From 10K>>>Each Warrant entitles the holder to purchase one share of Common Stock
at a price of $6.25 per share during the five-year period commencing on January 15, 1998.
The Warrants are redeemable by the Company for $.05 per Warrant on not less than 30 nor
more than 60 days written notice if the closing price for the Common Stock for seven
trading days during a 10 consecutive trading day period ending not more than 15 days prior
to the date that the notice of redemption is
mailed equals or exceeds $10.00 per share, subject to adjustment under certain
circumstances and provided there is then a current effective registration statement under the
Securities Act of 1933, as amended, with respect to the issuance and sale of Common Stock
upon the exercise of the Warrants. Any redemption of the Warrants during the one-year
period commencing on January 13,1998 will require the written consent of First London
Securities Corporation.<<<{214-220-0693} or fax 214-220-0695
IFLYW closed @ 1.0312 last week and up 172% today
800 Travel Systems, Inc.
Description:
800 Travel Systems aims to find its customers the cheapest seats in the skies. Through
its easy-to-remember toll-free numbers 1-800-LOW-AIR-FARE is one) the
company's agents help budget travelers nail down the lowest available air fares, using
the SABRE travel reservation system. 800 Travel Systems generates revenue from
commissions on air travel arrangements; fees charged to customers; promotions with
hotel, car rental, and leisure companies; and override commissions with Continental,
TWA, United, Carnival, America West, America Trans Air, and Mexicana.
Address: 4802 Gunn Hwy.
Tampa, FL 33624
Phone: 813-908-0404
Fax: 813-908-0080
Web Site: lowairfare.com
CEO: Mark D. Mastrini
CFO: Jerrold B. Sendrow
Fiscal Year End: December
1996 Sales ($ mil.): 3.2
1-Yr. Sales Change: 166.7%
1996 Income ($ mil.): (3.2)
Employees: 184
Company type: Public
Filing date: June 2, 1997
Date went public: January 15, 1998
Shares offered (mil.): 1.35
Post-offering
shares (mil.): 7.693
Offering amt. ($ mil.): 6.8
Proposed offer price: $5.00
Actual offer price: $5.00
First day open: $5.47
First day close: $5.75
Ticker Symbol: IFLY
Exchange: Nasdaq (SC)
Underwriters: First London Securities Corporation
From Briefing com 4/9/98
To: Ie Coan Bie (37 )
From: Gregory Mullineaux
Thursday, Apr 9 1998 11:22AM ET
Reply # of 318
800 TRAVEL SYSTEMS INC (IFLY) 7 1/8 +2 3/16. They don't get much prettier than
this. IFLY shares have now advanced 148% since our bullish Story Stock on Monday (see
Archives) and an additional 39% since we posted news on In Play this morning that this
"almost-Internet play" has officially become an Internet play. In a press release out today,
the travel reservations company said that its Board of Directors has authorized management
to develop an interactive travel reservation service over the Internet to complement the
company's "800" numbers and existing web page. As we noted on In Play, with the stock
trading at just 5.45 times trailing sales (now 7.76), IFLY is by far one of the cheapest
Internet plays in its category. For example, shares of another recent high-flying IPO,
Preview Travel (PTVL 33 7/8 +1 3/4), carry a Price/Sales multiple of approximately 37
(without giving consideration to planned offering of new shares, stock carries P/S of 29).
So, with the announcement of the Internet move, all of sudden you have a stock that trades
at an 85% discount to its closest-competitor, a competitor whose revenue growth lags
IFLY's by approximately 90%.
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