Here is a great start for the thread!
NEW YORK--(BUSINESS WIRE)--Sept. 29, 1999--Tower Hill Securities, Inc. announced today that its client, ETRAVNET.COM, Inc. (OTC BB:ETRV), a leading franchisor of independently owned travel agencies with a growing Internet presence, began trading today on the OTC Bulletin Board under the symbol ETRV. The formation of ETRAVNET and its public listing follows: (i) the close of the acquisition by Playorena, Inc. of Global Travel Network, LLC, (ii) a reverse stock split, and (iii) change of name and ticker symbol. ETRAVNET has 5,225,781 shares outstanding. Tower Hill Securities, Inc. advised Global Travel Network with respect to the merger.
In business since 1982, ETRAVNET, through its "Global Travel Network" franchise business, has more than 350 locations throughout the United States, including over 50 franchised travel agencies within Wal-Mart Supercenters nationwide. Internationally, the Company has more than 50 international franchised agencies and master franchisees representing 21 countries and the Caribbean. Through its operations, ETRAVNET's franchisees generated over $1.5 billion in gross retail sales in 1998. 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 through an investment made prior to this merger.
"Becoming a public company is a critical step in our ongoing effort to expand our travel services to agencies and consumers worldwide," said ETRAVNET president, Michael Brent. "Our improved access to the capital markets will enable us to enhance our `clicks and mortar' strategy and positions us for acquisitions, partnerships, and other initiatives to increase sales through our proprietary ETRAVNET Internet platform," he said. "We will continue to enhance the products offered through our website, which has been rated one of the top websites in the travel industry by Gomez.com, who compared our business model to Schwab."
ETRAVNET is being advised on the implementation and execution of its strategy by Tower Hill Securities, Inc. "We look forward to continuing to work with ETRAVNET as a public company, as it expands through both virtual and traditional distribution channels," said Tower Hill Vice President Lawrence Loeb.
About ETRAVNET.COM, Inc.
ETRAVNET.COM, Inc. (OTC BB:ETRV) was established through the merger of Global Travel Network, LLC with Playorena, Inc. ETRAVNET, 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.
CONTACT:
ETRAVNET.COM
Ms. Stephanie Abrams, EVP
(201) 567-8500
or
Tower Hill Securities, Inc.
Mr. Lawrence Loeb, VP
(212) 223-0440
KEYWORD: NEW JERSEY NEW YORK
BW1561 SEP 29,1999
14:47 PACIFIC
17:47 EASTERN |
