United Leisure Corp. Creates and Licenses Internet Video Travel Technology
LOS ANGELES--(BUSINESS WIRE)--July 27, 1998--United Leisure Interactive Inc., a wholly owned subsidiary of United Leisure Corp. (Nasdaq:UTDL), has entered into an agreement with Genisys Reservation Systems Inc. (Nasdaq:GENS) pursuant to which a wholly owned subsidiary of Genisys has acquired the exclusive and worldwide rights and license to United Leisure Interactive's travel Web site, called "NetCruise," and the use of United Leisure Corp.'s "Parallel Addressing Video Technology" for all travel-related applications.
United Leisure has developed and filed for patents in July 1997 on its propriety Parallel Addressing Video Technology. The technology is used in providing Internet and intranet Web sites with its zero-wait time, full-motion video, and stereo audio to the interactive audience. Unlike various forms of streaming video, live media and Internet video broadcasts, the technology does not rely on bandwidth as the medium for delivery of video.
United Leisure's Parallel Addressing Video Technology, combined with United Leisure Interactive's NetCruise Internet site, provides full-motion video technology for all travel applications.
This Internet site provides substantially the same airline, hotel and car information and reservation ability as some of the other major Internet travel sites, but in addition, the proprietary Parallel Addressing Video Technology allows the consumer to view full-motion video of travel destinations, cruises ships and on-board activities, without the long wait for downloads.
In terms of the agreement, United Leisure Interactive will receive 2 million shares of Genisys. In addition, United Leisure Interactive will acquire warrants to purchase up to 800,000 shares of Genisys Reservation Systems conditional on certain performance levels being reached by the business.
Harry Shuster and Brian Shuster will join the board of directors of Genisys Reservation Systems. NetCruise will be set up as a subsidiary of Genisys Reservation Systems. Harry Shuster will be chairman of the board of such subsidiary. Brian Shuster will be president.
Harry Shuster, president of United Leisure Corp., said: "It has taken us years to develop and perfect this technology. The agreement entered into with Genisys Reservation Systems relates to the travel industry application of this Parallel Addressing Video Technology. There are many other applications of the technology that are ready to be marketed."
Genisys Reservation Systems operates computerized reservation systems for the travel industry, with emphasis on ground transportation limousine and car services.
Brian Shuster said: "The investment community has focused significant interest in the portal companies such as Yahoo, Excite and others. Our focus is on industry-specific mini-portals. The first industry-specific mini-portal that we created was NetCruise, and it was developed specifically for the travel industry.
"We have several other mini-portals that are ready to be marketed, including education programs, Internet video magazines and many Internet commerce-related products. These mini-portals will all have the benefit of our full-motion video and stereo audio." |
