LAS VEGAS, NV--(NewMediaWire- Feb 29, 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
second round of payments made in the securities
buyback has exceeded the amount expected from this
phase of the Debt Repurchase Program.
"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.
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.