ST. PETERSBURG, Fla.--(BUSINESS WIRE)--Feb. 10, 1999--Affinity
International Travel Systems Inc. (OTC BB:TRIP.O) announced today that
it has successfully completed its acquisition of Prestige Travel
Services II Inc., a Tampa, Florida-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 second completion of five announced
acquisitions that the company has undertaken, bringing Affinity's
projected revenues to more than 20 million dollars on an annual basis.
Now that Affinity has completed its acquisition of Prestige
Travel, it expects to quickly complete the Design-A-Tour, Travel
Systems International, and Inter Island Tours acquisitions, raising
gross revenues from 20 million to over 28 million dollars.
Dan Brandano, chief executive officer of Affinity International
Travel Systems Inc., stated, "This marks another step in meeting our
goals of rapid growth. Now that we have successfully completed our
second acquisition, we will quickly be moving forward towards our goal
of closing three that are still pending and continue to further our
search for other quality companies to acquire."
Included in the acquisition 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 (LATAN), and a member of
the Cruise Lines International Association (CLIA). The company
utilized 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.N), 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.
Note to Editors: 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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CONTACT: HKT Investor Relations
Investor Relations, 602/446-8640
Fax: 602/731-9565
hktir@aol.com
or
Affinity International Travel
Dan Brandano, 813/896-1513
ceo@sunstyle.com
www.affinityinternational.com
KEYWORD: FLORIDA
INDUSTRY KEYWORD: MERGERS/ACQ TRAVEL/AIRLINES
COMPUTERS/ELECTRONICS COMED INTERACTIVE/MULTIMEDIA/INTERNET
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