Tuesday September 22, 12:41 pm Eastern Time
Company Press Release
SOURCE: Navigant International, Inc.
Navigant International Completes
the Acquisition of World Express Travel, Inc.
Acquisition Expands Position in Northwest
DENVER, Sept. 22 /PRNewswire/ -- Navigant International, Inc. (Nasdaq: FLYR - news), one
of the largest suppliers of corporate travel services in the U.S., today announced it has completed
the acquisition of World Express Travel, Inc., based in Anchorage, Alaska. World Express Travel
reported revenues of approximately $7.3 million from air sales of approximately $57 million during
the most recent twelve month period. The acquisition was accounted for as a purchase, and the
terms of the all cash deal were not disclosed.
Founded in 1984, World Express Travel is one of the premier travel management consultants to
companies in Alaska and the Pacific Northwest. ''World Express Travel is an exciting and
important acquisition for us,'' said Edward Adams, Chief Executive Officer of Navigant. ''By
adding World Express to our existing operations in the region -- Mutual Travel in Seattle, and
Atlas Travel Services in Vancouver, B.C.-- we have strengthened our position in an area with a
very large and growing economy. In addition, World Express Travel is a recognized leader in
providing travel services to the commercial fishing industry. As a result, their October through
January period is one of their strongest in air sales, which is counter-cyclical with Navigant's
operations.''
World Express Travel's President and founder, Bob Acree, said, ''Given the changing landscape
in the travel industry, setting a winning strategy for World Express Travel's customers and
employees was paramount. Continuing to grow the agency and meet our customers' needs
requires expanding our capabilities and services. Navigant's size creates product and technology
options for our customers that are only available at a national level. Navigant's culture and its
commitment to the entrepreneurial spirit fits with the personality of World Express Travel. We are
proud to join the Navigant team of companies.''
Navigant is one of the five largest providers of corporate travel management services in the United
States based on airline ticket sales. The Company currently has approximately 415 regional travel
offices and on-site customer travel operations, including offices in 17 of the 25 largest U.S.
business travel markets. World Express is the fourth travel management company added to the
Navigant family in fiscal 1999. TravelCorp of Minneapolis was acquired in May and Arrington
Travel of Chicago and Atlas Travel of Houston were acquired in July. The Company's shares are
traded on the Nasdaq National Market System under the symbol ''FLYR.''
This news release contains forward-looking statements, including statements about the Company's
growth strategies, the integration of prior or potential future acquisitions, the timing of new
acquisitions, the impact of competition, and general industry or business trends or events.
Investors are cautioned that any such forward-looking statements are not guarantees of future
performance and involve risks and uncertainties. Actual events or results may differ materially from
those discussed in the forward-looking statements as a result of various factors, including, without
limitation, the risk factors detailed from time to time in the Company's SEC reports, including the
reports on Form 10-K.
SOURCE: Navigant International, Inc.
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