Oriens Executes LOI With Seller; Transaction Consummated With Cash Consideration
25 June 2014 - 10:55PM
Marketwired
Oriens Executes LOI With Seller; Transaction Consummated With Cash
Consideration
LAS VEGAS, NV--(Marketwired - Jun 25, 2014) - 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.
Related Links:
Blog: http://orienscorp.wordpress.com/ Twitter: @orienscorp
Contact: Team Oriens IR Div. (702)
483-0318
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