Oriens Travel & Hotel Management, the Next Generation International Hotel Brand Operator recently merged with E-Network de Costa Rica SA, announced today that the company has filed to be known as Pure Hospitality Solutions and anticipates that FINRA will soon conclude its review. The outcome will result in finalizing the anticipated reverse stock split, name and symbol change during November 2014.
The company shares post restructuring will be a 600 to 1 reverse split. Simultaneously, all stockholders who hold 1 to 139,800 shares of the company’s stock will be rounded up to maintain their equity ownership after the reverse. This ‘Round-Up’ program was instituted by the company in an attempt to preserve the value of every shareholder, as it is management’s intention to build value, not take it away.
The ratio of the reverse split was determined by the Board pursuant to a proposal to merge the company with E-Net, and to amend the company’s Articles of Incorporation, to affect a reverse split of its common stock. The proposal to institute a round-up program was requested by the principal of E-Net, Mr. Melvin Pereira – now President and CEO of Oriens, as a condition to the acquisition/merger, as well as his assuming the executive role at Oriens.
Mr. Pereira commented, “I need the shareholders of Oriens to understand one thing. The Company as you once knew it was struggling to execute. Oriens was holding an insurmountable amount of debt, with little assets, minimal revenue if any at all, and just a lack of ability at the executive level to cause a lot of discomfort. I am confident that this reverse split will cause far less discomfort in comparison, and support the foundation of building value that has already been delivered to the Company through this acquisition/merger.” Mr. Pereira summarized by saying, “as Keith Meister would say, ‘Embrace change now,’ as I intend to run this Company with no care for what once was, but to focus solely on what is and what must be accomplished and I will not be deterred.”
Oriens Travel & Hotel Management Corp. works in the operation of hotels and resorts primarily in the United States and Central America under the Hotel PURE brand. Additionally, the company also operates Friendly Reservations Online, a proprietary and sophisticated online booking system designed to execute reservations capture through Hotel PURE consumer facing websites, as well as individual hotel websites operated by Oriens on behalf of hotels branded under the Hotel PURE brand.
For more information on the company, visit www.orienscorp.com
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