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Friday, October 17, 2014 9:00:40 AM
Oriens Travel & Hotel Management Corp., the Next Generation International Hotel Brand Operator which recently merged with E-Network de Costa Rica SA (“E-Net”), announced that the company has completed the submission process for FINRA to enact the merger’s intent to recapitalize the company, put forth a new ticker symbol and change its name to Pure Hospitality Solutions, Inc. The process now is now in what’s known as the ‘comment period’ of FINRA’s review.
Shareholders are expected to be part of a newly organized company inside the next thirty days, according to management personnel. In order for the merger to be effective, management will have to complete the last remaining action items. These include among other things: obtaining a new CUSIP number, filing with FINRA, and setting an “X-Date.” Time of completion is subject to procedural processes at FINRA. To date, management has met many of the procedural requirements.
On the date FINRA protocols are met, Oriens transitions to Pure Hospitality Solutions, leaving E-Net as a wholly owned subsidiary. Pure shares will be split thus reflecting the capitalized value E-Net brings to Oriens’ shareholders. At that time, shareholders who hold less than a certain number of shares of the company’s common stock will be rounded up to maintain their equity ownership post-split. This ‘Round-Up’ program was instituted by the company in an attempt to preserve the value of every shareholder, as management’s intention is to build value, “not take it away;” as previously stated by Melvin Pereira, President & CEO of Oriens.
OTHM engages in the operation of hotels and resorts primarily in the United States and Central America under the Hotel PURE brand. The company also operates Friendly Reservations Online, a proprietary and sophisticated online booking system designed to execute reservations captured 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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