I've put PUTT/OBTV on my watchlist based on the following PR. I don't have a position, but I will be watching the trading over the next few days/weeks:
April 5, 2000
Dow Jones Newswires
PRESS RELEASE: Divot Golf Changes Name,
OTCBB Symbol
Dow Jones Newswires
Divot Golf Corporation Changes Name to OrbitTRAVEL.com and Its Ticker Symbol To OBTV, an OTC-Listed Entity
MIAMI BEACH, Fla., April 5 /PRNewswire/ -- Via majority written consent in
lieu of a meeting, the shareholders of Divot Golf Corporation have approved the
change of the Company's name to "orbitTRAVEL.com, Corporation." The
name change, together with a new ticker symbol (OBTV), will be effective on
April 20, 2000.
Joseph R. Cellura, Chairman & CEO, stated, "We believe that our new name,
orbitTRAVEL.com, Corporation, and our new ticker symbol, OBTV, will help
to communicate the attitude of the Company's new management and its
approach to the challenges facing the Company."
Douglas R Dollinger, corporate legal counsel, stated the following with respect
to the Company's change of name: "We are pleased to have completed an
extensive turnaround plan for the Company and look forward to developing our
business interests in the business-to-business segment of the Internet travel
space. We have ceased our operations as a golf-related products and services
company, and, effective April 20, 2000, will be trading on the over-the- counter
market under our new ticker symbol, 'OBTV.' The Board of Directors has
unanimously approved this name change, which has also been approved by the
non-unanimous written consent of the Company's shareholders in lieu of a
shareholders meeting. Less than ten shareholders (whose combined ownership
interest represented greater than 50% of the Company's issued and outstanding
stock) voted in favor of the change. This action was undertaken so the
Company could execute in a timely manner on the Company's reorganization
and expansion plan. The name change will be effective on April 20, 2000."
orbitTRAVEL.com's President, David A. Noosinow, stated, "We have
established a core business strategy -- Internet-related travel services on a
Business-to-Business basis. We have repositioned the Company as a
Value-Added Services Provider, specializing in business-to-business
e-commerce applications and providing distribution services and on-line
marketing solutions to the travel industry worldwide. We assist travel suppliers
and tourism destinations to promote, distribute, and sell their products
electronically to travel buyers worldwide, via the Internet, airline Global
Distribution Systems, America Online, Private Intranets, and other electronic
distribution networks. Our target customers are travel suppliers, which include
independent hotels, leisure resorts, cruise lines, tour operators, destination
marketing organizations, entertainment venues, and tourism attractions
worldwide. Our goal is to create an on-line travel marketplace or 'Travel
Exchange' that allows travel suppliers to post on-line displays of product and
service offerings to a global travel purchasing audience consisting of travel
agents and travel planning consumers worldwide."
Jeff Arcel, orbitTRAVEL.com's Vice President of Business Development,
stated, "We believe that our existing technology and global distribution network
allow travel suppliers to cost-effectively reach a much broader, global market
than would otherwise be available to them. The primary products and services
that we provide are based on the distribution network and technology behind our
branded on-line distribution channel, 'TravelFile,' an on-line leisure travel
information and reservation service. We also have strong relationships in place
and provide a range of services to a number of leading travel industry trade and
professional groups, including the Caribbean Tourism Organization, the
Caribbean Coalition for Tourism, Advanstar Publishing (publishers of Travel
Agent Magazine and the Premier Hotel & Resort Guides) and the American
Society of Travel Agents. Our marketing plan is to focus initially on establishing
long-term strategic relationships with key travel industry participants that
provide access to large groups of customers, large inventories of bookable
travel products and services, and valuable endorsements to our targeted market
segments. We believe that these relationships will provide us with the core
content required to build and grow the user community and to drive
e-commerce to participating travel suppliers."
TravelFile, which the Company acquired on January 27, 2000, is an on-line
leisure travel destination information and reservation service which allows travel
suppliers to continually post and manage product and service offerings to a
global travel purchasing audience through the Global Distribution Service
(GDS). TravelFile is a content provider for the AOL Travel Channel.
The company charges travel suppliers for access to its online distribution
system and for promotional and advertising opportunities that are available
throughout the service. The company also charges travel suppliers transaction
fees for referrals and booking transactions using its e-commerce systems and
for production services associated with creating and maintaining clients' on- line
sales and marketing systems.
Currently, the company supports systems that operate 24 hours-a-day within a
central computer system located at its leased facility in Whitefish, Montana.
The company has established office space with its affiliates in the following
locations: Corporate Finance & Capital Markets in New York, World
Headquarters in Los Angeles, California, with marketing and sales offices in
Miami Beach, Florida, Paris, France and London, England.
orbitTRAVEL.com, Corporation is an independent travel distribution and e-
commerce company that specializes in assisting travel suppliers and tourism
destinations to promote, distribute and sell their products electronically to travel
buyers worldwide, via the Internet, airline Global Distribution Systems
("GDSs"), Public Internet Service Providers, Private Intranets and other
electronic distribution networks. The Company's name change to
orbitTRAVEL.com, Corporation, and its new ticker symbol "OBTV" will go into
effect on April 20, 2000.
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of
1995: The statements which are not historical facts contained in this release are
forward-looking statements that involve risks and uncertainties, including, but
not limited to, the effect of economic conditions, the impact of competition, the
results of financing efforts, changes in consumer preferences and trends,
weather conditions and other risks detailed in the Company's Securities and
Exchange Commission filings. SOURCE orbitTRAVEL.com, Corporation
/CONTACT: Byron K. Belser, Director of Investor Relations,
orbitTRAVEL.com, Corporation, 305-538-2727, or bbelser@orbittravel.com/
/Web site: orbittravel.com /
(OBTV) CO: orbitTRAVEL.com, Corporation; Divot Golf Corporation;
TravelFile ST: Florida IN: LEI MLM SU: |
