The PLEX deal is now official...
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(COMTEX) B: Playorena Announces the Close of the Acquisition of Global Travel Network and Its Change of Name to ETRAVNET.COM; Change of Trading Symbol to ETRV on September 29, 1999
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.
About Tower Hill
Tower Hill Securities, Inc. provides investment banking and strategic
business development 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 aims to 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 and Exchange
Commission filings.
Copyright (C) 1999 Business Wire. All rights reserved.
Distributed via COMTEX.
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CONTACT: Ms. Stephanie Abrams, EVP, ETRAVNET.COM
201/567-8500
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