SOURCE: Pure Hospitality Solutions, Inc.

Pure Hospitality Solutions, Inc.

June 27, 2016 09:35 ET

PURE Set to Eliminate Nearly $3M in Remaining Debt

Debt Equity Swap: Next Phase of the Debt Reduction Program

LAS VEGAS, NV--(Marketwired - Jun 27, 2016) - Pure Hospitality Solutions, Inc. (OTC PINK: PNOW), parent Company of the Central American-Caribbean Online Travel Agency (OTA) Oveedia, announced today, that the Company will soon eliminate close to $3,000,000 of its remaining debt, through the next phase of its Debt Reduction Program -- the Debt Equity Swap; primarily targeting its largest noteholder.

"Bringing our total liabilities down from $12.1M to $5.5M was a challenge, but we did not stop there," stated Melvin Pereira, President and CEO of Pure Hospitality Solutions, Inc. "We have now executed an MOU with our largest debtholder to extinguish all of their remaining debt. When complete, this will constitute a 75% reduction in overall liabilities.

"Our goal is to be free of as much legacy debt as possible. This will make way for the type of investment Oveedia will need to aggressively penetrate, expand and grow within the Latin American travel market. We are extremely focused on hitting this benchmark."

PURE began its Debt Reduction initiative with a multi-million dollar real-estate divestiture; followed by an aggressive removal of accrued interest. Management then launched the Debt Repurchase program, eliminating 14 toxic debt positions; staving off the 'then-happening' dilution. Now, with an effort dubbed the "Debt Equity Swap," nearly $3M more in debt will soon be retired.

Mr. Pereira concluded, "I am fairly confident that the remaining debtholders will look to participate in the Debt Equity Swap program as well, considering the upside potential is likely far greater. What excites me most, however, is the fact that the dilutive effects attributed to this note, will be 100% gone; that my friends and fellow shareholders, is a wonderful feeling!"

About Pure Hospitality Solutions, Inc.
PURE provides proprietary technology, marketing solutions and branding services to hotel operators and condominium owners. The Company's vision is to build competitive operations in the areas of (i) online marketing and hotel internet booking engine services, (ii) hotel branding and, (iii) own, operate and in some instances develop, boutique hotels under the new, "by PURE" brand. PURE is the creator of Oveedia, the Central American-Caribbean online travel hub.

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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.

Contact Information

  • Contact:
    Team PURE
    IR Div.
    (800) 889-9509