SOURCE: Oriens Travel & Hotel Management Corp

September 18, 2014 08:18 ET

Oriens' Merger Set to Close

LAS VEGAS, NV--(Marketwired - Sep 18, 2014) - Oriens Travel & Hotel Management Corp. (PINKSHEETS: OTHM), the Next Generation International Hotel Brand Operator, announced today, that as a result of the Company accepting a "Plan of Merger" during a special meeting of the Board of Directors, on Wednesday, September 10th, 2014; Oriens is now set to complete a merger with the Costa Rican entity, E-Network de Costa Rica M & A Sociedad Anomima ("E-Net").

"This is the beginning of something real and tangible," commented a senior Board Member. "The merger of E-Network delivers an assurance to shareholders that Oriens is now set on a course that will offer the best solution to rapid growth in Costa Rica, and to the Company overall."

A Company spokesperson confirmed that E-Net is the merger target, and both companies have committed to expediting the merger process. Consummation of this merger should occur by the close of the upcoming weekend. There is also a confirmed nomination of an E-Net principal to become Oriens' new CEO. This individual is well versed in Costa Rican real estate, law, and experienced with internet traffic generating technologies. The most important factor, E-Net has, "the relationships necessary to complete what Ken Chua began, and go far beyond what Mr. Chua could have ever accomplished on his own," noted a senior Board Member. "This is certainly the dawning of a new day."

A Company spokesperson confirmed that E-Net, and its principals, have a pre-existing relationship with Oriens. They also have a longstanding relationship with many of the operators (R.E. investors, lawyers, buyers, sellers and developers) in and around the Jaco Beach, San Jose and Manuel Antonio areas of Costa Rica. In addition, E-Net maintains and manages land parcels, residential and commercial properties in Costa Rica, and is at present, in the process of completing another property acquisition that will positively impact Oriens' balance sheet when consummated -- should the merger be finalized.

E-Net has been instrumental in assisting Oriens with securing all of its non-toxic capital; including prospects for over five million dollars in non-toxic bridge capital for related real estate acquisitions. The Board of Directors anticipate that the execution of the Company's business model will be much more fluid and seamless subsequent to the merger. This includes the closing of existing and anticipated real estate acquisitions, as well as a re-launch and repositioning of the Company's online booking engine, brand and image.

About Oriens Travel & Hotel Management Corp. ( (PINKSHEETS: 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 capture 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. Oriens is based in Las Vegas, Nevada.

Safe Harbor Statements in this news release that are not historical facts, including statements about plans and expectations regarding products and opportunities, demand and acceptance of new or existing products, capital resources and future financial results are forward-looking. Forward-looking statements involve risks and uncertainties which may cause the Company's actual results in future periods to differ materially from those expressed. These uncertainties and risks include changing consumer preferences, lack of success of new products, loss of the Company's customers, competition and other factors discussed from time to time in the Company's filings with the Securities and Exchange Commission.

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Twitter: @orienscorp

Contact Information

  • Contact:
    Team Oriens
    IR Div.
    (702) 483-0318