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Technology Stocks : IFLY - travel sales on the web pure play

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To: The_Peach who wrote (4743)	1/9/2001 8:16:03 PM
From: The_Peach	Read Replies (1) of 4761

NJ Executive Shows Interest in IFLY Merger tampatrib.com Jan 8, 2001 - 10:05 PM N.J. executive shows interest in merging with 800 Travel TED JACKOVICS of The Tampa Tribune TAMPA - Vincent Vitti, a major figure in Tampa-based 800 Travel Systems Inc. and CEO of a private New Jersey travel-management firm, said Monday the natural fit between the ventures could lead to a merger. Vitti said he wants to increase his holdings in the local discount travel services company as a personal investment. ``But I might change modes from just a plain investment to an investment for an acquisition,'' he said. That would set up the prospects of a ``reverse merger,'' which basically accomplishes the same thing as an initial public offering by merging a private company with an existing public company. Shares in 800 Travel rose 19 cents Monday to $1.31, the fifth successive daily increase in its stock price. Vitti is chief executive of Mahwah, N.J.-based VTS Travel Enterprises and First Internet Travel. He also is a member of 800 Travel's board and owns about 7.5 percent of the company's shares. He regards the shares in 800 Travel as undervalued compared with similar companies, and he said he would buy more shares as personal investment if the price were right. Vitti said the Tampa company's call-center operation fits well with First Internet Travel's consumer operation. He added that he's been impressed with the vision and plans of Peter Sontag, a travel-industry veteran who became 800 Travel's chief executive in June. Ted Jackovics covers growth companies and can be reached at (813) 259-7817 or tjackovics@tampatrib.com

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