$OTHM Important News: Oriens Set to Finalize First Acquisition; Subsidiary Incorporated to Complete Purchase & Asset Transfer
http://finance.yahoo.com/news/oriens-set-fina...00260.html
LAS VEGAS, NV--(Marketwired - Jul 10, 2014) - 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.
http://finance.yahoo.com/news/oriens-set-fina...00260.html
LAS VEGAS, NV--(Marketwired - Jul 10, 2014) - 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.
