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Disclaimer
OTHM Announces Acceptance of Plan of Merger
Oriens Travel & Hotel Management today announced its plan to merge with a certain Costa Rican company near where many of its targeted ventures are located. The announcement came from a special meeting of the Board of Directors held last Wednesday, September 10.
A company spokesperson confirmed the plan of merger was initiated at this meeting. The Board of Directors voted and agreed upon the measure as a means by which to strengthen Oriens’ fiscal health and operations. With the close proximity to many of Oriens’ venture targets, it is anticipated that operations will be more stable and that Oriens will be given direct access to non-toxic financing from international institutions and private lenders.
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.
Additionally, the targeted company has secured pre-approved funding of over $5 million 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. It is anticipated to give way to a complete transfer of assets once the merger is complete.
The company spokesperson also confirmed that the targeted company’s principal had been nominated to succeed Ken Chua as part of the proposed merger. 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.”
The board member elaborated: “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,” they concluded.
For more information about Oriens, visit www.orienscorp.com
