LAS VEGAS, NV--(NewMediaWire - May 10, 2016)
- Pure Hospitality Solutions, Inc. (OTC
PINK: PNOW), parent Company of the Central
American-Caribbean online travel Agency (OTA) Oveedia (www.Oveedia.com)), announced today, that the
Company has successfully completed its Debt Repurchase Program -- making the
fourth and final payment on May 9th, 2016 -- bringing an end to
unchecked dilution.
Management contends that the typical methodology of microcap
funding is harmful to shareholder growth, value and confidence.
This happens when a large number of lenders find their way onto a
company's debt schedule, displaying aggressive debt conversion
tactics and hyper-aggressively selling highly discounted stock into
the marketplace. This practice plagued the Company for the past
three years, but was one of the primary initiatives Mr. Melvin
Pereira took head-on when he became President and CEO of Pure
Hospitality Solutions, Inc.
"Am I suggesting that a microcap company can exist debt free?"
Melvin Pereira commented as he addressed shareholders. "No! What I
am suggesting however, is that there is a limit to the abuse a
micro-cap company should take. Maybe three years ago this Company
didn't have much to fight for, or protect. However, at this time,
we do!"
"We're beginning to generate revenues from online operations, we
have a scalable online technology product, a niche market, and an
incredible opportunity to become an acquisition target for a major
OTA -- if we continue to play our cards right. So again, it's more
than fair to suggest that today, we have something to fight for and
protect. In eliminating 14 toxic instruments and bringing our debt
levels to a place that is more than manageable, we have made
another major step in the right direction. This will help lead us
toward our ultimate success."
Management indicated that while the worst seems to be over, and
the future looks much brighter, there is still much more work to
do. In paving the way for more sustainable, larger capital
infusions, the Company must remain diligent; cutting deeper at the
root of the problem and eradicating the Company of its remaining
legacy debt.
Pereira continued, "Be it convertible promissory notes, service
debt or simple loan obligations, optically, this Company's legacy
debt -- some items carried on the books since 2003 -- is seen as
stagnation. It should be more than evident by now, that we are
anything but stagnant. This is not the same Company from 2014, and
I assure you, by mid-2017, we will not be the same Company we are
today. Failure is not an option and that is why hard fought and
well-earned progress will continue."
Pereira concluded, "We will shortly enact a strategy to
eliminate much of the remaining legacy debt, by the close of the
third quarter. If successful, our total outstanding debt
obligations should reflect roughly $1,500,000; a major difference
from nearly $12M just two years ago. In the meantime, I'm happy to
say, that we're going to attend the kick-off festivities tomorrow
for Expotur 2016 and focus on the important business of increasing
our property listing database and online bookings through our OTA
brand, Oveedia (www.Oveedia.com)."
Management suggested that the high level of interest from
Expotur 2016, has been a strong indicator that the Company should
be able to meet its monthly target of new affiliate property
listings. If successful at Expotur 2016, the Company should
experience a significant growth spurt over the next 7
months.
About Pure Hospitality Solutions, Inc.
PURE provides proprietary technology, marketing solutions and
branding services to hotel operators and condominium owners. The
Company's vision is to build competitive operations in the areas of
(i) online marketing and hotel internet booking engine services,
(ii) hotel branding and, (iii) own, operate and in some instances
develop, boutique hotels under the new, "by PURE" brand. PURE is
the creator of Oveedia (www.Oveedia.com), the Central American-Caribbean online travel
hub.
Related Links:
Pure Hospitality Solutions Pinterest: http://www.pinterest.com/purehss/
Pure Hospitality Solutions Facebook: https://www.facebook.com/PUREnow
Pure Hospitality Solutions Twitter: https://twitter.com/purehss
Pure Hospitality Solutions Google: https://plus.google.com/+PurenowSolutionsplus/
Pure Hospitality Solutions LinkedIn: https://www.linkedin.com/company/pure-hospitality-solution
Safe Harbor Statements in this news release that are not
historical facts, including statements about plans and expectations
regarding products and opportunities, demand and acceptance of new
or existing products, capital resources and future financial
results are forward-looking. Forward-looking statements involve
risks and uncertainties which may cause the Company's actual
results in future periods to differ materially from those
expressed. These uncertainties and risks include changing consumer
preferences, lack of success of new products, loss of the Company's
customers, competition and other factors discussed from time to
time in the Company's filings with the Securities and Exchange
Commission.