| Coral Gables, Florida, December 1, 1999 -- Hospitality Worldwide
Services (AMEX:HWS) announced it has completed a transaction, transferring
its interest in all existing third party contracts previously held by its
renovation subsidiary, Hospitality Restoration & Builders to a company
owned by the former President of its renovation subsidiary. As previously
reported, the Company elected to divest itself of its renovation business
in September 1999 and reflected the operating results and estimated losses
for the divestment of the renovation business, as discontinued operations
in the consolidated statement of operations for the third quarter ended
September 30, 1999.
Douglas Parker, President, stated, “This is another step in management’s
commitment toward our renewed focus; allowing us to re-shape and integrate
the core services of Procurement, Logistics/Warehousing and Reorder under
Hotelworks.com. The remaining core service components of the Company
are very much in keeping with our e-commerce initiative going forward.
The complexities of managing a labor intensive renovation-contractor business
and its associated risks, are not consistent with the future strategy of
the Company.”
The Company also announced the resignation of Mr. Howard Anders, its
Chief Financial Officer. His duties will be performed by Mr. John
Wilkens, Vice President & Treasurer.
Hospitality
Worldwide Services, Inc., through its offices in the United States, Asia,
South Africa and Europe; provide goods and services to the global hospitality
industry. The Company services such customers as Hyatt, Marriott International,
Hilton, Ritz Carlton, Four Seasons, Wyndham, and Sun International.
The statements contained in this release which are not historical facts
may be deemed to contain forward-looking statements with respect to events,
the occurrence of which involve risks and uncertainties, including, without
limitation, demand and competition for the Company’s services and other
risks or uncertainties detailed in the Company’s Securities and Exchange
Commission filings. |