Oriens Travel & Hotel Management Corp. says it is merging with an unidentified Costa Rican company.
The Las Vegas, Nevada,-based firm said that this was decided at a board meeting last week.
The firm has announced several projects, but the company president, Ken Chua, has resigned to comply with a British Columbia security commission order because of unregistered stock sales.
The merger does not seem to be complete.
“The merger prospect, with more than 10 years of operations, develops online traffic-driving solutions; in addition to acquiring, selling, managing and renting residential, commercial, condominium and hotel units,” said a quote in an announcement from a public relations firm and attributed to a senior board member.
The firm said that the person designated to take the job vacated by Chua, is the head of this unnamed corporation, which currently is in the process of completing a sizable real estate transaction, the announcement said.
The firm said that this new entity had found a $5 million bridge loan for Oriens to complete some unspecified real estate transaction.