LAS VEGAS, NV--(Marketwired - Sep 15, 2014) - Oriens Travel & Hotel Management Corp. (OTC Pink: OTHM) (PINKSHEETS: OTHM), the Next Generation International Hotel Brand Operator, announced today that on Wednesday, September 10th, 2014, the Company held a special meeting of the Board of Directors, to which a "Plan of Merger", among other items, were put to a final vote and agreed upon, as a means to strengthen the Company's fiscal health and operations.
A Company spokesperson confirmed that at this meeting, a plan to merge with a certain Costa Rican company was initiated. The vision is, through a merger with an entity domiciled within the country where many of Oriens' targeted ventures are located, operations there should be fluid and stable. This also affords Oriens direct access to non-toxic financing from international institutions and private lenders.
"The merger prospect, with more than ten years of operations, develops online traffic-driving solutions; in addition to acquiring, selling, managing and renting residential, commercial, condominium and hotel units," explained a senior Board Member.
The targeted company currently maintains and manages a number of land parcels, as well as residential and commercial properties. The partners of this company have also been very instrumental in assisting Oriens with securing all of the non-toxic capital it has received from both Costa Rican and U.S. funding sources. Further, the targeted company has secured pre-approved funding of over five million dollars in non-toxic bridge capital for Oriens to utilize in completing the acquisition of several properties. They are currently in the process of completing a sizable real estate transaction which would have ultimately translated into a joint venture for Oriens previous to the proposed merger. Now it is to result in a complete transfer of assets when the merger completes.
A senior Board Member commented, "This targeted merger made the most sense given the untimely, but appropriate, resignation of Ken Chua. This merger will also provide us with an 'Acting CEO', a President, and additional Directors to help guide Oriens to further prosperity."
A Company spokesperson confirmed that the principal of the targeted company was nominated to succeed Ken Chua, as part of the proposed merger. Company reps say this is very encouraging news as, "Oriens deserves qualified leadership, and shall now receive it," noted a senior Board Member.
The Senior Board Member continued, "The individual anticipated to take the helm is not only a Costa Rican native, but is extremely experienced in every aspect of Oriens' intended business model. This will allow the Company to have proficient and immediate executive leadership -- requiring a very small learning curve. Most important, the new leadership can fully handle the demands of building a multi-faceted property development and hospitality Management Company; particularly that segment of Oriens dedicated to operating in Central America."
"We truly expect to see immediate and highly successful results from the proposed merger and the newly nominated officer and directors," concluded a Senior Board Member.
