Travelbyus - endlich geht es weiter ...
schwald : Travelbyus - endlich geht es weiter ...
travelbyus.com COMPLETES ACQUISITION OF CHEAP SEATS INC. ?
"America?s Superstore for discounted airfares"
WHITE ROCK, B.C. January 7, 2000
Travelbyus.com Ltd. (Toronto Stock Exchange ? TBU; Frankfurt Stock Exchange ? TVB) is pleased to announce that it has completed its previously announced acquisition of Cheap Seats Inc., a Los Angeles based net airfare consolidator. The purchase price was US$5 million in cash and 5 million common shares.
Cheap Seats already has in place a wide range of "net fare" ticket contracts with several major U.S. carriers. These contracts are an integral part of travelbyus.com?s plans to be the first, fully integrated Internet travel company.
travelbyus.com?s plans include making Cheap Seats? inventory available to its 1,000-plus travel agency distribution system through its International Tours? agencies, which collectively grossed over US$3 billion in 1998.
Cheap Seats presently sells its airline tickets through its existing call center and via its website, HYPERLINK http://www.cheapseatstravel.com www.cheapseatstravel.com . The Cheap Seats website will be tied into 1-800-i-TRAVEL and the travelbyus.com website, HYPERLINK http://www.travelbyus.com www.travelbyus.com scheduled for opening this month.
Travelbyus.com will enhance Cheap Seats? airfares by bundling them with a broad range of value driven leisure products, currently offered through its previously acquired Express Vacations? call center and tour package division.
Mr. Bill Kerby, CEO and Vice Chairman of travelbyus.com stated, "We are aware that consumers are deserting suppliers? websites for the benefits of comparison shopping and rich destination content afforded by online travel agencies. No other online travel agency can also offer the type of airfares travelbyus.com has access to because of our purchase of Cheap Seats. This gives us a significant edge over our competitor websites such as Expedia (Nasdaq: EXPE), Preview Travel (Nasdaq: PTVL) and Travelocity."
travelbyus.com is an Internet based travel company that is integrating some carefully selected traditional travel companies to give it a significant competitive advantage on the Web.
For further information:
travelbyus.com contact: Peter Adam
§Vice President - Investor Relations
§Tel: (604) 541-2400
§Email: HYPERLINK "mailto:firstname.lastname@example.org" email@example.com
Press contact: Barry S. Kaplan
§Tel: (732) 747-0702
§Email: HYPERLINK mailto:firstname.lastname@example.org email@example.com