Today,
Oriens Travel & Hotel Management, which recently merged with E-Network de
Costa Rica SA, announced with the completion of an in-depth review the
anticipated reverse stock split has been finalized. It will become effective
tomorrow, Wednesday, November 12, 2014.
Details of
the corporate restructuring are available on Oriens’ corporate blog:
http://orienscorp.wordpress.com/. The title of the piece is “Restructuring
Details.” The decision regarding the timing and ratio of the reverse split was
made by the Board of Directors 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 decision had been determined at a
special meeting held on Wednesday, September 10, 2014.
In short,
details of the restructuring include:
• Outstanding shares of common stock
will be subjected to a reverse split at a ratio of 600 to 1.
• Upon split finalization, no
shareholder will own less than 233 shares, with no change in share value.
• As a result, stockholders who own
between 1 share and 139,800 shares of Oriens’ common stock will be rounded up
to 233 shares so as to maintain equity ownership.
• Oriens has implemented this round-up
strategy so it can preserve the value of every shareholder.
• No fractional shares will be issued.
Post-split,
the company will become formally known as Pure Hospitality Solutions in all
respects. Per regulations, the company’s common stock will subject to trade
under the name “OTHMD” for 20 days, after which the company’s symbol will be
changed to “PNOW.”
For more
information, visit: www.orienscorp.com
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