SOURCE: Oriens Travel & Hotel Management Corp

September 11, 2014 15:38 ET

Oriens Special Meeting Sets Pace for Company's Future: President Chua Resigns

LAS VEGAS, NV--(Marketwired - Sep 11, 2014) -  Oriens Travel & Hotel Management Corp. (PINKSHEETS: OTHM), the Next Generation International Hotel Brand Operator, announced today that yesterday, Wednesday, September 10th, 2014, the Company held a special meeting of the Board of Directors to set the pace for the Company's future as it relates to operations, mergers and acquisitions, and most importantly, leadership.

A Company spokesperson confirmed that at this meeting, Mr. Ken Chua, current President of Oriens, officially submitted his resignation as President and renounced all other offices held -- relinquishing all duties of any such executive titles.

Mr. Chua's resignation letter began, "There will always come a time in every executive's or director's tenure, where he or she must evaluate their contribution to the cause."

"It is with a heavy heart that we accept Mr. Chua's resignation and we thank him for an outstanding job for the years of service he has provided," said a senior Board Member.

Chua's letter concluded with, "As Oriens Travel & Hotel Management goes on to obtain the success it deserves, under an evolved direction and new leadership, I have no regrets as I hand in this resignation. I am extremely excited to finally be able to see the realization of my vision… once just a bunch of ideas, but today, very tangible, totally accessible and completely achievable."

Mr. Chua's resignation becomes effective as of Friday, September 12th, 2014, at 5:00 p.m. (PDT).

Effective Monday, September 15th, 2014, a new President and CEO will be appointed by the Board of Directors.

Director, Nelson Tin, was voted off of the Board of Directors. His duties will also conclude on Friday, September 12th, 2014, at 5:00 p.m. (PDT).

As part of the proposed succession strategy, a plan of merger and acquisition also was presented for a final vote. This opportunity has been on the table for several months. Up until the resignation of Mr. Chua, the mutual benefit of the merger proposal was hampered. However, in light of recent events, merging with a fully operating and solvent entity -- along with the acquisition of its executive officer -- to positively bolster Oriens' balance sheet, was finally achievable.

Announcements concerning the merger and successor [to Mr. Ken Chua] plan is expected to be forthcoming as the Company finalizes financing and structural logistics to accommodate the anticipated transition.

About Oriens Travel & Hotel Management Corp. (www.orienscorp.com) (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.

Related Links:

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Contact Information

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