Monday May 1, 6:29 am Eastern Time
Company Press Release
Exclusive Cruises & Resorts Inc. To Enter B2B Travel And Leisure Segment By Signing Letter of Intent To Acquire Cruisequest Enterprises, Inc.
MIAMI--(BUSINESS WIRE)--May 1, 2000--Exclusive Cruises & Resorts Inc. (OTCBB:XCLUE - news) announced today that the company has signed a letter of intent to acquire Cruisequest Enterprises, Inc., a B2B Internet and software provider for the Travel & Leisure Industry.
Dr. George Macropulos, chairman & president of Exclusive Cruises, stated, ``The acquisition of Cruisequest Enterprises, Inc. is a very exciting and complimentary acquisition that should generate significant synergies between www.eVacationClub.com, its customer base, and other travel-related companies. Exclusive Cruises & Resorts will continue to explore acquiring strategic technologies that will not only improve our brick and mortar operations, but also enhance shareholder value via spin-offs and stock dividends in the future.''
Mr. Joel Buschek, chairman & president of Cruisequest Enterprises, Inc., commented, ``The technology is state-of-the-art and the company carries no debt on its books. We found Exclusive Cruises & Resorts, Inc. to be a natural fit to bring to market this and other technologies that are currently under development. With similar companies such as Sabre Group Holdings, Inc. (NYSE:TSG - news), Expedia, Inc (NASDAQ NM:EXPE - news), Priceline.com (NASDAQ NM:PCLN - news), Pegasus Systems Inc. (NASDAQ NM:PEGS - news) and Galileo International (NYSE:GLC - news), making substantial investments in other Internet Travel technologies over the past 24 months, industry analysts James Kissane of The Bear Stearns Companies Inc. (NYSE:BSC - news) recently estimated Internet travel sales will approach $30 billion by 2003 and will only be a fraction of the $3.7 trillion estimated to be spent on worldwide travel sales. ''The www.cruisequest-software.com platform is an online search engine for Travel agents to find specific cruise information in a matter of seconds and bridge the gap between Cruise Lines and participating B2B reservation systems,`` stated Mr. Buschek.
The closing is subject to further due diligence and acceptable bank or other sources of financing. It is anticipated that the Company will immediately begin exploring strategic alternatives on how to enhance Exclusive Cruises shareholder value once this acquisition is complete.
Exclusive Cruises and Resorts, Inc. is the parent company of ExclusiVacations, Inc., its principal sales and fulfillment arm. The company's sources of revenue include timesharing, cruise and room sales from its own properties, as well as general travel services to its customer base.
Financial statements in this press release other than historical facts are ``forward-looking'' statements within the meaning of section 27A of the Securities Act of 1933, section 21E of the Securities Exchange Act of 1934, and as that term is defined in the Private Securities Litigation Reform Act of 1995. The Company intends that such statements about the Company's future expectations, including future revenues and earnings, and all other forward-looking statements be subject to the safe harbors created thereby. Since these statements (future operational results and sales) involve risks and uncertainties and are subject to change at any time, the Company's actual results could differ materially from expected results.
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Contact:
For Exclusive Cruises and Resorts, Inc.:
Steven G. Trapp & Company, 888/253-2542
s.g.trapp@worldnet.att.net
or
xclustock.com
or
cruisequest-software.com
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