Oberrieden, January 7, 2019
The Board of Directors (the “Board”) of SunVesta, Inc. (“SVI”) (OTC Pink: SVSA) elected two independent directors, Gabriel Margent and Alex Rosenzweig (biographies below), to fill vacancies on the Board created by the resignations of two previous directors. The Board also formed a special committee of independent directors, consisting of the newly elected directors, to evaluate one or more strategic actions in light of SVI’s approximately forty-five million Swiss francs in debt on an unconsolidated basis and the additional efforts required to complete the hotel project in Costa Rica managed by SVI’s wholly-owned subsidiary, Sunvesta Holding AG. SVI will update its investors in due course with further information on the proposed course of action, the status of the hotel project and its outlook.
Gabriel Margent, Independent Director
Mr. Margent is a finance consultant with over 35 years of experience. He began his career as an auditor, followed by several public and private company mandates. Mr. Margent served over 20 years at Merrill Lynch. Mr. Margent holds a Bachelor of Science in Accounting from St. John’s University.
Alex Rosenzweig, Independent Director
Mr. Rosenzweig is a finance consultant with over 30 years of experience. He has spent the majority of his career advising companies in highly competitive markets in Europe and North America on restructuring processes and corporate strategy through his consultancy, Equitech Research. Mr. Rosenzweig holds a Master of Business Administration from Kenan-Flagler Business School of the University of North Carolina at Chapel Hill.
Media Information Hans Rigendinger, Chief Executive Officer of SunVesta Inc.
*** This press release contains projections and other forward-looking statements that concern future events or future financial performance. These statements are based on the current expectations of the management of SVI and are subject to uncertainty and changes in circumstances and involve risks and uncertainties that could cause actual results to differ materially from those expressed or implied in such forward-looking statements. SVI does not undertake any obligation to update publicly or revise forward-looking statements, whether as a result of new information, future events or otherwise, except to the extent legally required. Readers are cautioned not to place undue reliance on any forward-looking statements.