OBERRIEDEN, Switzerland--(BUSINESS WIRE)--SunVesta, Inc. (“SVI” or the “Company”) (OTCQB: SVSA) today announced that it will no longer voluntarily comply with the reporting requirements of the U.S. Securities Exchange Act. SVI had been filing annual, quarterly and current reports with the U.S. Securities and Exchange Commission (SEC) in view of a possible public offering of its shares. As the Company has consistently had less than 100 shareholders of record, it is not legally required to comply with these reporting requirements. Therefore, SVI’s board of directors deemed it in the best interests of the Company’s shareholders to eliminate this costly compliance burden in light of its current financial situation. SVI will continue to report financial and other material information to its shareholders and noteholders, and the Company’s shares will continue to trade in the OTC market in the U.S.
Inclusion in "The Leading Hotels of the World" luxury hotel collection
The Company is pleased that its Costa Rican beach resort "Papagayo Bay Resort & Luxury Villas," a category 5* plus hotel project, which is currently under development, has been included in the luxury hotel collection "The Leading Hotels of the World."
"The Leading Hotels of the World" brings together over 375 top hotels in 75 countries that meet the highest quality standards. To qualify for admission, a hotel must meet strict quality standards and must be different from the vast majority of international luxury hotels. The luxury hotel collection "The Leading Hotels of the World" combines individuality, the best of the particular destination and the highest quality at the international five-star level.
Infrastructure work for Beach Resort about to be completed
SVI will complete the infrastructure works for its Beach Resort Hotel "Papagayo Bay Resort & Luxury Villas" on schedule this year. The infrastructure includes all underground piping systems for supply and disposal at the resort. These include various types of piping systems for fresh and waste water, telecommunication systems for telephone and internet as well as electrical high and low voltage systems. This work will be completed in June 2018. In addition, the resort's 3.5 kilometers of paved roads will be completed in composite stone construction by October 2018.
All work is supervised by the architects and engineers, by project management on site and SVI management.