Oriens Travel & Hotel Management Corp. (OTC Pink: OTHM) (PINKSHEETS: OTHM), the Next Generation International Hotel Brand Operator, operating its Hotel PURE brand, announced today, that OTHM and BW Point Condominium Trust LLC SRL ("BW Point"), have executed an LOI approving ORIENS' acquisition of BW Point's beach front property; memorialized by cash consideration from funds raised by OTHM in a non-toxic financing.
"Once the acquisition is complete, Oriens would book immediate asset values, boasting estimated revenues close to nine million dollars," stated Ken Chua, President of Oriens Travel & Hotel Management. "This deal will dramatically adjust the actual worth and value of Oriens."
Management indicated that the LOI was completed with a cash payment of approximately 4.5% of the acquisition price to secure the deal. It is expected that the majority of the remaining capital required for completion of the acquisition, along with working capital, will be raised through traditional, asset backed financing.
The 15 story, forty-two unit beach front condo/hotel building, of which Oriens is set to acquire BW Point's interest, will serve as the Company's foundation to launching and developing its condo/hotel brand management, property ownership and online booking business model. With other major property development projects going up in the immediate area, management expects that the rate of tourism will significantly increase in Jaco Beach, positioning Oriens for very rapid growth.
Mr. Chua concluded, "By focusing on our development in Costa Rica, we have been able to structure real financial opportunities, those which will almost immediately reflect in our financials. We are confident that shareholders will soon receive a substantial boost in confidence within the next 20 business days."
About Oriens Travel & Hotel Management Corp. (www.orienscorp.com) (OTC Pink: OTHM) (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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SOURCE: Oriens Travel & Hotel Management Corp