WHITE ROCK, British Columbia, Feb. 11 /PRNewswire/ -- travelbyus.com ltd.
(TSE: TBU; Frankfurt Stock Exchange:TVB) is pleased to announce it has entered
into an agreement to purchase Bell Travel Systems ("BTS Travel"), a privately
held travel company, based in Scotts Valley, California. BTS Travel currently
has 1,200 travel agency members. The agreed purchase price is US$3.8 million.
Half of the purchase price will be in cash and the other half in common shares
of travelbyus.com based on C$4.00 per share.
Bill Kerby, CEO of travelbyus.com, said, "Once again, we are acquiring a
profitable company, but, more importantly, one which brings us another step
closer to having a nationwide 'clicks and mortar' presence in the U.S.".
Mr. Kerby continued, "travelbyus.com's competitive edge over other
Internet travel companies such as Expedia, Preview Travel and Travelocity is
that it is the only 3C company -- 'Click, Call, or Come In'. When the
acquisition of Bell Travel Systems is completed, travelbyus.com will have
2,700 travel agencies across America. This distribution system will include
Bell Travel Systems, Cruise Shoppes of America, International Tours and
Galaxsea Cruise. These agencies combined handle over C$8 billion in travel
transactions and have a trailing twelve month unaudited earning (EBIT) in
excess of C$3 million. This is an integral part of the 'Come In' piece of our
business model. travelbyus.com will be integrating its agencies into the
Company's website beginning in April, pending the completion of the sites
content."
Jack Bell, founder of Bell Travel Systems, said, "Our members are very
pleased with this announcement because they are now part of one of the best
travel Web sites and the unique 1-800-i-TRAVEL marketing program." Mr. Bell
continued, "In today's travel industry, size is important. With
travelbyus.com, we are now one of the dominant players. I look forward to a
long relationship with travelbyus.com as this means more profit for my members
and I am happy about this."
travelbyus.com is an Internet based travel company that is integrating
some carefully selected traditional travel companies to give it a significant
competitive advantage on the Web utilizing its Web site
travelbyus.com.
SOURCE travelbyus.com ltd.
-0- 02/11/2000
/CONTACT: Bill Kerby, bkerby@travelbyus.com, or Peter Adam,
padam@travelbyus.com, both of travelbyus.com, 604-541-2400; or Barry S. Kaplan
of Barry Kaplan Associates, 732-747-0702, smallkap@aol.com; or Christoph
Bruning, +49-61-96-88-00-210, cbruening@vmr.de, both for travelbyus.com/
/Web site: travelbyus.com
(TBU.)
CO: travelbyus.com ltd.; Bell Travel Systems
ST: British Columbia
IN: LEI |
