PHOENIX, Jan. 16, 2014 (GLOBE NEWSWIRE) -- InnSuites Hospitality Trust (NYSE MKT:IHT)
IBC HOTELS AND ILIA ENTER INTO LONG-TERM MARKETING AGREEMENT
Effective January 15, 2014, the InnDependent Boutique Collection (IBC Hotels), a wholly owned subsidiary of InnSuites Hospitality Trust, is excited to announce a long-term marketing agreement with the Independent Lodging Industry Association (ILIA), to promote and advance the interests of independent hoteliers by providing a low cost Booking Engine to independent hoteliers and free InnDependent InnCentives™ frequent traveler program to our guests. Bobbie Singh-Allen, ILIA Executive Director, states, "This is an incredible opportunity for our nearly 5,000+ members to have not only a cost-effective booking channel but also to be more competitive with branded hotels through an enhanced mobile and digital presence and the frequent traveler program." Says Pamela Barnhill, IBC Founder, President & COO, "1/2 of the World's Hotels are Independent yet the Independent Hotelier is largely underrepresented due to smaller margins. ILIA with partners and vendors like IBC are looking to increase independent hotelier margins through innovative programs."
IHT RECEIVES ADDITIONAL TIME FOR NYSE MKT EQUITY COMPLIANCE
On May 2, 2013, InnSuites Hospitality Trust (the "Trust") received a letter from the NYSE MKT LLC (f/k/a AMEX) (the "NYSE MKT") informing the Trust that the staff of the NYSE MKT's Corporate Compliance Department has determined that the Trust is not in compliance with Section 1003(a)(iii) of the NYSE MKT Company Guide due to the Trust having stockholders' equity of less than $6.0 million and net losses in five consecutive fiscal years as of January 31, 2013.
The Trust was afforded the opportunity to submit a plan of compliance (the "Plan") to the NYSE MKT and submitted the Plan on February 5, 2013. On March 21, 2013, the NYSE MKT notified the Trust that it accepted the Plan and granted the Trust an extension until April 30, 2014 to regain compliance with the continued listing standards.
On December 16, 2013, the Trust requested an extension of the plan period and received an extension until July 8, 2014 to regain compliance with the continued listing standards. The Trust may be able to continue its listing during the Plan Period, during which time it will be subject to periodic review to determine whether it is making progress consistent with the Trust's plan.
The Trust continues to monitor its stockholders' equity and is reviewing potential actions that can and are being taken to increase its stockholders' equity to maintain compliance with the NYSE MKT's listing standards.
Ms. Barnhill, IBC founder, can be reached at (602) 944-1500 or pbarnhill@innsuites.com and Ms. Singh-Allen, ILIA's Executive Director, can be reached at (916) 826-2075 or bobbie@independentlodging.org.
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. Forward-looking statements are not guarantees of future performance due to numerous risks and uncertainties and 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.
For more information visit www.innsuitestrust.com or www.sec.gov
CONTACT: Marc Berg, Executive Vice President
602-944-1500
email: mberg@innsuites.com
