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Technology Stocks : LPHL (Leisureplanet Holdings) -- Ignore unavailable to you. Want to Upgrade?

To: Brasco One who wrote (108)	2/9/2000 9:09:00 PM
From: Tom Hua	Respond to of 122

Europ@Web Makes $20 Million Strategic Investment in Leisureplanet Premier Global Internet Investor Acquires Approximately 27% of Leading International Online Travel Services Company PARIS & NEW YORK, December 6, 1999, Europ@Web, the Internet investment arm of the Arnault Group, and Leisureplanet (www.leisureplanet.com) ("Leisureplanet"), a leading international Internet-based travel services provider that is majority owned by Leisureplanet Holdings, Ltd. (Nasdaq: LPHL) ("LPHL"), today announced that Europ@Web has made a direct investment of $20 million to acquire a 27% equity stake in Leisureplanet. Commenting on the agreement, Chahram Becharat, Managing Director Europe for Europ@Web, said: "Travel is one of the largest industries in the world and one that is most suited to Internet transactions. Travel was the third-largest commerce category in 1998 and is forecast to be close to the number-one position this year, with more than $7 billion in transactions. We are very happy to be investing in Leisureplanet, which we feel is one of the very few players based in Europe capable of becoming a worldwide leader of online travel." Clive Kabatznik and Pierre Kleinhans, CEOs of LPHL and Leisureplanet, respectively, added: "We are proud to welcome Europ@Web, one of the most prestigious global Internet investors, as a major shareholder of Leisureplanet. This investment provides us with a strategic shareholder that can add tremendous value to Leisureplanet and moves us closer to our goal to establish Leisureplanet as the leading web-based travel services provider. Moreover, we believe that Europ@Web's selection of Leisureplanet as the vehicle through which to access the exciting online travel services market validates the quality of the Leisureplanet vision, management team and strategic business plan." As part of the transaction, LPHL will have the right to invest an additional $10 million into Leisureplanet, at the same valuation as the Europ@Web investment, on or before January 31, 2000. Leisureplanet Leisureplanet is a leading international leisure travel e-commerce company, providing travel booking and customer services to on line consumers through its own web sites, partner sites and international media companies including Yahoo!, Lycos and InfoSpace. The service features the world's largest image-rich hotel database; flight, car and hotel reservation facilities; package holidays and cruises; and comprehensive proprietary travel guides on more than 180 travel destinations. Leisureplanet has distributed services to international localized web sites supported by local customer service agents throughout Europe and other international markets. Each local web site provides a comprehensive selection of competitively priced travel products for local consumers, presented in the local language. Leisureplanet has contracts with more than 16,000 independent hotels that offer their services through Leisureplanet. These hotels are not affiliated with hotel groups and offer their own individual style and service. Customers can make informed decisions when booking on Leisureplanet, as they are presented with five pictures of each hotel. The independent hotels are well-suited to leisure travelers. Travel services bookable on Leisureplanet sites include approximately 49,000 hotels of which 16,000 are independents, 44 car rental companies, 455 airlines and 8 cruise lines. Visual data on Leisureplanet web sites include approximately 60,000 hotel photographs, 14 web cams, 180 destination slide shows and 35,000 visuals related to last minute offers (to be added soon). Leisureplanet is majority-owned by Leisureplanet Holdings, Ltd. (Nasdaq: LPHL), a publicly traded investment company whose holdings also include businesses in various industries, including value-added convenience foods and leisure products. Europ@Web Europ@Web is the Internet investment arm of the family holding company of Bernard Arnault. With 500 million euros at its disposal, Europ@Web's investment strategy is to take majority or minority stakes in Internet-related companies with strong growth potential in either the United States or Europe. Europ@Web has already invested in LibertySurf in Europe, and also in Webvan, 1-800 Flowers, and PlanetRx in the US.