Pure Hospitality Solutions Inc. (OTCMKTS:PNOW) parent firm of the Central American-Caribbean OTA Oveedia and Meso Numismatics reported that it has recorded fast eligibility, turning DWAC approved with The DTCC.
The Deposit Withdrawal at Custodian runs by means of the FAST Automated Securities Transfer plan. FAST and DWAC enables for securities to be owned by shareholders on the books of the firm’s Transfer Agent in electronic form. This is a mainly special service that the DTCC asserts as a premium service offering. Pure management hinted that in the past, it was instructed that the firm would not have succeeded to obtain DWAC nod at that time, provided specific elements that required to be fixed.
Since then, with the help of Melvin Pereira, the CEO and President of Pure Hospitality, management has clearly defined its business model, eliminate almost all of its toxic convertible debt, make acquisitions and dramatically lessen the count of private shareholders involved with the firm. The result a considerable decline in share transfers, share issuances and adversely impactful dilution. Pure Hospitality even recorded its first revenues under Pereira’s guidance. Which to date, with the acquisition of Meso Numismatics, the company generates revenue daily.
Provided the strict guidelines that Transfer Agents must maintain with the SEC, which covers maintaining at least $1 million in Errors and Omissions Insurance along with bond coverage in a range of $10 million to $25 million, not all Transfer Agents are eligible to be FAST Agents. It indicates, not all Transfer Agents can fund firms like Pure for DWAC. Similarly, qualified Transfer Agents are not likely to easily sponsor firms, such as PNOW, unless there is confidence in the firm’s viability and legitimacy, to refute any possible risk.
The CEO of Pure Hospitality said that he doesn’t admit to be an expert, and he is comparatively new to the confusion that is the microcap markets, however it would seem evident that the strict assessment and high level of criteria must be met by the firm as well as the Transfer Agent, is following the great advantage of being DWAC accepted.