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ETRV is a major online/bricks-and-mortar travel enterprise, commencing trading on the OTC/BB on September 29, 1999, as a result of the acquisition of "Global Travel Network, LLC" by the former "shell" company PLEX (Playorena). Here is the PR formally announcing the deal, and giving all relevant details of the acquisiton/merger and a related reverse-split of the former PLEX shares... ================= ENGLEWOOD CLIFFS, N.J., Sep 22, 1999 (BUSINESS WIRE) -- ETRAVNET.COM, Inc. has been established as a publicly traded company through the close of the acquisition by Playorena, Inc. (Nasdaq Bulletin Board: PLEX) of Global Travel Network, LLC, a leading franchisor of independently-owned travel agencies with a growing Internet presence. As part of the merger, Playorena has changed its name to ETRAVNET.COM, Inc." It will begin trading under its new symbol, ETRV, on September 29, 1999 and will have 5,225,952 shares of Common Stock Outstanding. Prior to the acquisition, Playorena's shareholders approved the reverse stock split in which each share of Playorena Common Stock will be exchanged for 0.027533 of a share of ETRAVNET.COM Common Stock. The reverse split will be effective on September 29, 1999. Playorena had, prior to the merger, operated as a public shell seeking the acquisition of, or merger with, an existing company since July 24, 1998. In business since 1982, ETRAVNET.COM, through its "Global Travel Network" franchise business, now has over 350 locations throughout the United States, including over 50 franchised travel agencies located within Wal-Mart Supercenters nationwide, plus over 50 international franchised agencies and master franchisees representing 21 countries and the Caribbean. The company has forged a strategic alliance with GoGo Worldwide Vacations, a leading wholesaler of travel packages. Separately, Liberty Travel, a major retail travel agency chain affiliated with GoGo, owns an 8% interest in ETRAVNET.COM through an investment made prior to this merger. "We are pleased to announce this transaction," said ETRAVNET.COM president, Michael Brent. "Our improved access to the capital markets will enable us to enhance our 'clicks and mortar' strategy. We will also be positioned for acquisitions, partnerships, and other initiatives to increase our sales volume through our proprietary ETRAVNET Internet platform. Furthermore, we will continue to enhance the products offered through our website, which has been rated just behind Microsoft's Expedia, as the eighth best website in the travel industry by Gomez.com who compared our business model to Schwab." Global Travel Network was advised on this transaction by Tower Hill Securities, Inc. "We look forward to continuing to assist the Company in developing and funding its innovative Internet growth strategy," said Tower Hill Vice President Lawrence Loeb. About ETRAVNET.COM, Inc. ETRAVNET.COM, Inc. was established through the merger of Global Travel Network, LLC with Playorena, Inc. It will begin trading as a publicly traded company (Nasdaq Bulletin Board: ETRV) on September 29,1999. ETRAVNET.COM, under the "Global Travel Network" trade name, is a leading franchisor of travel agencies based in Englewood Cliffs, NJ. The company, rated first among all of the franchisors in North America by Income Opportunities Magazine (April '99), has provided franchisees with a competitive edge and with award winning marketing and customer loyalty programs worldwide since its inception in 1982. Its marketing presence was expanded with its website development providing interactive travel booking capabilities and special savings resulting from its enormous buying power. The company has differentiated its Internet presence by providing the opportunity for the web consumer to click into one of its retail travel agency locations for personal attention from a travel consultant. The concept of "Log on, walk in, phone in," offers travel clients the opportunity to purchase travel packages through the most convenient means to the client. Continued domestic growth through the addition of existing agencies to the chain, development inside Wal-Mart Supercenters, globalization, and further innovative web product implementation, form the nucleus of the company's strategic goals for future growth. CONTACT: Ms. Stephanie Abrams, EVP, ETRAVNET.COM 201/567-8500 | ||||||||||||
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