LAS VEGAS, June 10, 2015 /PRNewswire/ -- Pure
Hospitality Solutions, Inc., (OTC: PNOW), announced today, that the
Company has accelerated its debt reduction program, since
having made substantial progress in reducing debt by roughly
$4 Million; setting a course to
eliminate close to 90% of its debt by year end.
"I believe, paying down, or eliminating debt, is an investment
in yourself," stated Melvin Pereira,
President and CEO of Pure Hospitality Solutions, Inc. "It is a true
indication of who you are and what you intend for the future. Of
course, building a profitable, successful business, will require
proper financing. But it is absolutely asinine for this Company to
carry this outrageous legacy debt – or any other liability, that is
going to hinder and not spur our growth. And this is why we felt it
important that PURE accelerate its debt reduction
program."
Over that past 6 months, management has eliminated roughly one
third of the Company's debt, including accrued interest and other
carry cost. Almost immediately after unwinding millions of dollars
in real estate holdings, the Company had enough cash freed up to
fast track the Oveedia development. The result is evidenced by the
obvious traction gained by the Company in its OTA development.
Joining Sabre's $7 Billion Travel Network family; set to deliver
the first iteration of Oveedia. The proof is substantiated and
soon, tangible.
Also, eliminating $2 Million of
accrued interest has been encouraging to private tech investors,
who are now showing investment interest. With the debt reduction
programs management has already instituted, along with those being
explored, management is extremely confident the majority of the
Company's legacy debt will be extinguished within six months and is
the reason PURE accelerated its debt reduction program.
These actions "make way for new, more viable financing options that
we intend to secure," continued Pereira.
Mr. Pereira concluded, "We are a technology company, operating
in one of the hottest growing travel locations in the world. We
have the benefit of a niche market, the 'home field' advantage, and
historical indicators that point to acquisitions involving OTA's
like Oveedia. So, we are cleaning house! In doing so, we will
leverage our strengths and deliver the greatest possible impact on
shareholder value and confidence; something never before seen from
this Company."
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.
Related Links:
Pure Hospitality Solutions, Inc. Pinterest:
http://www.pinterest.com/purehss/
Pure Hospitality Solutions, Inc. Facebook:
https://www.facebook.com/PUREnow
Pure Hospitality Solutions, Inc. Twitter:
https://twitter.com/purehss
Pure Hospitality Solutions, Inc. Google +:
https://plus.google.com/+PurenowSolutionsplus/
Pure Hospitality Solutions, Inc. 2015 First Quarter Disclosures
http://www.purenow.solutions/pure-hospitality-solutions-files-first-quarter-disclosures/
Pure Hospitality Solutions, Inc. Investors Hangout Board:
http://investorshangout.com/Pure-Hospitality-Solutions-Inc-PNOW-65267/
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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SOURCE Pure Hospitality Solutions, Inc.