IHT HOTEL PROFIT GROWS; CLEAN ENERGY PROTOTYPE APPROACHES; NYSE PLAN APPROVED
February 03 2022 - 6:52AM
InnSuites Hospitality Trust (NYSE
American: IHT)
hotel operations continue to perform substantially better Fiscal
Year to Date for the first eleven months of Fiscal Year 2022, and
is closing the year strong. Consolidated Net Income for the first
three Fiscal Quarters was approximately $390,000, which is an
increase in excess of $2.7 million compared to the first three
quarters of Fiscal Year 2021. Earnings Per Share for the first
three Fiscal Quarters based on this Consolidated Net Income amount
were $0.04, up from prior year loss of ($0.26). Additionally, The
First Three Quarters of Fiscal 2022 (February 1, 2021-October 31,
2021), profits far exceed their pre-Covid counterparts of Fiscal
Year 2020 and Fiscal Year 2019 by over $1.3 million each year.
UniGen Power, Inc., IHT’s efficient clean energy
innovation diversification investment targets its first prototype
under development since January 2020, to be in operation during
2022 second calendar Quarter (April-June 2022).
On November 15, 2021, InnSuites Hospitality
Trust (the “Trust”) received a letter from the NYSE American
informing the Trust that the staff of the NYSE American’s Corporate
Compliance Department had determined that the Trust is not in
compliance with Sections 1003(a)(ii and iii) of the NYSE American
Company Guide due to the Trust having stockholders’ equity of less
than $4.0 million, and $6.0 million, respectively, and net losses
from continuing operations in its five most recent fiscal years
ended January 31, 2021.
The NYSE American’s letter informed the Trust
that, to maintain its listing, it must submit a plan of compliance
by December 15, 2021, which IHT has completed, addressing how it
intends to regain compliance with the NYSE American’s continued
listing standards within the maximum potential 18-month plan period
available (the “Plan Period”). Elements of the compliance plan
include the increased investment in clean energy UniGen Power, Inc.
(UniGen), with IHT potentially holding up to an approximate 25%
ownership stake in UniGen, at a time when UniGen profits begin to
materialize, sale of one or more of its assets (Management believes
IHT hotels have a much lower book value than market value), sale of
additional Trust stock at market value, and anticipated
continuation of the current operational upward current trends in
hotel gross operating profits, as well as additional steps toward
full compliance.
On January 28, 2022, the NYSE American informed
the Trust it has accepted the proposed Plan submitted, and granted
the Plan Period through May 15, 2023.
The Trust continues to monitor its stockholders’
equity and is reviewing potential actions that can and are being
taken to increase its stockholders’ equity to attain and maintain
compliance with the NYSE American’s listing standards.
Said James Wirth President, CEO, and IHT Board
Chairman:
“IHT hotel profits continue their strong rebound
to levels higher than previous pre-Covid comparable periods, as IHT
continues to execute our strategic plan of maximizing current hotel
operating profits while moving toward IHT’s high profit potential
diversification investment in the efficient, clean-energy power
generation UniGen innovation.”
“IHT Management has long believed, as indicated
in past IHT SEC Filings, that the investor community continues to
value IHT well below its true underlying value (both real estate
equity/hotel operations, and clean energy opportunity
potential).”
Fiscal Year 2022 extended IHT’s uninterrupted,
continuous annual dividends to 52 years, since 1971.
For more information, visit
www.innsuitestrust.com and www.innsuites.com.
Forward-Looking Statements
With the exception of historical information,
matters discussed in this news release may include “forward-looking
statements” within the meaning of the federal securities laws. All
statements regarding IHT’s review and exploration of potential
strategic, operational and structural alternatives and expected
associated costs and benefits are forward-looking. Actual
developments and business decisions may differ materially from
those expressed or implied by such forward-looking statements.
Important factors, among others, that could cause IHT’s actual
results and future actions to differ materially from those
described in forward-looking statements include the uncertain
outcome, impact, effects and results of IHT’s review of strategic,
operational and structural alternatives, IHT’s success in finding
potential qualified purchasers for its hospitality real estate, or
a reverse merger partner, the success of and timing of the UniGen
clean energy innovation, the continuation of semi-annual dividends
in the year(s) ahead, and other risks discussed in IHT’s SEC
filings. IHT expressly disclaims any obligation to update any
forward-looking statement contained in this news release to reflect
events or circumstances that may arise after the date hereof, all
of which are expressly qualified by the foregoing, other than as
required by applicable law.
FOR FURTHER INFORMATION:
Marc Berg, Executive Vice President 602-944-1500
email: mberg@innsuites.com
INNSUITES HOTEL CENTRE1730 E. NORTHERN AVENUE,
#122Phoenix, Arizona 85020Phone: 602-944-1500
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