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LAS VEGAS, NV--(Marketwired - Jan 29, 2016) - Pure Hospitality Solutions, Inc. (
"By this action, we have already reduced our derivative liability by over $400k; saving shareholders from being unfairly inundated by over 1 Billion shares of common stock diluting the public float," stated Melvin Pereira, President and CEO of Pure Hospitality Solutions, Inc. "This is partly how confidence in our Company will be built and sustained... by aggressively eliminating intolerable dilution, repairing the balance sheet and bringing 'smart money' to the table."
Now that the Company has immediatelyrepurchased and retired 21% of its toxic debt, management estimates that through the debt repurchase portion of its overall debt reduction initiative, the Company will reduce its derivative liability by nearly $2.5 Million; eliminating the possibility of over 6 Billion shares diluting the public float [shares created from the toxic convertible debt securities held by over a dozen noteholders]. Also, the overall initiative will ultimately eliminate $3 Million of toxic debt held by the primary noteholder.
Pereira concluded, "I believe, now that PURE has immediately repurchased and retired 21% of its toxic debt with the long-term capital financing secured, for the first time in several years, shareholders may once again have something to look forward to. We will continue to push forward and push onward -- aiming to have all toxic legacy debt eliminated within the next 90 days."
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.
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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.
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