CEO of VTS Travel Enterprises Inc. Announces Intention to Purchase Substantial Interest in LowAirfare.com
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lowairfare.com
CEO of VTS Travel Enterprises Inc. Announces Intention to Purchase Substantial Interest in LowAirfare.com
MAHWAH, NJ - January 3, 2001 (INB) -- Vince Vitti, CEO of VTS Travel Enterprises Inc. and First Internet Travel LLC made the following announcement today: "I believe that the stock of 800 Travel Systems Inc. (Nasdaq: IFLY) is currently undervalued in comparison to similar companies. As such, I and the companies that are controlled by me intend to purchase substantial quantities of stock within the next ninety (90) days. While the intent of the purchase is for investment, a takeover may be initiated if significant stock becomes available through the public market." www.LowAirfare.com
Mr. Vitti is a Director of 800 Travel Systems Inc. and is their largest shareholder. He is also the majority shareholder of VTS Travel Enterprises Inc., one of the ten largest corporate travel management companies in the United States.
About VTS Travel Enterprises Inc.
Headquartered in Mahwah, New Jersey, VTS Travel Enterprises, Inc. is the tenth largest travel management company in the United States, with over $700 million dollars in gross sales in 1999. VTS Travel Enterprises, Inc., parent company of VTS Travel Direct and general partner of First Internet Travel, has been providing exceptional value, technology and service to its clients since 1935. VTS Travel Enterprises, Inc. is located on the World Wide Web at www.vtstraveldirect.com.
About 800 Travel Systems
800 Travel Systems is a leading provider of low-priced travel related products and services through its nationally recognized www.LowAirfare.com web site and through its easy to remember toll free numbers "800-LOW-AIR FARE" (800-569-2473) and "800-FLY-4-LESS" (800-359-4537). A distinguishing feature of the www.LowAirfare.com web site is its ability to connect live reservation agents directly with on-line travel consumers in an instant messaging format that allows consumers to book air travel, on-line, in real time. 800 Travel Systems is headquartered in Tampa, Florida and employs more than 350 people, combined, in the Company's 33,000 square-foot data communications center in Tampa and a similar center in San Diego, California. |
