Phoenix, AZ, Aug. 16, 2018 (GLOBE NEWSWIRE) -- On August 15, 2018, InnSuites Hospitality Trust (NYSE American: IHT), through InnSuites Hotels, Inc., entered into an agreement to profitably sell its wholly-owned subsidiary, IBC Hotels, LLC (“IBC”) to a wholly-owned subsidiary of OBASA Capital Investments, Inc., an independent third-party purchaser. The sale was completed, with funds being received by IHT, on August 16, 2018. The sale price and terms were not disclosed.
IBC provides proprietary software, exclusive marketing services, and distribution to a network of approximately 2,000 unrelated hospitality properties under the names InnDependent Boutique Collection, IBC Hospitality Technologies and IVHTravel.com. Additionally, IBC provides software and solutions to a variety of branded hotels through IBC’s patent-pending loyalty program, utilizing its proprietary booking engine www.ivhtravel.com.
With the exception of historical information, the matters discussed in this news release may include “forward-looking statements” within the meaning of the federal securities laws. All statements regarding IHT’s review and exploration of potential strategic, operational and structural alternatives and expected associated costs and benefits are forward-looking. Actual developments and business decisions may differ materially from those expressed or implied by such forward-looking statements. Important factors, among others, that could cause IHT’s actual results and future actions to differ materially from those described in forward-looking statements include the uncertain outcome, impact, effects and results of IHT’s review of strategic, operational and structural alternatives, and the risks discussed in IHT’s SEC filings. Forward-looking statements are not guarantees of future performance due to numerous risks and uncertainties, such as: local, national or international economic and business conditions; competition, loss of membership contracts; effectiveness of IHT’s software program; and other factors. Such uncertainties, and others affecting IHT are described in greater detail in our filings with the Securities and Exchange Commission. Although we believe our current expectations to be based upon reasonable assumptions, we can give no assurance that our expectations will be attained. IHT expressly disclaims any obligation to update any forward-looking statement contained in this news release to reflect events or circumstances that may arise after the date hereof, all of which are expressly qualified by the foregoing, other than as required by applicable law.
Contact: FOR FURTHER INFORMATION: Marc Berg, Executive Vice President 602-944-1500 email: firstname.lastname@example.org