LAS VEGAS, NV, Dec 6, 2013 - Oriens Travel & Hotel Management Corp. (OTC Pink: OTHM), the Next Generation International Hotel Brand Operator, operating its Hotel PURE brand, announced today that the Company has reached an amicable arrangement with its debt holders (in principle) which will allow Oriens to reduce its current Authorized Shares.
"For the sake of future and pending endeavors, it is important we convey to the market that this Company and its management have the most sincere intentions to grow our organization," stated Ken Chua, President of Oriens Travel & Hotel Management. "The proposed reduction however, has to be made responsibly and with better foresight than that of the original increase. This means finding an amicable solution to the current rate of conversion -- which we believe has been achieved."
The Company has not yet confirmed the number of shares to be reduced from the Authorized Share count, but management indicates that it anticipates being able to deduct between one quarter and one third of the shares currently authorized, greatly reducing dilution.
Ken Chua continued, "There are a number of tasks that must be accomplished in order to propel Oriens to the levels at which we're confident we can perform. Managing our corporate structure early in the game is one of them, achieving the 'Current Status' prior to committing to an audit is another. Otherwise, our merger/acquisition, upgraded FROL expansion and perhaps maybe even a new branding opportunity, all seem to be moving along very well."
The Company is currently in the process of formalizing arrangements with its debt holders and should see the action to reduce the shares initiated before the new year.
Oriens Travel & Hotel Management Corp. (www.orienscorp.com) (OTC Pink: 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.
SOURCE: Oriens Travel & Hotel Management Corp.