Phoenix, AZ, May 17, 2021 (GLOBE NEWSWIRE) -- InnSuites Hospitality Trust (NYSE American: IHT) reported Fiscal 2021 revenues of approximately $4.203 million for the Fiscal Year Ended January 31, 2021 compared to revenues of approximately $6.568 million for the same prior year period. Basic earnings per share for Fiscal Year ended January 31, 2021 was ($0.31) compared with ($0.21) for the Fiscal Year ended January 31, 2020. This decline was largely attributable to the negative impact of the Covid-19 virus pandemic. Economic conditions improved for the Trust, however, in Q4 compared to Q3 of Fiscal Year 2021. Fiscal 2021 fourth quarter revenues remained approximately flat for the three-month period of November 1, 2020 to January 31, 2021, compared to revenues for Q3 of Fiscal Year 2021.
A number of areas of our hotel operations are off to a solid start in the current 2022 Fiscal Year, ending January 31, 2022.
In 2019, InnSuites Hospitality Trust (IHT) made an initial $1 million diversification investment in privately held UniGen Power, Inc. (UniGen), a company developing a patented high profit potential efficient clean energy generation innovation. The UniGen innovation is quite promising, as evidenced by UPI’s current pursuit of three more valuable patents. In addition to the initial investment, which could be converted into 1 million UPI shares, IHT also holds warrants that, if fully converted, would issue to IHT some 2 million additional UniGen shares, which in the aggregate could result in IHT holding up to an approximate 25% ownership stake in UniGen. IHT is informed that UniGen has made positive progress to date on development of this innovation, with the first two Prototypes scheduled to be operational later this year.
Said James Wirth President, CEO, and Board Chairman:
“The Fiscal Year 2021 just ended reflects the effects of the one-time extraordinary Covid-19 Virus, and its overall impact on the Hotel and Travel Industry, not to mention the entire national and global economy. IHT continues to execute our strategic plan of selling existing hotel real estate at market prices significantly above our carrying (book) values, and moving toward diversification, including IHT’s high potential investment in UniGen’s innovative efficient, clean-energy power generation innovation, a positive move that is increasingly recognized by investors.”
As investors increasingly recognize the potential of the UniGen diversification clean energy efficient innovation, trading volume of IHT has increased. Management believes in the substantial potential ahead of the UniGen project, as it continues on course.
With the exception of historical information, matters discussed in this news release may include “forward-looking statements” within the meaning of the federal securities laws. All statements regarding IHT’s review and exploration of potential strategic, operational and structural alternatives and expected associated costs and benefits are forward-looking. Actual developments and business decisions may differ materially from those expressed or implied by such forward-looking statements. Important factors, among others, that could cause IHT’s actual results and future actions to differ materially from those described in forward-looking statements include the uncertain outcome, impact, effects and results of IHT’s review of strategic, operational and structural alternatives, IHT’s success in finding potential qualified purchasers for its hospitality real estate, or a reverse merger partner, the success of and timing of the UniGen clean energy innovation, and other risks discussed in IHT’s SEC filings. IHT expressly disclaims any obligation to update any forward-looking statement contained in this news release to reflect events or circumstances that may arise after the date hereof, all of which are expressly qualified by the foregoing, other than as required by applicable law.
FOR FURTHER INFORMATION:
Marc Berg, Executive Vice President
INNSUITES HOTEL CENTRE
1730 E. NORTHERN AVENUE, #122
Phoenix, Arizona 85020