LAS VEGAS, Oct. 7, 2008 (GLOBE NEWSWIRE) -- Oriens Travel & Hotel Management Corp. (Pink Sheets:OTHM) (http://www.orienscorp.com), a company that seeks out mid/lower-end hotel properties in developing countries and reorganizes them under the Hotel PURE brand, is pleased to announce the signing of its first contract with one hotel, worth approximately $250,000 per year in revenue to the Company. Oriens will facilitate all of the hotel's online booking needs and in return this order will allow the Company to achieve revenue ahead of projections.
This marks a major milestone for the Company since the initial projections of achieving revenue were forecasted to start in the third quarter of 2009. Statistics show that in Costa Rica in 2007, 1.9 million visitors occupied approximately 1 million rooms with an average nightly rate of US$150. The number of visitors is expected to increase to 2.4 million in 2008. With 15% of the total rooms being booked through the Internet and growing rapidly, the estimated worth of these 150,000 room bookings is just over US$22 million.
Recognizing these trends and utilizing the Company's proprietary online booking and processing technology, Oriens has launched a marketing effort to approach these hotels in Costa Rica in an effort to handle all of their online booking needs. As a result, the first contract was agreed upon with Hacienda Quachipelin. Oriens expects to put together a sales force that will market its online booking technology to the thousands of hotels in Costa Rica as well as other developing nations. Oriens is currently projecting to service an additional 40 hotels, worth approximately US$8 million in sales, over the next 9 months.
Ken Chua, President of Oriens Travel and Hotel Management Corp. stated, "We are extremely excited by the completion of this first contract with Hacienda Quachipelin. This agreement has now placed Oriens into a positive stage of revenue growth. Now that the first one is out of the way, the flood gate is now officially opened."
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The above statements in regard to Oriens, which are not purely historical, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including Oriens' beliefs, expectations, hopes or intentions regarding the future. All forward-looking statements are made as of the date hereof and are based on information available to the parties as of such date. It is important to note that the actual outcome and the actual results could differ materially from those in such forward-looking statements. Factors that could cause actual results to differ materially include risks and uncertainties, such as technological, legislative, corporate, financial and marketplace changes.