GTREX Capital Enters into Escrow Agreement to Acquire Travel Businesses
GTREX Capital, Inc. (OTCBB:GRXI) today announced that it
has entered into an escrow agreement to acquire all of the outstanding
shares of Global Travel Partners, a Nevada corporation that owns 100%
of AsiaWorld Travel Vancouver, Ltd., and Dominion Pacific Travel, two
British Columbia-based travel companies. GTREX Capital expects to
close the acquisition by the end of February 2006.
¶ For fiscal year 2005, Dominion Pacific Travel posted over 4.2
million in total revenues, and AsiaWorld Travel exceeded 2.1 million
in total revenues.
¶ Under terms of its Letter of Agreement, GTREX Capital is acquiring
these two companies for stock and long-term notes. AsiaWorld Travel is
one of the largest hotel room wholesalers in the Vancouver region, and
Dominion Pacific Travel is one of Vancouver's largest ticketing
wholesalers for EVA Air (40 destinations on four continents, including
Asia, Australia, New Zealand, Europe and North America) and China
Airlines (59 destinations in 23 countries around the world).
¶ The investments in these travel businesses, who are expected to
become customers for GTREX Capital's wholly owned portfolio company,
Global Travel Exchange, a leading provider of direct access travel
distribution technology, will have the dual purpose of providing
immediate revenues and portfolio value for GTREX Capital, as well as
building the supplier and customer base for Global Travel Exchange.
¶ "The escrow agreement is an important step in the acquisition of
AsiaWorld Travel and Dominion Pacific Travel, and we look forward to
the close of the acquisitions and the implementation of Global Travel
Exchange's travel distribution solution for these businesses," said
Christopher Berlandier, chairman and chief executive officer of GTREX
Capital.
¶ "We also expect to enter into additional agreements to acquire
another round of travel-related businesses in the near term that will
further diversify the interests of GTREX Capital and increase the
revenues generated by its portfolio companies. These are important
steps in developing GTREX Capital as an investment fund that returns
value to its investors, and we look forward to achieving this goal for
the benefit of our shareholders," added Mr. Berlandier.
¶ To sign up to receive information by email directly from GTREX
Capital whenever new press releases, investor newsletters, SEC filings
or other information is disclosed, please visit
http://www.gtrexcapital.com/investor.asp.
¶ About GTREX Capital, Inc.
¶ GTREX Capital, Inc. (http://www.gtrexcapital.com) is a Business
Development Company pursuant to the Investment Company Act of 1940
whose core focus is to assemble an investment portfolio of investments
into businesses related to the travel industry.
¶ Its initial portfolio investment, Global Travel Exchange, Inc.,
has launched its Voyager Network travel distribution platform, which
provides a service that enables direct access to reservation systems
of major travel suppliers such as airlines, cruise lines, hotels, car
rental companies and providers of other travel amenities. Through the
Voyager Network searches for the availability and price for the
itinerary suggested by the buyer over all direct connected suppliers
and existing Global Distribution Systems (GDS), Global Travel Exchange
presents the results in an easy to understand format. Besides improved
brand and revenue management, suppliers save distribution costs while
providing efficient service to major customers through a direct
connection. Global Travel Exchange is positioned to market its
services through travel distribution partners, contributing to the
expansion of the Company's marketing channels and expedite revenue
growth.
|
Thread abonnieren
ETF-Sparplan