Mosaic Travel & Tours Inc -
Mosaic Travel & Tours to change name
Mosaic Travel & Tours Inc
MOI.A
Shares issued 12,558,380
2000-02-16 close $0.35
Thursday Feb 17 2000
Mr. Malcolm Stone reports
Mosaic Travel & Tours will change its name, subject to regulatory approval, to
Bookfortravel.com Inc., to better reflect the future direction of the company. The
shareholders of the corporation approved a name change at the company's annual general
meeting of shareholders on Jan. 5, 2000.
The company will continue to grow its wholly owned subsidiary Mosaic Travel Centre,
which has approximately $10-million in annual revenues, derived from its retail travel agency
chain and its on-line, interactive booking Web site.
As part of the overall go-forward initiatives, Alnoor Lakhani and Chris Agagnier have
resigned as directors of the corporation. Malcolm Stone and Donald Sherman have been
appointed directors in their place, subject to regulatory approval. Mr. Stone has also been
appointed president of the corporation, replacing Mushtaq Thobani who has resigned as
president, but continues as a director.
The corporation currently has 13,743,380 common shares outstanding, of which 4,528,501 are
performance escrowed and 4,371,500 are under a time release. In addition other shareholders
representing approximately one million shares have agreed to a voluntary pooling agreement
for a period of one year. The pooled shares would be released over a 15-month period,
thereafter. There will be a total of approximately 10 million shares held under pooling
agreements.
The company is presently working on a number of e-commerce, travel related initiatives, and
will advise shareholders shortly of management's progress.
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