ORLANDO, Fla., July 1, 2005 (PRIMEZONE) -- Supreme Realty Investments, Inc., formerly (OTCBB:SUPR), today announced that its common stock will begin trading on July 5, 2005 on the Over-the-Counter Bulletin Board under the new symbol "SRLT" following the completion of a 1:10 reverse stock split.
As a result of the reverse stock split, every ten shares of Supreme Realty Investments, Inc. common stock will be combined into one share. The reverse stock split affects all the company's common stock, stock options, warrants and other equity-linked instruments outstanding immediately prior to the effective date of the reverse stock split. The reverse stock split will reduce the total number of fully diluted outstanding shares from 46 million shares to 4.6 million shares.
Tom Elliott, chairman and CEO of Supreme, said, "We feel this reverse split was necessary to give us the flexibility we need to attract institutional investors for our hotel acquisitions and to pursue merger opportunities with other hotel companies."
Based in Orlando, Fla., Supreme Realty Investments, Inc. is a real estate operating company (REOC) that acquires interests in hotel and resort properties with major franchise affiliations that can benefit from product, operational, and brand repositioning strategies. Operating in major markets throughout the United States, Supreme's primary focus is on full service, select service, boutique, and limited service hotels that are located in close proximity to major airports, amusement parks, sports stadiums, convention centers, and other popular attractions. The hotel and resort properties will be owned, operated, and managed by Supreme Hotel Properties, Inc., a commonly-controlled subsidiary, owned jointly by Supreme's shareholders and Expotel Hospitality Services, LLC of New Orleans. Expotel's management staff has over 22 years experience in the acquisition, redevelopment, repositioning, and management of hotel properties with well-known brands like Hilton, Embassy Suites, Best Western and Holiday Inns.
Note: Statements in this press release which are not strictly historical are "forward-looking" statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks, which may cause the company's actual results in the future to differ materially from expected results. These risks include, among others, competition within the lodging and contract service industries; the relationship between supply and demand for hotel rooms and vacation ownership resorts; the effects of economic conditions; issues associated with the acquisition and renovation of existing hotels and the development of new hotels; operating risks; the historical cyclicality of the lodging industry; risks associated with the dependence on franchisors of the company's lodging properties; and the availability of capital to finance planned growth, as described in the company's filings with the Securities and Exchange Commission.
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