On June 5, 2012, Tomwood notified HOMI Industries of its offer to convert the entire $2,000,000 loan at a conversion price per share of $.0181.On June 18, 2012, the board of directors of both HOMI Industries and HOMI voted to accept the conversion offer, and on June 19, 2012 HOMI Industries and Tomwood amended the loan agreement to indicate the new conversion price, and HOMI consented to this amendment. The revised agreement was executed on June 28, 2012, to take effect retroactively as of June 19, 2012. As a result of the June 19, 2012 amendment to the original Tomwood loan agreement dated October 5, 2010, the Tomwood loan shall be converted into a total of 110,497,238 shares of HOMI common stock. Upon conversion of the loan, the loan shall be deemed paid in full, and any and all liens used as security for the Tomwood loan shall be removed. The final payment of interest on the loan will be made at the end of June 2012, in respect of the second quarter of 2012 ending with the conversion of the loan. Following the conversion of the Tomwood loan, Tomwood shall be the largest shareholder of HOMI. Mr. Avraham Bahry, Chairman of HOMI’s Board of Directors, has entered negotiations with several third parties, regarding the possibility of selling his entire interest in HOMI, at the same price per share as the Tomwood loan conversion, $.0181. Mr. Bahry recused himself from the board vote regarding the conversion of the Tomwood loan. Mr. Daniel Cohen, HOMI’s President, stated: "We are happy to see Tomwood become a major shareholder in our company, an act that in our eyes shows confidence in our vision and business strategy and we look forward to working closely with our new partner." 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 "OTCQB" Exchange, under the symbol "HOUM.PK"
HOMI and its subsidiaries are engaged in the distribution, marketing and operation of computerized minibars in major branded hotel chains, operating approximately 10,500 computerized minibar systems at 41 hotels located in the United States, Europe and Israel, 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 hotels’ needs, ranging from consultation, supervision and rental services, to full outsource installation and operation arrangements. HOMI's leading products are the HOMI ® 330 and the External Dry-Section / Trays. 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", "our" means Hotel Outsource Management International, Inc and its subsidiaries, unless otherwise indicated.