SOURCE: Oriens Travel & Hotel Management, Inc.

Oriens Travel & Hotel Management, Inc.

August 19, 2014 09:15 ET

Oriens Provides Update on Finalization of Acquisition; Closing & Transfer of Asset

LAS VEGAS, NV--(Marketwired - Aug 19, 2014) - Oriens Travel & Hotel Management Corp. (PINKSHEETS: OTHM), the Next Generation International Hotel Brand Operator, operating its Hotel PURE brand, announced today, that Ken Chua, President of Oriens Travel & Hotel Management, along with the Company's executives and consultants (Domestic and Costa Rican), are in Costa Rica completing pending acquisitions; primarily initiating the formal transfer of assets.

"We have come to gain a deep respect and appreciation for the method in which business is conducted and rules are adhered to and enforced in Costa Rica," stated Ken Chua. "Many assumptions are made about the level of sophistication displayed by those governments and businesses outside of the United States; not considered 'on par' with fully industrialized well developed countries. However, in our endeavor to re-launch both FROL and the Hotel PURE brand and grow a portfolio of real estate assets inside of a rapidly growing tourist destination in Central America, we have learned otherwise of Costa Rica. We deeply admire their discipline and systematic approach to protecting the interest of all parties in commerce."

Management indicates that by U.S. standards, the acquisition of specific property interest, could have already been announced as "closed." However, given the methodical nature of how things are done in Costa Rica, especially on an international level, the elements inherent to "rights and ownership" are more particular than one would expect. This becomes even more evident when dealing with sizable lenders, major law firms and well-heeled investors -- all of which Oriens has had the pleasure of conducting its business.

While Oriens has only made formal announcement of one property purchase, all of the Company's acquisition interest have made substantial progress on this visit to the Central American country. However, it's the formal transfer of interest in the 15 story, forty-four unit beach-front condo/hotel building in Costa Rica's Jaco Beach, which was the primary focus of this trip.

Management indicates there is only one remaining action. Once completed, the formal transfer of assets will commence and the values will properly reflect on the Company's books. The forthcoming disclosures will be updated accordingly.

Mr. Chua Concluded, "The timelines of the formal transfer are very definitive. We expect to be able to lawfully make this announcement after Labor Day." 

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