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Technology Stocks : IFLY - travel sales on the web pure play -- Ignore unavailable to you. Want to Upgrade?

To: The_Peach who wrote (4730)	8/15/2000 12:00:35 PM
From: M.R. Davis	Read Replies (1) \| Respond to of 4761

Action today must be due to this acquisition: Travel Systems' Subsidiary Merges With Prestige Travel TAMPA, Fla., Aug 14, 2000 (BUSINESS WIRE) -- Merger Expected to Add $12 Million in Gross Reservations over Next 12 Months Expands Product Line to Cruises and Tours and Adds Access to 1,200 Remote Agents 800 TRAVEL SYSTEMS, INC. (NASDAQ: IFLY chart, msgs, IFLYW chart, msgs), a leading provider of travel-related products and services through its website www.LowAirfare.com and call centers, today announced the merger of a newly formed, wholly owned subsidiary of the Company with Prestige Travel Systems, Inc. Prestige is a full service travel company headquartered in Tampa, FL with a nationwide network of over 1,200 independent remote travel agents which operates www.CruiseBrokers.com specializing in discount cruise vacations. As part of the transaction, the owners of Prestige Travel will receive a combination of cash and stock from 800 Travel Systems. Peter Sontag, CEO of 800 Travel Systems, commented, "This merger reflects the execution of our strategic plan to expand 800 Travel's services by offering cruises and tours in addition to discount airfares. Prestige and its predecessors achieved approximately $12 million in gross reservations for the 1999 fiscal year. We believe the many cross marketing opportunities this transaction creates will enable us to increase our gross reservations by at least that amount over the next twelve months." Mr. Sontag continued, "We are especially pleased that Prestige's three principals will be joining 800 Travel's subsidiary pursuant to employment agreements that include incentive stock options in the Company. They have developed an extensive network of remote agents as well as the technology and infrastructure that enable the agents to sell travel products over their own web sites. Their expertise will help us in our endeavor to become a premier Internet travel company." Ron LaScala, Vice President of Prestige Travel Systems, added, "We have been growing our travel business for 12 years and are very proud of our reputation for providing quality service, the best value, and a proven record of reliability and trust. This merger will provide us with additional resources to better serve our increasing number of online customers and to grow the business in the future." The principals of Prestige Travel Systems (www.ptstravel.com) have operated a network of home-based travel agents since 1988. They also operate Prestige Travel Club (www.prestigetravelclub.com), which offers travel services, discounts, cruises, air travel and travel related services to individuals, businesses and not-for-profit organizations, as well as CruiseBrokers.com (www.CruiseBrokers.com), which specializes in discount cruise vacations. Prestige Travel Systems has 22 employees.