Hotel Outsource Management International, Inc. Sells Subsidiaries In Germany And Italy
Hotel Outsource Management International, Inc. (“ HOMI”) (OTCBB: HOUM) announced today that on April 19, 2010, HOMI Europe S.A.R.L. (“ HOMI Europe”), an indirectly held, wholly owned subsidiary of HOMI, entered into a share sale agreement with Clevo Corporation S.A. (“ Clevo”), which is a third party under the control of Mr. Geoffrey Wolf, a shareholder of HOMI Inc.
Pursuant to this share sale agreement, HOMI Europe sold to Clevo 100% of the outstanding shares in HOMI - Hotel Outsource Management International (Deutschland) GmbH and 100% of the outstanding shares in HOMI Italia S.R.L., and also assigned to Clevo all of its rights to the shareholder loans which it has previously made to HOMI Italia S.R.L. The effective date for these transactions is April 30, 2010.
The total purchase price to be paid by Clevo, for the shares and for the assignment of the shareholder loans, is $525,002. As a result of this transaction, HOMI - Hotel Outsource Management International (Deutschland) GmbH and HOMI Italia S.R.L. shall cease to be affiliated to HOMI Inc.
HOMI - Hotel Outsource Management International (Deutschland) GmbH and HOMI Italia S.R.L. were until now wholly owned subsidiaries of HOMI Europe, which managed and operated minibar systems in one hotel in Germany, one hotel in Italy and three hotels in Malta.Mr. Daniel Cohen, HOMI’s President, stated: "The selling of HOMI's subsidiaries in Germany and Italy is a part of our long term strategy to focus on our main markets, the United States, Israel and a few countries in Europe. In Italy and Germany we are looking forward to cooperating with Clevo as a partner. In other European countries, we are looking to appoint local Distributors / local Partners. We are pleased with the price we received for the two companies and intend to apply the proceeds toward the expansion of our business in these three main Markets." About HOMI HOMI is a multi-national service provider in the hospitality industry, supplying a range of services in relation to computerized minibars that are primarily intended for in-room refreshments. HOMI was incorporated under the laws of Delaware in 2000 and is listed on the Over-the-Counter Bulletin Board, or "OTC Bulletin Board" under the symbol "HOUM.OB."
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