LAS VEGAS, Aug. 26, 2015 /PRNewswire/ -- Pure Hospitality Solutions, Inc., (OTC: PNOW) announced today, that the Company has filed its second quarter disclosures with the OTC Markets, revealing an additional reduction of $1 Million in interest from legacy debt, along with increased capital infusions intended to further the Company's technology projects – including Oveedia's completion.
"Reducing the accumulated interest from legacy debt, is as important as the launch of Oveedia," stated Melvin Pereira, President and CEO of Pure Hospitality Solutions, Inc. "The type of capital we expect to raise, and the value we anticipate creating for shareholders, simply will not happen with a heavy debt load of convertible notes on the books. With that in mind, having our largest convertible debtholder submit to a lock-up agreement, was also a big move. Stopping any third party sales of this debt, means there will be an absolute reduction in the ongoing dilution that has occurred as a result of this singular noteholder."
With an imminent beta launch of the Oveedia platform, the Company has endeavored to eliminate the majority of legacy debt [already decreasing overall debt by approx. $4M], making way, to properly capitalize the Company in order to grow Latin America's Central American-Caribbean online travel hub.
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.
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Pure Hospitality Solutions, Inc. 2015 First Quarter
Disclosures http://www.purenow.solutions/pure-hospitality-solutions-files-first-quarter- disclosures/
Pure Hospitality Solutions, Inc. Investors Hangout
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 Pure Hospitality Solutions, Inc.