Press Release: Hotelworks.com, Inc.
November 12, 2001
CORAL GABLES, FL -- Hotelworks.com, Inc. (AMEX:HWS) announces notice of delisting of the Company's common stock
by the American Stock Exchange and the settlement of two lawsuits with Lodgian, Inc.
On November 2, 2001, the Company received notice from the staff of the American Stock Exchange indicating that
the Company no longer complies with the Exchange's continued listing guidelines regarding income and shareholders'
equity. Additionally, due to an ongoing fee and service dispute with its former auditor, the Company's most recent
10-K does not contain the predecessor auditor's opinion and therefore does not conform to the Security and Exchange
Commission's filing requirements. As such, the Company's common stock will be delisted from the Exchange. The Company
has decided not to appeal this determination. After the Company's common stock is delisted, any future trades will
be processed through the Pink Sheets' Electronic Quotation Service.
In September, 2001, the Company and its wholly-owned, discontinued subsidiary, Hospitality Restoration and Builders,
Inc. (``HRB''), signed a Settlement and Mutual Release Agreement with Lodgian, Inc., Servico Houston, Inc., Servico
Rolling Meadows, Inc. and Servico, Inc. (collectively ``Lodgian'') whereby outstanding litigation between the parties
relating to renovation work at hotels, located in Houston, Texas and Rolling Meadows, Illinois was settled. As
a result of the Agreement, all parties exchanged mutual releases and HRB received a payment from Lodgian of $750,000
in October, 2001 in settlement of all claims. This Agreement does not affect the ongoing litigation between the
parties relating to renovation work at four hotel properties in New York.
Hotelworks.com, through its offices in the United States, Middle East, Asia, South Africa and Europe, is one of
the world's leading providers of goods and services to the global hospitality industry. The company, headquartered
in Coral Gables, Florida, services such customers as Hyatt, Marriott International, Hilton, Ritz Carlton, Four
Seasons, Wyndham, Accor and Sun International. For more information about Hotelworks, please visit our web-site,
http://www.hotelworks.com.
The statements contained in this release which are not historical facts may be deemed to contain forward-looking
statements with respect to events, the occurrence of which involve risks and uncertainties, including, without
limitation, demand and competition for the Company's services, and other risks or uncertainties detailed in the
Company's Securities and Exchange Commission filings.
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Contact:
Hotelworks.com, Inc., Coral Gables
John F. Wilkens, 305/774-3206