Oriens Travel & Hotel Management Corp. (http://www.orienscorp.com/) (OTC Pink: OTHM) (PINKSHEETS: OTHM), the Next Generation International Hotel Brand Operator, operating its Hotel PURE brand, announced today, that Oriens has incorporated a subsidiary company, to facilitate the finalization of the acquisition and formal asset transfer of BW Point Condominium Trust LLC SRL's ("BW Point") interest in the 15 story, forty-four unit beach-front condo/hotel building in Costa Rica's Jaco Beach.
"Now that the transfer from BW Point to the new subsidiary is contractually complete, the only remaining component is the formal and legal transfer to occur in Costa Rica," stated Ken Chua, President of Oriens Travel & Hotel Management. "When this is done, Oriens will have completed its first real estate acquisition in Jaco Beach; tacking new assets onto the books and securing as much as eight million dollars in potential revenues."
The newly formed subsidiary will hold all of the assets acquired from BW Point and any related properties. All of the revenues generated will flow through the subsidiary and will be operated by Oriens' current President. A new president is expected to be appointed in the near future, solely to run the new subsidiary.
The legal transfer of the real estate assets should occur within the next two weeks. This will set the course for Oriens' next phase in Jaco Beach, as well as fundamentally and positively adjust shareholders' intrinsic value and confidence in OTHM.
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 captured 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