Phoenix, AZ, July 12, 2023 (GLOBE NEWSWIRE) -- InnSuites Hospitality Trust (NYSE American: IHT) On July 10, 2023, the Board of Trustees of IHT announced a semi-annual dividend of $0.01 per share, payable on July 31, 2023 to shareholders of record as of July 20, 2023. This announcement continues an uninterrupted 53-year history of annual dividends. InnSuites hotel operations continue strong, while the investment in UniGen’s diversified efficient clean energy innovation continues to progress.
IHT hotel operations are maintaining their solid start in the current 2024 Fiscal Year (February 1, 2023, to January 31, 2024), First and early Second Fiscal Quarter, reflect both the Tucson Hotel and Albuquerque Hotel achieving record results for the current 2024 Fiscal Year to date (February 1, 2023, through June 30, 2023).
IHT filed its Fiscal 2023 Annual Report and Proxy on July 9th.
The IHT Board approved and notice is hereby given that the Fiscal 2023 Annual Meeting of Shareholders of IHT will be held at the InnSuites Hospitality Trust corporate offices located at 1730 E. Northern Avenue, Suite 122, Phoenix, Arizona 85020 (phone: 602-944-1500) on Wednesday August 16, 2023, at 1:00 P.M., local time. Shareholders of record of IHT at the close of business on July 7, 2023, are entitled to vote at the 2023 Annual Meeting of Shareholders and any adjournments or postponements thereof.
InnSuites Hospitality Trust (IHT), in late 2019, made a diversification investment in new development privately held UniGen Power, Inc. (UniGen), developing a high risk, high profit potential, efficient clean electricity energy generation innovation. The UniGen design is fueled not only with abundant relatively clean natural gas but also with other even cleaner fuels such as ethanol and hydrogen (that emits only water). IHT holds stock, convertible bonds, and warrants that, when fully converted/exercised, could result in IHT holding an approximate 25% ownership stake in UniGen. UniGen has confirmed that prototype design engineering for the UPI 1000TA engine is now complete, with a majority of parts and tooling having been ordered and arriving daily.
Said James Wirth President, CEO, and IHT Board Chairman:
“With 2024 Fiscal First Half hospitality revenues reaching record levels, and with continuing progress on the UniGen diversification, IHT management believes that due to real estate held at book values believed to be significantly below current market value and due to the high risk, but also UniGen diversification high profit potential ahead, the IHT future looks bright. In management’s opinion IHT stock continues to be undervalued, with IHT extending its stock buyback program.”
For more information, visit www.innsuitestrust.com and www.innsuites.com.
Forward-Looking Statements
With the exception of historical information, 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 alternative diversification investments, and expected associated costs and benefits, as well as statements related to continuation of its 52 years of uninterrupted payment of annual dividends, 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 success in finding potential qualified purchasers for its hospitality real estate, or a reverse merger partner, continuation of growth of hospitality revenues and/or profit growth, timely collection of receivables, the success of and timing of the UniGen clean energy diversification innovation, the continuation of semi-annual dividends in the year(s) ahead, and other risks discussed in IHT’s SEC filings. 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.
FOR FURTHER INFORMATION:
Marc Berg, Executive Vice President
602-944-1500
email: mberg@innsuites.com
INNSUITES HOTEL CENTRE
1730 E. NORTHERN AVENUE, #122
Phoenix, Arizona 85020
Phone: 602-944-1500
