Pure Quarter Disclosures
On the heels of an on-going, successful Beta Launch of the Oveedia platform, Pure Hospitality Solutions, Inc., has filed the Company’s 3rd quarter disclosure reports  to remain a ‘Current’ filer with OTC Markets, continuing a strong commitment to corporate transparency.
As Pure files 3rd quarter disclosures, the Company:
- Secured its relationship with Leonardo Worldwide
- Successfully reduced another $1 Million of legacy debt related interest from the balance sheets
- Locked-up over $3,000,000 in convertible debt
- Positioning to buyback toxic debt
And that was just during the 3rd Quarter. Being that filings require that ‘Subsequent Events’ be accounted for, as Pure files 3rd quarter disclosures, the Company also:
- Increased capital investments into product development and product launch
- Beta launched Oveedia (enabling search engine first)
- Raised non-toxic operation capital
- Secured its first booking revenue using Oveedia’s travel agency terminal online
- Enabled the booking feature of the Oveedia OTA (now fully operational in beta)
- Secured its first revenues from online bookings
- And reduced what could be the final $1M in legacy debt related interest
What does this all mean? Simple!
The relationship with Leonardo ensures that Oveedia can offer travelers well over 1.5 million visual media files (hotel images, video tours, etc) – supported by the travel industry’s most trusted provider of media technology solutions.
Accrued interest contributes to the total outstanding liabilities of the Company. These obligations are particularly uncomfortable when it stems from over $3M in legacy debt. So, to continually work at reducing this amount, translates to a more attractive balance sheet as well as a “War on Toxic Dilution”, which is what the Company is waging.
While reducing the interest helps a lot, it does little to no good if the root of the problem has not been contained. So locking up the actual convertible note was paramount to our war on toxic dilution. In August, management successfully cut-off this major contributor of dilution. By tying up the convertibility rights of the largest debtholder for 90 days in a lock-up agreement, the Company has effectively quashed the previous dilution that was crippling the marketplace.
Another major tactical move that the Company began, was its positioning to buy-back the majority of the toxic debt from convertible noteholders that are not locked-up. If this is successfully accomplished, then almost 80% of all dilutive factors will be contained and/or eliminated.
That all said, as Pure files 3rd quarter disclosures, management certainly notes a few of the comments made on the message boards. Such as the raise in the Authorized Shares from 200M to 1.5B in an 11 month span, along with the rate in which ‘toxic debtholders’ sold their stock. The fact is, both are major concerns for any legitimate investor. Thereby, rightfully so, a MAJOR concern for the management of this Company.
This is exactly why the Company took incredible steps to lock-up the largest debt holder (from which most noteholders acquired their positions) and began strategically developing a relationship with a private investor who would assist the Company with repurchasing the majority, if not all, of the toxic convertible debt. This is what real management does, when they really care about their shareholders and the work that they’re committed to doing.
This is especially true, when the Company has launched one of the first ever, Central American-Caribbean travel hubs for the Latin American online travel industry. The anticipated value of this is tremendous! South American OTAs are receiving hundreds of millions of dollars in investment and acquisition capital. And, in order for PURE to be attractive for this type of investment, not only does Oveedia have to be ‘kick-ass,’ but the corporate structure and market value of the Company has to be healthy.
Melvin Pereira, President & CEO of Pure Hospitality Solutions stated, “I intend to finish what I began. That is to produce an OTA for Central America and the Caribbean, grow that product into one of Latin America’s most valuable OTA’s, and give real investors and real shareholders the opportunity to be a part of something that is not a scam… not a POS pink… not a pump and dump. Will it be easy? No. Will I get frustrated? Yes. Will shareholders sometimes be concerned? Of course. But I intend to win because failure is not an option. I intend to remove the majority, if not all, of the legacy debt. Not just the interest, but the actual debt. It is my intention to clean up the Company’s balance sheets until there is less than $1M of debt on the books and the contributors to dilution have been contained or eliminated. And if you read carefully, you will see that we are on track to doing so.”
The Company’s filings can be viewed at the OTC Markets