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Hotel Outsource Management International, Inc. Presents Q3 2013 Results

Stocks in this article: HOUM

Hotel Outsource Management International, Inc. (“ HOMI”) (OTC: HOUM), a multi-national service provider in the hospitality industry which supplies computerized minibars that are primarily intended for in-room refreshments, presented its consolidated financial results for the quarter ended September 30, 2013.

Mr. Daniel Cohen, HOMI’s President, stated: "In the third quarter of 2013 we continued the installations of HOMI minibars according to signed agreements with new hotels. We installed only 480 minibars and have more than 600 left to be installed in Q4. All new hotels are first class luxury hotels, in Israel, Europe and the United States, and these new installations will be reflected in future reports. These days we are also engaged in negotiations with new hotels for new installation and outsourcing agreements."

"In September 2013, HOMI completed a rights offering to existing shareholders, who purchased US$904,000 of HOMI common stock. This reflects shareholders' trust in the Company and its operations and will help us further execute on our strategic plan."

"Alongside the decline in revenues, mainly as a result of the early termination of an outsourcing agreement with a major U.S. hotel as reported in the previous quarter, but also as a result of a very poor Q3 in Israel (particularly September due to potential war in Syria), we have decided to drastically reduce on our General and Administrative expenses. On October 2, 2013, we have announced the resignation, on mutual consent, of Mr. Jack Ronnel ,CEO and co-founder of HOMI and Mr. Ariel Almog, CEO of the subsidiary HOMI USA, a director in HOMI and co-founder of HOMI, effective December 31, 2013. Mr. Ronnel and Mr. Almog were among the founders of the company in 1996. Mr. Ronnel will continue to serve as a director at HOMI and both will accompany the company as external advisors and continue contribute to the company with their vast knowledge and experience."

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