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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