Reduction of $1 Million in interest from legacy de
Post# of 4678
Posted On: 08/26/2015 11:47:30 AM
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.
“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.
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