Anyone think that IFLY could be an acquisition target??? There seems to ba a tremendous amount of consolidation going on in the travel business.
Affinity International Travel Systems to Acquire Prestige Travel
Services Bringing Combined Projected Gross Revenues to $28.5 Million
Per Year
ST. PETERSBURG, FLA. (Jan. 7) BUSINESS WIRE -Jan. 7, 1999--Affinity
International Travel Systems Inc. (OTC BB: TRIP) Thursday announced
that it has signed a letter of intent to acquire Prestige Travel
Services II Inc., a Tampa, Fla.-based retail travel network focused on
the leisure segment of the travel industry, and its related travel
agent and cruise businesses.
Prestige is expected to post 1998 gross revenues of approximately $17
million. This marks the third acquisition the company has announced in
the last two weeks and brings Affinity's projected revenues to more
than $28.5 million on an annual basis.
Dan Brandano, chief executive officer of Affinity International Travel
Systems Inc., stated, "We have been very successful in meeting our
goals of rapid growth via acquisition similar to that of Travel Systems
International (Nasdaq: TRVL), and we will continue to do so.
"We have also begun to focus on strategic alliances and the acquisition
of companies with substantial internet presence, or companies that are
providers to major travel websites such as Yahoo's (Nasdaq: YHOO)
popular site, Yahoo! Travel (http://travelyahoo.com)
"The internet travel business is projected to be over $8 billion by the
year 2001 and we intend to be a major participant in it."
Included in the agreement is Prestige's Independent Travel Agent
Program which provides training, technical connectivity, and support
services for over 1,200 outside sales agents in the U.S.
In addition to the standard travel agency revenues, the program
generates income through enrollment and training fees, and enables
outside agents to book travel and airline tickets over a dedicated
Internet connection to the Tampa headquarters. Also included in the
acquisition is the recently integrated Tampa-based Internet cruise
marketing subsidiary, Cruise Brokers.
Prestige is licensed and bonded to sell travel in Florida and
California, accredited by the Airlines Reporting Corp. (ARC) and the
International Airlines Travel Agent Network (IATAN), and a member of
the Cruise Lines International Association (CLIA). The company utilizes
both the Sabre and Amadeus airline computerized reservation and
ticketing systems.
Both Prestige and Cruise Brokers market vacation services over the
Internet at www.ptstravel.com and www.cruisebrokers.com, respectively.
Affinity International Travel Systems is a holding company that has,
over the past two years, developed a technology platform in conjunction
with The Sabre Group (NYSE: TSG), and Internet strategies designed to
allow quick integration of acquisitions, dramatically cutting their
operational costs while increasing their revenues and profitability.
The company plans to continue its dramatic growth by aggressively
seeking out acquisition candidates while providing competitively
priced, specialized services to travel agents and individual consumers.
Forward-looking statements in this release are made pursuant to the
"safe harbor" provisions of the Private Securities Litigation Reform
Act of 1995.
Investors are cautioned that such forward-looking statements involve
risks and uncertainties, including, without limitation, continued
acceptance of the company's products, increased levels of competition,
new products and technological changes, the company's dependence upon
third-party suppliers, and other risks detailed from time to time in
the company's periodic reports filed with the Securities and Exchange
Commission.
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