LAS VEGAS, NV--(Marketwired - Mar 27, 2017) - Pure Hospitality Solutions, Inc. (
"Contrary to popular belief, there are many market circumstances and events that the Company cannot control," stated Melvin Pereira, President and CEO of Pure Hospitality Solutions. "However, whatever we can do to support our shareholders and rebuild shareholder confidence, we will continue fighting to do so. Creating this class of preferred stock will do a lot in assisting us with promoting the interests of the Company's shareholders. I am proud to say that the greatest purpose of this preferred stock, is to protect, and in many ways increase, the current and future value of a shareholder's PNOW holdings."
As previously mentioned by the Company, management believes that offering shareholders a special, "protective" class of preferred stock is not a gift... but rather a responsibility.
The new Series BB Preferred Stock will be used (i) to complete the cancelling and settlement of most remaining debts, (ii) as compensation, and most important, (iii) to provide a preferred stock dividend to all participating shareholders. The features of the Series BB Preferred Stock include:
- Shareholders will receive a Preferred Stock dividend that cannot be diluted and therefore protected, against the issuance of any new capital stock [common stock dilution protection].
- Shareholders of the Preferred Stock dividend cannot be reversed or be affected by any type of capital stock restructuring [shares are non-reversible; not affected by common stock reverse].
- Participating Shareholders will receive close to 1/3 of all new Series BB Preferred Stock authorized as a stock dividend.
- Shareholders will be protected by restrictive covenants, which essentially guarantees that all the features and protections provided under the Series BB Preferred Stock, will never be amended.
Within 48 hours of this announcement, management will effectuate the certificate of designation, formally establishing the new Series BB Preferred Stock. Mr. Pereira then intends to file with the State of Nevada by March 30th, to officially authorize the new Series BB Preferred Stock. Within three business days of that filing, Management will then announce the requirements of shareholder participation. Shortly thereafter, if not during the same announcement, management will announce the 'X-Dividend Date'; defining the time frame in which previous, current and new investors must secure their minimum holdings to receive the preferred stock dividend.
Pereira concluded, "I know that structuring such a sophisticated series of preferred stock is not customary for alternative reporting companies, but we are anything but the norm. We will fight at every turn to build shareholder value and instill confidence into the marketplace. I look forward to filing this series of preferred stock with the State of Nevada, announcing the participation requirements and the 'X-Dividend Date' later this week; then issuing the preferred stock dividend to all of our supporters."
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. PURE is the creator of Oveedia, the Central American-Caribbean online travel hub.
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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.