TEMECULA, Calif., March 5, 2002 (PRIMEZONE) -- Mr. Larry W. Lang, Chairman of the Board and President of Supreme Hospitality (OTCBB:SUHO), announced today the company "Supreme Hospitality," which went public last year, is now trading on the Over The Counter Bulletin Board exchange (OTCBB).
According to Mr. Larry W. Lang, "We are public and it's been a long hard road. From the Securities and Exchange Commission to the National Association of Security Dealers and all the Market Makers thereafter, not to mention the State regulators, I have never seen so many forms."
In Temecula, California, the Temecula Valley Inn had been an unincorporated business owned by Larry and Diana Lang for the period from its inception in 1997 through December 31, 1999. On January 1, 2000, all of the assets and liabilities relating to the hotel operation known as Temecula Valley Inn were transferred to a newly formed S-corporation, Temecula Valley Inn, Inc. Larry W. Lang director and president of Temecula Valley Inn, Inc. merged with Supreme Hospitality and the rest is history.
Supreme Hospitality has a total of 8,792,000 outstanding common shares with 1,000,000 free trading shares in the float. The shares have traded at a high of $1.25 to a low of .75. "Going public at this time in history was a tough decision, but if we are to grow, we need equity partners not lenders," Lang says. "Supreme Hospitality is not your same-old story of hotel ownership. We design, construct, and manage the hotel while saving thousands of dollars in construction and operating costs. The end result is a better place to stay, more hospitable and increased profit for the shareholders."
"September 11 was hard for the entire industry and we were not left out. The major difference is it's our hotel and we run it, not some franchise," Lang continues. "The Temecula Inn will do well this year. My guess is it will do better than the industry average, and with the Redding property on schedule for next quarter, Supreme Hospitality becomes a real shareholders buy."
ABOUT THE COMPANY
Supreme Hospitality's activities were the construction and subsequent operation of a ninety-room, 3-story hotel located in Temecula, California, which was opened to the public in December 1998 under the name of Temecula Valley Inn.
Our administrative office is located at 41919 Skywood Drive, Temecula, California 92591 and our phone number is (909) 506-3435.
Supreme Hospitality is in the hospitality and hotel business catering to the business, leisure and vacation traveler. On April 30, 2000, Supreme Hospitality acquired Temecula Valley Inn as a wholly owned subsidiary. Temecula Valley Inn is located in the Temecula Valley in Southern California between Los Angeles and San Diego. It is one of the premier hotel properties in the Valley. Though cyclical in nature, Temecula Valley Inn's occupancy rates have continued to grow.
Certain statements about the Company's future expectations, including future revenues, earnings and transactions, as well as all other statements in the press release other than historical facts, are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. The Company intends that such forward-looking statements be subject to the safe harbors created thereby. Since these statements involve risks and uncertainties and are subject to change at any time, the Company's actual results and other corporate developments could differ materially from that which has been anticipated in such statements.