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LAS VEGAS, NV--(Marketwired - Mar 11, 2016) - Pure Hospitality Solutions, Inc. (
"As we have discussed for several weeks now, we have been fortunate enough to responsibly raise long-term capital, which has allowed us to extinguish nearly 40% of our toxic legacy debt so far, and launch new efforts to increase Oveedia's digital footprint," stated Melvin Pereira, President and CEO of Pure Hospitality Solutions, Inc. "In doing so, the terms of our new arrangement required us to make a slight increase to our authorized shares, in order to establish a share reserve for the investment firm."
A 'share reserve' is primarily established to protect the interest of investors who make long-term investments in public companies. According to management, the adjustment to the Company's cap table supports its new obligations, which do not begin coming due until 2017. Management also indicated that the Company only required an increase [authorized shares] of roughly 5 billion shares in order to remain compliant with current investment terms. This small increase was only made possible because of the substantial reduction in liabilities that the Company has made over the past year, and in particular, over the past three months.
Mr. Pereira concluded, "With the extinguishment of over a dozen toxic noteholders, we anticipate the continuation of respectably limited dilution. Considering we have partnered with a long-term investor that believes in Oveedia, coupled with the new obligations not coming due until next year, we expect there to be no change in the strong foundation that we have laid, and will continue to build upon for our shareholders."
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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