Phoenix, AZ, April 19, 2024 (GLOBE NEWSWIRE) -- InnSuites Hospitality Trust (NYSE American: IHT) IHT management announces Filing an S-3, allowing the potential to offer and sell up to 1,000,000 shares of IHT common stock, without par value (“Common Stock”), of the Company.
The S-3 prospectus includes the details as it relates to shares of IHT Common Stock that may be offered and issued from time to time. The amount of gross proceeds received will depend upon the number of shares issued, and the market price of the Common Stock at the time of such sales.
It is expected that the net proceeds from the sale of shares of Common Stock will be used for general corporate purposes, including repayment of outstanding indebtedness, and the repurchase of our outstanding equity securities. Further diversification may include additional UniGen Power, Inc., efficient clean energy and/or hospitality technology innovations. It is possible that no shares of Common Stock will be issued under the S-3 Agreement.
The Common Stock of IHT was first listed in 1971, on the New York Stock Exchange, American, (the “NYSE-American”) under the symbol “IHT.” On April 19, 2024, the sale price of our Common Stock, as reported at the close on the NYSE, was in the range of $1.54 per share.
IHT plans to announce soon, a Dividend Declaration payable on or around July 31, 2024. This announcement would continue an uninterrupted 54-year history of annual dividends. InnSuites hotel operations continue strong, while the investment in UniGen’s diversified efficient clean energy innovation holds potential for a new source of diversified earnings.
IHT hotel operations are maintaining their solid start in the current 2025 Fiscal Year (February 1, 2024, to January 31, 2025). The First Fiscal Quarter reflects both the Tucson Hotel and Albuquerque Hotel achieving record revenue for the current 2025 First Fiscal Quarter (February 1, 2023, through April 30, 2024). Total Revenue for both hotels has exceeded $2 million to date and is anticipated to be approximately $2.2 million for the 2025 First Fiscal Quarter (February 1, 2024, to April 30, 2024).
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 54 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 in S-3 issued stock, 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 or hospitality industry technology diversification innovation, the continuation of semi-annual dividends in the year(s) ahead, and other risks discussed in IHT’s SEC filings may differ modestly. 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 HOSPITALITY CENTRE
1730 E. NORTHERN AVENUE, #122
Phoenix, Arizona 85020
Phone: 602-944-1500
