PR Newswire, Wednesday, August 12, 1998 at 09:32
FORT LAUDERDALE, Fla., Aug. 12 /PRNewswire/ -- William Forhan, recently
appointed Chairman and CEO of Aviation Industries Corporation (OTC Bulletin
Board: AVIA), today reported that the Company's acquisition program, targeting
candidates in the travel and leisure industry, is now fully underway with the
completion of the purchase of Norcross, Georgia-based Business Travel, Inc.
The Company acquired Business Travel, a corporate travel agency with annual
sales of approximately $25 million, in exchange for $1.2 million, consisting
of a combination of cash and restricted common stock. Further terms of the
transaction were not yet disclosed.
Founded in 1982, Business Travel specializes in corporate travel, with
over 400 corporate accounts, of which approximately half operate on a fee
basis and with the majority of their accounts averaging between $100,000 and
$250,000 annually.
"This transaction marks our first acquisition since the management of
Integrated Marketing Professionals assumed operational control of Aviation
Industries," commented William G. Forhan, Chairman of both Aviation Industries
and Integrated Marketing Professionals. "Business Travel fits perfectly with
our overall business mix, particularly Integrated Marketing's Reser
Corporation subsidiary, an Atlanta, Georgia-based reservations center that
services wholesale travel companies. Additionally, we foresee opportunities
to market packaged casino vacations offered by Integrated Marketing to the
more than 20,000 people employed by Business Travel's corporate clients. We
are now working to complete additional transactions in the weeks ahead that
are designed to further enhance our vertical integration and expand our growth
in the travel and leisure industry. Overall, our acquisition strategy is
centered on companies that complement the business mix expected to develop as
a result of the pending merger of Aviation Industries and Integrated Marketing
Professionals."
As previously reported, Aviation Industries Corporation has agreed to
acquire Integrated Marketing Professionals, Inc. (BB: POKR) in
a transaction valued at approximately $11.9 million. Pursuant to the terms of
the definitive merger agreement, Aviation Industries reconstituted its Board
of Directors to consist of the five members of the Board of Directors of
Integrated Marketing Professionals, as well as Diran Kaloustian, previously a
director of Aviation Industries. Completion of the transaction is subject to
the completion of regulatory review by the Securities and Exchange Commission,
as well as approval by shareholders of each company.
Aviation Industries Corp., which holds an equity position in Newark,
N.J.-based KIWI International Air Lines, is a recently formed investment
concern seeking acquisition opportunities in the travel and leisure industry.
Integrated Marketing Professionals, Inc., formerly known as Casino
Airlink, Inc., is a diversified travel and leisure company. The Company is
currently the exclusive provider of packaged casino vacations from five cities
in Florida and Atlanta, Georgia to the Mississippi Gulf Coast, which include
non-stop, round trip jet service, destination airport transfers, ground
handling, 2-3 night deluxe hotel accommodations, nightly buffet meals and
access to 24-hour Las Vegas style gaming and entertainment. Additional
information regarding Integrated Marketing Professionals may be found on the
Internet at PR Newswire's Web site (http://www.prnewswire.com ) under Company
News On-Call, or accessed directly at
prnewswire.com .
Statements about the Company's future expectations, including future
revenues and earnings, and all other statements in the press release other
than historical facts are "forward-looking statements" within the meaning of
the Private Securities Litigation Reform Act of 1995. The Company intends that
such forward-looking statements be subject to the safe harbors created
thereby. Since these statements involve risks and uncertainties and are
subject to change at any time, the Company's actual results could differ
materially from expected results.
SOURCE Aviation Industries Corporation
-0- 08/12/98
/CONTACT: Barry A. Rothman, B. Alan Associates, Inc., 561-483-7743; or
William G. Forhan, Aviation Industries Corporation, 954-938-2500/
/Company News On-Call: prnewswire.com or fax, 800-758-5804,
ext. 123827/
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