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ETRV is a major online/bricks-and-mortar travel enterprise,
commencing trading on the OTC/BB on September 29, 1999, as a result
of the acquisition of "Global Travel Network, LLC" by the former
"shell" company PLEX (Playorena). Here is the PR formally announcing
the deal, and giving all relevant details of the acquisiton/merger
and a related reverse-split of the former PLEX shares...
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ENGLEWOOD CLIFFS, N.J., Sep 22, 1999 (BUSINESS WIRE) -- ETRAVNET.COM,
Inc. has been established as a publicly traded company through the
close of the acquisition by Playorena, Inc. (Nasdaq Bulletin Board:
PLEX) of Global Travel Network, LLC, a leading franchisor of
independently-owned travel agencies with a growing Internet presence.
As part of the merger, Playorena has changed its name to ETRAVNET.COM,
Inc." It will begin trading under its new symbol, ETRV, on September
29, 1999 and will have 5,225,952 shares of Common Stock Outstanding.
Prior to the acquisition, Playorena's shareholders approved the
reverse stock split in which each share of Playorena Common Stock will be exchanged for 0.027533 of a share of ETRAVNET.COM Common Stock. The reverse split will be effective on September 29, 1999. Playorena had, prior to the merger, operated as a public shell seeking the acquisition of, or merger with, an existing company since July 24, 1998.
In business since 1982, ETRAVNET.COM, through its "Global Travel
Network" franchise business, now has over 350 locations throughout the
United States, including over 50 franchised travel agencies located
within Wal-Mart Supercenters nationwide, plus over 50 international
franchised agencies and master franchisees representing 21 countries
and the Caribbean. The company has forged a strategic alliance with
GoGo Worldwide Vacations, a leading wholesaler of travel packages.
Separately, Liberty Travel, a major retail travel agency chain
affiliated with GoGo, owns an 8% interest in ETRAVNET.COM through an
investment made prior to this merger.
"We are pleased to announce this transaction," said ETRAVNET.COM
president, Michael Brent. "Our improved access to the capital markets
will enable us to enhance our 'clicks and mortar' strategy. We will
also be positioned for acquisitions, partnerships, and other
initiatives to increase our sales volume through our proprietary
ETRAVNET Internet platform. Furthermore, we will continue to enhance
the products offered through our website, which has been rated just
behind Microsoft's Expedia, as the eighth best website in the travel
industry by Gomez.com who compared our business model to Schwab."
Global Travel Network was advised on this transaction by Tower Hill
Securities, Inc. "We look forward to continuing to assist the Company
in developing and funding its innovative Internet growth strategy,"
said Tower Hill Vice President Lawrence Loeb.
About ETRAVNET.COM, Inc.
ETRAVNET.COM, Inc. was established through the merger of Global
Travel Network, LLC with Playorena, Inc. It will begin trading as a
publicly traded company (Nasdaq Bulletin Board: ETRV) on September 29,1999.
ETRAVNET.COM, under the "Global Travel Network" trade name, is a
leading franchisor of travel agencies based in Englewood Cliffs, NJ.
The company, rated first among all of the franchisors in North America
by Income Opportunities Magazine (April '99), has provided franchisees
with a competitive edge and with award winning marketing and customer
loyalty programs worldwide since its inception in 1982. Its marketing
presence was expanded with its website development providing
interactive travel booking capabilities and special savings resulting
from its enormous buying power.
The company has differentiated its Internet presence by providing the opportunity for the web consumer to click into one of its retail travel agency locations for personal attention from a travel consultant. The concept of "Log on, walk in, phone in," offers travel clients the opportunity to purchase travel packages through the most convenient means to the client. Continued domestic growth through the addition of existing agencies to the chain, development inside Wal-Mart Supercenters, globalization, and further innovative web product
implementation, form the nucleus of the company's strategic goals for
future growth.
CONTACT: Ms. Stephanie Abrams, EVP, ETRAVNET.COM
201/567-8500 |
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