LAS VEGAS, June 10, 2015 /PRNewswire/ -- Pure Hospitality Solutions, Inc., (OTC: PNOW), announced today, that the Company has accelerated its debt reduction program, since having made substantial progress in reducing debt by roughly $4 Million; setting a course to eliminate close to 90% of its debt by year end.
"I believe, paying down, or eliminating debt, is an investment in yourself," stated Melvin Pereira, President and CEO of Pure Hospitality Solutions, Inc. "It is a true indication of who you are and what you intend for the future. Of course, building a profitable, successful business, will require proper financing. But it is absolutely asinine for this Company to carry this outrageous legacy debt – or any other liability, that is going to hinder and not spur our growth. And this is why we felt it important that PURE accelerate its debt reduction program."
Over that past 6 months, management has eliminated roughly one third of the Company's debt, including accrued interest and other carry cost. Almost immediately after unwinding millions of dollars in real estate holdings, the Company had enough cash freed up to fast track the Oveedia development. The result is evidenced by the obvious traction gained by the Company in its OTA development. Joining Sabre's $7 Billion Travel Network family; set to deliver the first iteration of Oveedia. The proof is substantiated and soon, tangible.
Also, eliminating $2 Million of accrued interest has been encouraging to private tech investors, who are now showing investment interest. With the debt reduction programs management has already instituted, along with those being explored, management is extremely confident the majority of the Company's legacy debt will be extinguished within six months and is the reason PURE accelerated its debt reduction program. These actions "make way for new, more viable financing options that we intend to secure," continued Pereira.
Mr. Pereira concluded, "We are a technology company, operating in one of the hottest growing travel locations in the world. We have the benefit of a niche market, the 'home field' advantage, and historical indicators that point to acquisitions involving OTA's like Oveedia. So, we are cleaning house! In doing so, we will leverage our strengths and deliver the greatest possible impact on shareholder value and confidence; something never before seen from this Company."
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/
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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.