MANDEVILLE, La., May 26, 2015 /PRNewswire/ -- ORPHEUM Property,
Inc. (OTC: PLFF), a diversified public company, with interests in
the hospitality industry, coffee and food products, property
development, and other markets, today updates its shareholders on
processes and procedures being put in place by ORPHEUM's new
leadership to improve operations and financial control of this
Company and its growing business units.
Jeffrey B. Montalbano, the
Company's Chairman, CEO and CFO, has been overseeing the business
of the Company since March 23, 2015,
and is now in the process of implementing changes that he believes
will prove essential to the success of this diversified
business. Mr. Montalbano's comments follow:
"I hereby remind our shareholders that effective April 27, 2015 ORPHEUM was upgraded to trade as
an OTC Pink Current Information provider, and our financial
information is now maintained on a current basis on the OTC Markets
trading platform.
Since taking charge as CEO of the Company I have been going
through the analysis and evaluation of processes and procedures
that I believe must be understood and managed for any diversified
company such as ours to function and gain control of its destiny.
ORPHEUM already has operating business units based in
Honolulu, Hawaii, New Orleans, Louisiana, and Hattiesburg, Mississippi, and our growth
strategy will surely result in continued diversification and
geographic locations of our business units.
Our primary business unit updates are as follows:
- Coscina Brothers Coffee Company, based in Honolulu and established in 1978, is a roaster
and purveyor of the finest Hawaiian coffee brands and other food
products to a wide market in the Asian-Pacific region and the West
Coast of the United States. This business unit appears to be
well run, has a positive cash flow and exhibits good growth
potential for the Company.
- Rare Cuts - Gourmet Meats, located in New Orleans, LA. This is a specialty
high-end butcher shop established in 2009, with the goal of
bringing the 'Highest Quality, Most Tender & Flavorful, Aged
Meats Available Anywhere' to the retail consumer.
In line with the success of its first location and the
desire to grow Rare Cuts, this business unit had taken the step in
February of this year to open a '2nd location' in
the Lakeview neighborhood of New Orleans. Upon analysis and
financial review of this expansion decision and results to date, I
recently had to take the tough decision to close the
'2nd location' for good business reasons.
New expansion locations may well be in the future of the business,
but financial success of any such expansion must be beyond
doubt.
- We informed our shareholders last month that during the first
quarter of 2015 the Company had acquired a 128 guestroom La Quinta
hotel complex that was rebranded as the MAGNUSON Hotel of
Hattiesburg in Mississippi.
Upon review of the Hotel acquisition arrangement I became aware
that prior management of the Hotel did a deed in Lieu and I
exercised that right for them to take over with a buy back
provision if we felt we could overcome some issues that came along
with the property that we were not aware of earlier. I will
update shareholders on this situation as it unfolds.
- Accounting and Financial Management Procedures: We have
put the following accounting and financial procedures in place so
as to bring our business assets under strong control of the
Company's leadership:
1. By the 15th of each month the Company's business
units are required to submit detailed financial accounting reports
on the prior month's business income and expenses.
2. Effective July 1, 2015 each
of the business units is required to pay five percent (5%) of gross
sales for the prior month to "corporate", with such funds to
transfer from the business unit to the corporate account no later
than the 15th of the month.
3. Quarterly, each business unit of the Company will be
evaluated by the Board of Directors, and decisions will be made as
to progress, strategies and tactics to maximize growth of the
business units.
4. No mortgage or borrowing commitments will be made by any of
the business units without ratification and approval of the Board
of Directors.
5. No equity-based transactions will be allowed by the
corporation or its business units without ratification and approval
of the Board of Directors.
6. Business units are responsible to maintain and execute,
when required, all licenses, insurances of business unit assets,
and must pay all taxes incurred by the business unit before
anything else is paid.
I am pleased with the progress of the Company to date. In
addition, I am working on three new acquisition opportunities and
upon Board review and approval over the next month or so, will be
announced to our shareholders."
About ORPHEUM Property, Inc.
ORPHEUM Property Inc. ("ORPHEUM") specializes in the
acquisition, development, and management of businesses and
commercial properties worldwide. ORPHEUM accomplishes its
acquisitions through a variety of funding scenarios including
stock/equity sales, private investments and traditional lending
sources. The company will utilize its vast experience in
hospitality, food and beverage, real estate, finance, and
accounting to execute on its business plan. ORPHEUM will
benefit from limited overhead in its initial stages of development
allowing the company can run with minimal G&A expenses, thus
allowing it to reinvest in growth.
ORPHEUM (OTCPINK: PLFF) trades on the OTC Markets trading
platform, and utilizes the OTC Disclosure & News Service in
order to make all current information and disclosures available to
the public. Investors can find real-time quotes and market
information at:
http://www.otcmarkets.com/stock/PLFF/quote
Forward-Looking Statements:
Statements herein express management's beliefs and expectations
regarding future performance and are forward-looking and involve
risks and uncertainties, including, but not limited to, raising
working capital and securing other financing; responding to
competition and other risks. Actual results may differ
materially from such forward-looking statements.
Contact:
ORPHEUM
Jeff Montalbano
Tel: +1-985-612-7998
Email: jeffmontalbano@bellsouth.net
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/orpheum-shareholder-update-300088474.html
SOURCE ORPHEUM Property, Inc.