEGO, CALIFORNIA, Nov. 21, 2024 (GLOBE NEWSWIRE) — International Land Alliance, Inc. (OTCQB:ILAL), (“ILAL” or the “Company”), an international land investment and development firm, reported unaudited results for the third quarter ended September 30, 2024.
Q3 2024 Highlights:
Third quarter revenues were approximately $1.3 million compared to $0.4 million for the same period last year, an increase of $0.9 million. In addition, revenues for the nine months ended September 30, 2024 of $7.1 million compared to $1.1 million for the same period of 2023, which represents an increase of approximately $6.0 million.
The Company experienced an increase in their income from operations by $1.2 million and $6.5 million, respectively, for the three and nine months ended September 30, 2024 to $0.3 million and $4.5 million, respectively, compared to a loss from operations of $1.0 million and $2.1 million, respectively, for the same period of 2023.
Net cash flow provided by (used in) operations for the nine months ended September 30, 2024 and 2023 was $0.7 million and $(1.1) million, respectively, a net increase in operating cash flows of $1.8 million period over period.
The Company further announces the promotion of Ms. Lyzzette Patricia Liceaga Vega to Director of Mexico Business Operations. Ms. Liceaga has been managing legal and business activities in Mexico for the Company’s Rancho Costa Verde development since 2015 and she resides in the Rancho Costa Verde community. She is a past Senator of the State of Baja California, Mexico and Sub Delegate ISSSTE in Morelos & Tlaxcala, Mexico. She is CEO of the GAMOLI business and legal firm in Mexico. Her government and work experience in Mexico brings a wealth of knowledge to Rancho Costa Verde and International Land Alliance. Ms. Liceaga attended the Universidad Autonoma de Guadalajara and is fluent in both Spanish and English languages.
Frank Ingrande, ILAL’s President and CEO, commented: “Historically, sales in July and August are slightly lower. However, we delivered the strongest third quarter in the history of the Company. Further, we paid down and restructured a significant amount of debt, including convertible debt, primarily through real estate sales.”
Mr. Ingrande concluded: “We have been working with Lyzette for almost 10 years and we now welcome her to the ILAL corporate team. She is, and will continue to be, an invaluable officer as we continue to work toward our goal of being the largest residential real estate development company bringing U.S. buyers to Mexico.”
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 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 expectations and actual results may vary (perhaps materially) from certain of the results anticipated herein.
CONTACT:
Jason Sunstein, CFO
Jason@ila.company
