LAS VEGAS, NV--(NewMediaWire - Mar 11, 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
Company has made an adjustment to its capital structure, slightly
increasing its authorized shares in order to remain compliant with
its contractual obligations.
"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."
In order to best understand the need for this increase, please
consult the Company's blog, specifically Killing Two Birds with One Stone and
the Proof is in the Pudding.
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.