IHT DECLARES 54TH CONSECUTIVE ANNUAL DIVIDEND; ANNUAL PROXY FILED
Phoenix, AZ, July 12, 2024 (GLOBE NEWSWIRE) -- InnSuites Hospitality Trust (NYSE American: IHT) On July 9, 2024, the Board of Trustees of IHT announced a semi-annual dividend of $0.01 per share, payable on or around July 31, 2024, to shareholders of record as of July 19, 2024. This announcement continues an uninterrupted 54-year history of annual dividends. InnSuites hotel operations continue strong, while the investment in UniGen’s diversified efficient clean energy innovation continues to progress.
IHT hotel operations are maintaining their solid start in the current 2025 Fiscal Year (February 1, 2024, to January 31, 2025), First and early Second Fiscal Quarter, reflect both the Tucson Hotel and Albuquerque Hotel achieving record results for the current 2024 Fiscal Year to date (February 1, 2023, through July 12, 2024).
IHT filed its Fiscal 2024 Proxy on July 3rd, 2024. The Annual Report was filed on July 9th, 2024.
The IHT Board approved, and notice is hereby given that the Fiscal 2024 Annual Meeting of Shareholders of IHT will be held at the InnSuites Hospitality Trust corporate offices located at 1730 E. Northern Avenue, Suite 122, Phoenix, Arizona 85020 (phone: 602-944-1500) on Wednesday August 14, 2024, at 1:00 P.M., local time. Shareholders of record of IHT at the close of business on July 5, 2024, are entitled to vote at the 2024 Annual Meeting of Shareholders and any adjournments or postponements thereof.
InnSuites Hospitality Trust (IHT), in late 2019, made a diversification investment in new development privately held UniGen Power, Inc. (UniGen), developing a high risk, high profit potential, efficient clean electricity energy generation innovation. The UniGen design is fueled not only with abundant relatively clean natural gas but also with other even cleaner fuels such as ethanol and hydrogen (that emits only water). IHT holds stock, convertible bonds, and warrants that, when fully converted/exercised, could result in IHT holding up to an approximate 20% ownership stake in UniGen. UniGen has confirmed that prototype design engineering for the UPI 1000TA engine is now substantially complete, while they currently work on securing the next round of financing.
With 2025 Fiscal First Five Months hospitality revenues reaching all-time record levels, combined with ten consecutive recently completed profitable quarters of Consolidated Net Income, and with continuing progress on the UniGen diversification, IHT management believes that real estate held at book values believed to be significantly below current market value, combined with the high risk, but also high reward diversification UniGen profit potential ahead, the IHT future looks bright, and in our opinion IHT stock is undervalued.
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Forward-Looking Statements
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 alternative diversification investments, and expected associated costs and benefits, as well as statements related to continuation of its 54 years of uninterrupted payment of annual dividends, 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 success in finding potential qualified purchasers for its hospitality real estate, or a reverse merger partner, continuation of growth of hospitality revenues and/or profit growth, timely collection of receivables, the success of and timing of the UniGen clean energy diversification innovation, the continuation of semi-annual dividends in the year(s) ahead, 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
602-944-1500
email:
INNSUITES HOTEL CENTRE
1730 E. NORTHERN AVENUE, #122
Phoenix, Arizona 85020
Phone: 602-944-1500
