Pure Exceeds Expectations in Second Round of Securities Buyback

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[{"type":"text","content":"\n \n \n Pure Exceeds Expectations in Second Round of Securities Buyback\n \n \nPure Exceeds Expectations in Second Round of Securities Buyback\n\nPure Nears 50% Completion of Repurchase Program; Strengthening Financial Position and Attracting More Funding for Oveedia\n\n \n LAS VEGAS, NV--(Marketwired - Feb 29, 2016) - Pure Hospitality Solutions, Inc. (OTC PINK: PNOW), parent Company of the Central American-Caribbean online travel Agency (OTA) Oveedia (www.Oveedia.com), announced today that the second round of payments made in the securities buyback has exceeded the amount expected from this phase of the Debt Repurchase Program.\n \"I was aiming to eliminate an additional 14% of toxic legacy debt in this second round of debt repurchases,\" stated Melvin Pereira, President and CEO of Pure Hospitality Solutions, Inc. \"However, with discipline and support of our long-term capital investor, we were able to repurchase and retire roughly 18% more of the toxic legacy debt in this second round of securities buyback.\"\n Nearing 50% completion of the Debt Repurchase Program, Pure is looking to pick up the pace on upgrading to the OTCQB or OTCQX. Becoming a fully reporting company with the Securities and Exchange Commission is a task that management takes seriously, and demonstrating good fiscal health is paramount.\n In demonstrating good fiscal health, one thing management had to avoid was being forced to increase its authorized share count by nearly 15 billion, simply to remain compliant with its contractual obligations to debtholders. As previously noted, such an increase should no longer be needed to remain compliant. This is because the focus has been shifted to debt elimination, by way of the securities buyback plan, meant to significantly reduce the Company's financial liability. The Company is now on target to reduce $2.5 Million in derivative liability, which eliminates the possibility of over 6 billion shares diluting the public float.\n Mr. Pereira continued, \"We do not carry ourselves like a typical microcap company. We remain focused and deliberate. From divesting our real estate holdings, to this securities buyback program, to building an online travel agency focused primarily on Central America and the Caribbean. We mean business!\"\n Mr. Pereira concluded, \"I knew we were headed in the right direction, when ...

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