800 Travel Systems, Inc. Responds to Statement of Interest
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800 Travel Systems, Inc. Responds to Statement of Interest
TAMPA, Fla.--(BUSINESS WIRE)--Jan. 5, 2001--800 TRAVEL SYSTEMS, INC. (Nasdaq:IFLY - news; Nasdaq:IFLYW - news), a leading provider of travel-related products and services through its websites www.LowAirfare.com, www.cruisebrokers.com, and its call centers, has learned that Vince Vitti, CEO of VTS Travel Enterprises, Inc. and First Internet Travel LLC, has made the following announcement: ``I believe that the stock of 800 Travel Systems, Inc. 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.''
Mr. Vitti, who is currently a director of 800 Travel Systems, and has served on the Company's board since July 10, 2000, is one of the Company's largest shareholders through direct and indirect holdings. Mr. Vitti is also the majority shareholder of VTS Travel Enterprises, Inc., one of the ten largest corporate travel management companies in the United States.
Peter Sontag, CEO of 800 Travel Systems commented on Mr. Vitti's press release: ``800 Travel is pleased regarding Mr. Vitti's continued showings of support for the future of our Company. He is certainly well respected in the industry and a valued Board Member and Shareholder. However, the announcement by Mr. Vitti was made by him in his personal capacity and not as an authorized representative of the Company. While the Company's Board of Directors may consider Mr. Vitti's statements, at this time, the Company has no further comment regarding the statements and/or potential actions by Mr. Vitti as an individual.''
About 800 Travel Systems
800 Travel Systems is a leading provider of low-priced travel related products and services through its nationally recognized lowairfare.com Website and through it's easy to remember toll free numbers ``800-LOW-AIRFARE'' (800-569-2473) AND ``800-FLY-4-LESS'' (800-359-4537). A distinguishing feature of the www.LowAirfare.com Website 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 300 people, combined, in the Company's 33,000 square-foot data communications center in Tampa and a similar center in San Diego, California. The Company also operates CruiseBrokers.com (www.CruiseBrokers.com), which specializes in discount cruise vacations; Prestige Travel Club (www.prestigetravelclub.com), which offers discount travel services on cruises, tours, air, and other travel related services to individuals, businesses and not-for profit organizations; and Prestige Travel Systems (www.ptstravel.com), which comprises a network of approximately 1,500 full service independent remote travel agents.
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.
Forward-looking and cautionary statements
This press release contains statements which may constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. This press release may include forward-looking statements that do not refer strictly to historical results or actions, which although believed to be reasonable, are inherently uncertain and difficult to predict. Such statements are subject to certain risks and uncertainties inherent in 800 Travel Systems' business and investors and prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties and that actual results may differ materially from those projected as a result of various factors as set forth from time to time in the Company's filings with the SEC. The Company undertakes no obligation to publicly update or revise the forward-looking statements made in this press release to reflect events or circumstances after the date of this press release or to reflect the occurrence of unanticipated events.
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Contact:
800 Travel Systems, Inc., New York
Carlo Louis-Jacques, Investor Relations, 646/365-3300
Iflyinfo@att.net
or
YP&B, Orlando, Fla.
Rod Caborn, Public Relations, 407/875-1111
rod_caborn@ypb.com
www.ypb.com |
