120 day Extension granted for HARS Private Placement
CALGARY, Nov. 17 /CNW/ - On August 17, 1999, HARS Systems Inc. announced a private placement of 4 million shares at $0.62 per share. The VSE has approved an extension of time in which the private placement is required to close from 45 days to 120 days. This will enable the company and the placees to finalize the relevant documentation with respect to the private placement. HARS through its wholly owned subsidiary, VIP International Corporation, provides Internet and Travel Agent Global Distribution Services to more than 3,400 hotel properties and car rental locations in 68 countries. The Company recently launched a proprietary website - www.carsandhotels.com and has been providing e-commerce type solutions since 1979.
VIP International Corporation (A wholly owned subsidiary of HARS Systems, Inc. VSE - HSS). Providing Internet & GDS Electronic Distribution and Marketing Services to more than 3,400 hotel and car rental companies worldwide.
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For further information: VIP International Corporation, Tel.: (403)
269-3566, Fax.: (403) 266-5228, E-mail: kblake@vipintcorp.com, Website:
www.vipintcorp.com
Here was the August 17 press release, which didn't appear to make it over the wire but was filed on SEDAR:
Date: August 17, 1999
Contact: John Pfeffer
Tel. (403) 269-3566
Fax. (403) 269-6644
e-mail: info@vipintcorp.com
HARS System to Joint Venture with Executive Inn
Calgary, Alberta - HARS Systems, Inc. has approved a private placement of 4
million shares to Executive Inn, Inc. of Vancouver B.C., an ASE listed
company, and John Pfeffer Chairman and CEO of the Company at $0.62 per
share, subject to regulatory approval and completion of documentation. The
proceeds will be used to support and finance the development of the joint
venture to be entered into with Executive Inn, further enhance and develop
software and enhance the Company's international voice reservation
capabilities. HARS Systems, Inc. and its wholly owned subsidiary VIP
International Corporation have also signed a letter of intent to form a
joint venture relationship with Executive Inn for the following purposes:
To cooperate in the area of hotel brand development.
To cooperate in the area of sales, whereby the parties may work together to
develop other hotel & car rental brands.
To cooperate and share technological solutions, platforms, software and
equipment.
To cooperate in the development of a more robust voice reservation service.
To cooperate in the area of marketing hotel clients.
To cooperate in the area of revenue and profit sharing as related to the
brand.
The joint venture will allow hotel clients to benefit from air-mile loyalty
programs, volume purchase programs, national advertising, property specific
marketing and other programs. It will also enable hotel clients to obtain
greater access to hotel property financing afforded to brands, strengthen
the relationship hotel properties have with VIP and will give the Company
access to markets previously out of reach due to the lack of a brand name
and product. VIP will continue to support and enhance its original services
provided to hotel chains and the independent hotel client, while offering a
brand solution to those in need of such a product. Kelly Blake, president
of VIP said, "The joint venture with Executive Inn provides VIP with a means
of meeting the needs of clients and prospects in search of a brand. It
completes our basket of goods and gives our clients and prospects a full
range of product choices. This move will strengthen the service and options
afforded to all of VIP clientele."
Executive Inn has been a growing customer of VIP for over twelve years. The
Company and Executive Inn have had discussions regarding the private
placement and joint venture over the past few months. The transaction
furthers the corporate objectives and strategy of the Company. Management
is confident that this transaction will be of significant benefit to the
Company.
VIP International Corporation is a worldwide leader in the provision of
internet and travel agency airline global distribution and central
reservation services to the hospitality and car rental industries. The
Company represents more than 3,000 individual hotel and car rental locations
in 66 countries. The Company is a wholly owned subsidiary of HARS Systems,
Inc. - VSE - HSS.
Executive Inn is a hotel branding, marketing and management company engaged
in the development of hotel licensing agreements under the Executive Inn
Hotels and Suites brand name. The Company is rapidly growing with ten
premiere hotels and over 1,200 guestrooms in Western Canada and Washington
State.
THE VANCOUVER STOCK EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT
RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE
VIP International Corporation
(A wholly owned subsidiary of HARS Systems, Inc. VSE - HSS)
Tel. (403) 269-3566
Fax. (403) 266-5228
e-mail info@vipintcorp.com
website - www.vipintcorp.com
Providing Internet & GDS Electronic Distribution and Marketing Services to
more than 3,000 hotel and car rental companies worldwide.
Regards, t. |
