Phoenix, AZ, March 01, 2021 (GLOBE NEWSWIRE) -- InnSuites Hospitality Trust (NYSE American: IHT)
IHT CLEAN ENERGY DIVERSIFICATION PROGRESS
InnSuites Hospitality Trust (IHT) reported fiscal 2021 second quarter revenues of approximately $1 million for the three months May 1, 2020 to July 31, 2020 compared to revenues of approximately $1.54 million for the same prior year period. Basic earnings per share for the three months ended July 31, 2020 was ($0.14) compared with ($0.05) for the three months ended July 31, 2019. This decline was largely attributable to the negative impact of the Covid-19 virus pandemic.
In 2019, InnSuites Hospitality Trust (IHT) made an initial $1 million bond diversification investment convertible into 1 million shares of privately held UniGen Power, Inc. (UPI), a company developing a patented high profit potential new efficient clean energy generation innovation. In addition to the initial investment which could be converted into 1 million UPI shares, IHT also holds 2 Million warrants convertible into an additional 2 million UPI shares, which could result in IHT holding an approximate 25% ownership in UPI in the future. IHT is informed that UPI has made positive progress to date on development of this innovation, with the first Prototype scheduled to be operational on or before June 30, 2021.
James Wirth, President /CEO /chairman of IHT cautioned of the challenges of any new innovation but indicated confidence in the technical team based in Detroit and in the encouraging progress over the last 14 months despite the Covid-19 pandemic.
Hospitality industry results for IHT for the second fiscal quarter of Fiscal 2021, reflected the continued economic and travel industry slowdown caused by the Virus and various travel and lockdown restrictions.
The sense of IHT Management, according to James Wirth President, CEO, and Board Chairman, is that the IHT stock is trading below its true underlying value based on IHT stock being closely held, the company capitalization being small, recent substantial profits coming from asset sales well above low book value, as well as IHT continuing assets held at low book values believed to have substantially higher market value, indicating substantial future profit potential. The Trust strategy of pursuing the highly promising UniGen diversification, and/or a larger reverse merger partner seeking a NYSE American listing is progressing.
For more information, visit www.innsuitestrust.com.
Forward-Looking Statements
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. All statements regarding IHT’s review and exploration of potential strategic, operational and structural alternatives and expected associated costs and benefits 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 review of strategic, operational and structural alternatives, IHT’s success in finding potential qualified purchasers for its hospitality real estate, or a reverse merger partner, 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