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."
HOMI and its subsidiaries are engaged in the distribution, marketing and operation of computerized minibars in major branded hotel chains, operating approximately 10,501 computerized minibar systems at 34 hotels located in the United States, Europe, Israel and Australia, and in the development and manufacture of a new range of computerized minibar systems, designed to improve the performance of minibar departments, thereby improving the hotel’s bottom line.HOMI offers a number of solutions that are designed to meet the hotel's needs, ranging from consultation, supervision and rental services, to full outsource installation and operation arrangements. HOMI's leading products are the HOMI ® 336 and the HOMI ® 330, a smaller version of the HOMI ® 336. The novel HOMI ® 336 and HOMI ® 330 are the next generation of computerized minibar systems, designed to increase the accuracy of automatic billing and reduce the cost of operating minibars. Since 2008, HOMI has completed 3,762 installations of the HOMI ® 336 and HOMI ® 330 systems. For more information about HOMI, visit: http://www.my-homi.com/ Forward-Looking Statement This press release contains forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. These statements relate to future events or to the company's future financial performance. In some cases, forward-looking statements can be identified by terminology such as "may," "will," "should," "expects," "plans," "anticipates," "believes," "estimates," "predicts," "potential" or "continue" or the negative of these terms or other comparable terminology. These statements are only predictions and involve known and unknown risks, uncertainties and other factors that may cause the company's or the industry’s actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. Although the company believes that the expectations reflected in the forward-looking statements are reasonable, it cannot guarantee future results, levels of activity, performance or achievements. Except as required by applicable law, including the securities laws of the United States, the company does not intend to update any of the forward-looking statements to conform these statements to actual results. The terms, the "Company," "we," "us," and "our" means Hotel Outsource Management International, Inc. and its subsidiaries, unless otherwise indicated.