IHT FISCAL YEAR 2021 RESULTS; UNIGEN CLEAN ENERGY DIVERSIFICATION PROGRESS

Rhea-AI Summary

InnSuites Hospitality Trust (IHT) reported a significant decline in fiscal year 2021 revenues, totaling approximately $4.203 million compared to $6.568 million in the prior year due to the impact of the Covid-19 pandemic. Basic earnings per share fell to ($0.31) from ($0.21). However, fourth-quarter revenues showed stability compared to the previous quarter. The company is advancing its diversification strategy with a notable investment in UniGen Power, Inc., potentially owning up to 25% of the firm, as development on clean energy prototypes progresses.

Positive

• Potential ownership stake of up to 25% in UniGen Power, Inc.
• Positive progress in UniGen's clean energy innovation with prototypes scheduled for later this year.
• Increased trading volume as investor interest grows.

Negative

• Fiscal 2021 revenues decreased by approximately 36% compared to the prior year.
• Basic earnings per share declined from ($0.21) to ($0.31).
• Continued uncertainty due to the effects of the Covid-19 pandemic on the hospitality industry.

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.

For more information, visit www.innsuitestrust.com and www.innsuites.com.

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 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
602-944-1500
email: mberg@innsuites.com

INNSUITES HOTEL CENTRE
1730 E. NORTHERN AVENUE, #122
Phoenix, Arizona 85020
Phone: 602-944-1500

FAQ

What were the revenue figures for InnSuites Hospitality Trust (IHT) in fiscal 2021?

InnSuites Hospitality Trust reported revenues of approximately $4.203 million for fiscal 2021, down from $6.568 million in the previous year.

How did earnings per share change for IHT in fiscal 2021?

Basic earnings per share for fiscal 2021 was ($0.31), compared to ($0.21) in fiscal 2020.

What strategic investments has IHT made recently?

IHT made a $1 million investment in UniGen Power, Inc., which may lead to a potential ownership of up to 25% in the company.

What are the future prospects for IHT's investment in UniGen?

IHT's investment in UniGen is promising, with development of clean energy prototypes anticipated to enhance potential revenue.