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Pure Nears 50% Completion of Repurchase Program; Strengthening Financial Position and Attracting More Funding for Oveedia
LAS VEGAS, NV--(Marketwired - Feb 29, 2016) - Pure Hospitality Solutions, Inc. (
"I was aiming to eliminate an additional 14% of toxic legacy debt in this second round of debt repurchases," stated Melvin Pereira, President and CEO of Pure Hospitality Solutions, Inc. "However, with discipline and support of our long-term capital investor, we were able to repurchase and retire roughly 18% more of the toxic legacy debt in this second round of securities buyback."
Nearing 50% completion of the Debt Repurchase Program, Pure is looking to pick up the pace on upgrading to the OTCQB or OTCQX. Becoming a fully reporting company with the Securities and Exchange Commission is a task that management takes seriously, and demonstrating good fiscal health is paramount.
In demonstrating good fiscal health, one thing management had to avoid was being forced to increase its authorized share count by nearly 15 billion, simply to remain compliant with its contractual obligations to debtholders. As previously noted, such an increase should no longer be needed to remain compliant. This is because the focus has been shifted to debt elimination, by way of the securities buyback plan, meant to significantly reduce the Company's financial liability. The Company is now on target to reduce $2.5 Million in derivative liability, which eliminates the possibility of over 6 billion shares diluting the public float.
Mr. Pereira continued, "We do not carry ourselves like a typical microcap company. We remain focused and deliberate. From divesting our real estate holdings, to this securities buyback program, to building an online travel agency focused primarily on Central America and the Caribbean. We mean business!"
Mr. Pereira concluded, "I knew we were headed in the right direction, when we received validation for our business strategy from a social experiment conducted by JetBlue. This isn't by luck or chance; nor will it ever be. We have roughly two more rounds of scheduled payments to complete this Debt Repurchase Program. We will see it through, so that our shareholders can continue strengthening their positions with confidence."
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.