Don't know about the rest of you dumpsters, but Im sitting here empty handed...
(COMTEX) B: Playorena Announces Agreement to Merge with Global Travel
B: Playorena Announces Agreement to Merge with Global Travel Network, Leading
Travel Agency Franchisor With Growing Online Presence
HAUPPAUGE, N.Y., Aug 11, 1999 (BUSINESS WIRE via COMTEX) -- Playorena,
Inc. (Nasdaq Bulletin Board: PLEX) today announced that it has entered
into an agreement to acquire Global Travel Network, LLC, a leading
franchisor of independently-owned travel agencies with a growing
Internet presence.
In business since 1982, Global Travel Network now has over 400
locations throughout the United States, including over 50 franchises
located within Wal-Mart Supercenters, and 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,
acquired a 10% interest in Global Travel Network prior to this merger.
Upon closing the transaction, Playorena will be renamed "ETRAVNET.COM,
Inc."
Global Travel Network is now leveraging its buying power and physical
presence into a "clicks and mortar" strategy through the company's
proprietary ETRAVNET Internet platform. Michael Brent, the president of
Global Travel Network said, "Our company's powerful international base
of business, combined with our innovative technology, positions our web
businesses for continued growth. As a public company, our ability to
expand through acquisition and to establish partnerships that enable us
to meet our strategic goals will be greatly enhanced."
Lawrence Kaplan, the president of Playorena said, "We are very excited
about the Global Travel Network merger. We are impressed that Gomez.com
has rated the company's website the eighth best in the travel industry,
just behind Microsoft's Expedia, and made reference to the company as
the Schwab of the travel industry. We are hopeful that Michael Brent
and his team will grow the company to the mutual benefit of both old
and new shareholders."
Global Travel Network was advised on this transaction by Tower Hill
Securities, Inc. "As a public company, the new ETRAVNET.COM will be
better positioned to access the capital markets to fund its Internet
growth strategy," said Tower Hill Vice President Lawrence Loeb. "We
look forward to assisting the merged company in continuing its rapid
growth."
The merger is subject to the approval of the member-owners of Global
Travel Network. The merger agreement is also contingent on the approval
by Playorena's shareholders of a reverse stock split and certain other
matters.
A preliminary proxy statement soliciting a vote on these matters from
Playorena shareholders has been filed with the SEC for their review. It
is expected that a definitive proxy statement will be distributed to
shareholders in the near future, and that a shareholders meeting will
be held on September 7, 1999. Under the proposed reverse split, each
share of Common Stock of Playorena will be converted into 0.027533 of a
share of Common Stock. After the merger, the shareholders of Playorena
will own approximately 275,000 shares of Common Stock or 5.5 percent of
the merged company.
About Playorena
Playorena, Inc. is a publicly traded company (Nasdaq Bulletin Board:
PLEX) located in Hauppauge, New York. The company began its business
operations providing recreational play and exercise programs for
children. The company consummated the sale of its operating assets on
July 24, 1998 and has been operating as a public shell seeking the
acquisition of, or merger with, an existing company.
About Global Travel Network
Global Travel Network, LLC 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.
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.
About Tower Hill
Tower Hill Securities, Inc. provides business development and
investment banking services to early-stage to post-IPO Internet and New
Media companies ("e-Businesses"), in fields such as electronic
commerce, computer hardware and software, healthcare services and
telecommunications. These services include initiating, advising on and
implementing business development activities, private placements of
equity and debt, corporate restructurings, recapitalizations and
refinancings, mergers and acquisitions, sales and divestitures, and
strategic alliances and joint ventures. Tower Hill also provides public
offering advisory services, valuations and fairness opinions, and
industry and competitive research analysis. The Firm aimsto provide a
client with the highest quality solutions to achieve its strategic
objectives, to assist the client with the implementation and execution
of transactions and strategic initiatives and, ultimately, to enhance a
client's long-term shareholder value. The Firm currently maintains
offices in New York City at 650 Madison Avenue, as well as a
representative presence in Israel.
"Safe Harbor" Statement Under the Private Securities Litigation Reform
Act of 1995: The statements contained in this release which are not
historical facts are forward-looking statements that are subject to
risks and uncertainties that could cause actual results to differ
materially from those set forth in or implied by forward-looking
statements. These risks and uncertainties include the Company's entry
into new commercial businesses, the risk of obtaining financing, and
other risks described in the Company's Securities andExchange
Commission filings.
Copyright (C) 1999 Business Wire. All rights reserved.
-0-
CONTACT: Global Travel Network:
Stephanie Abrams, SVP
201/567-8500
or
Playorena:
Lawrence Kaplan, President
516/273-0058
WEB PAGE: businesswire.com
GEOGRAPHY: NEW YORK
INDUSTRY CODE: TRAVEL/AIRLINES
INTERACTIVE/MULTIMEDIA/INTERNET
COMPUTERS/ELECTRONICS
COMED
BANKING |
