OneTravel Holdings Provides Form 10-K Filing Update
17 Janeiro 2006 - 11:42AM
Business Wire
OneTravel Holdings, Inc. (AMEX: OTV), a leading online and offline
provider of travel and leisure services, announced that the Company
will be unable to file today its Annual Report on Form 10-K as
anticipated due to a new audit point that arose late last week,
which will require certain additional audit procedures. The matter
relates to what the Company believes is erroneous information
provided late last week by one of its suppliers. Notwithstanding
management's belief that this information is erroneous, the
auditors are required to perform certain standard audit procedures
to verify that the information in question was, in fact, in error.
The Company expects to provide its auditors with all necessary
documentation on this matter on or before the end of this week. The
Company believes that this is the last audit point of substance
that needs to be addressed prior to completing and filing its
Annual Report on Form 10-K. As reported earlier, the Company is not
in compliance with the American Stock Exchange's ("AMEX")
requirements for continued listing standards due to the Company's
failure to timely file its Form 10-K for the fiscal year ended June
30, 2005, and its Form 10-Q for the three month period ending
September 30, 2005. The Company had expected to file its Form 10-K
today, which would have kept it on schedule under the plan the AMEX
had approved to permit the Company time to comply with the AMEX's
continued listing requirements. The Company has advised the AMEX of
this new audit point and has requested a modification to its
compliance plan to allow for this audit point to be addressed and
to proceed with the subsequent elements of the compliance plan
which involve filing the Form 10-Q for the September 30, 2005
quarter on or before February 15, 2006. As of this time, the
Company has not received a definitive response from the AMEX. The
Company continues to work diligently on completing this filing and
will provide additional information on a timely basis. About
OneTravel Holdings, Inc. (AMEX:OTV) OneTravel Holdings, Inc.
(www.onetravelholdings.com) derives all of its revenues from its
travel business subsidiaries, Farequest Holdings, Inc., operating
under the name 1-800-CHEAPSEATS (www.cheapseats.com) and OneTravel,
Inc. (www.onetravel.com), both of which are leading online and
offline providers of a full range of travel services, and FS
SunTours, Inc., which sells leisure and vacation travel packages
under the SunTrips(R) brand (www.suntrips.com). The Company derives
additional revenue from operating other travel related web sites
including www.discounthotels.com and www.11thhour.com. Statements
in this news release about anticipated or expected future revenue
or shareholder value growth or expressions of future goals or
objectives, including statements regarding market conditions or
whether current plans to grow and strengthen the Company's business
will be implemented or accomplished, are forward-looking statements
within the meaning of Section 21E of the Securities Exchange Act of
1934, as amended. When used in this release and documents, the
words "anticipate", "believe", "estimate", "expect" and similar
expressions, as they relate to the Company or its management, are
intended to identify such forward-looking statements, but are not
the exclusive means of identifying these statements. All
forward-looking statements in this release are based upon
information available to the Company on the date of this release.
Any forward-looking statements involve risks and uncertainties,
including the risk that the Company will be unable to grow or
strengthen its business due to a lack of capital or a change in
market demand for its products and services or to fully or
effectively integrate all business units or the inability to
realize anticipated cost savings or revenue and stockholder value
growth opportunities associated with the acquisitions of Farequest
Holdings, Inc. and OneTravel, Inc. The Company has previously
mentioned in conference calls that gross bookings are not equal to
gross revenues under generally accepted accounting principles, so
no inference can be made about profitability based on gross
bookings unless expressly stated by the Company. There is also no
certainty that the Company will be successful in its quest to
secure strategic alliances in its efforts to close the sale of the
SunTrips business. The Company is also subject to those risks and
uncertainties described in the Company's filings with the U.S.
Securities and Exchange Commission ("SEC"), including the Company's
historical losses and negative cash flow, its need for additional
capital, including to finance the $12,500,000 promissory notes
payable to the former stockholders of OneTravel, Inc., and that
future financing, if available, will dilute the Company's current
common stockholders, plus the Company's ability to maintain listing
with the American Stock Exchange, which if not maintained could
have an adverse affect on the Company's stock value and liquidity.
Additionally, forward-looking statements concerning the performance
of the travel and leisure industry are based on current market
conditions and risks, which may change as the result of certain
regulatory, political, or economic events, a shift in consumer
travel preferences, as well as those risks and uncertainties
described in the Company's SEC filings, which could cause actual
events or results to differ materially from the events or results
described in the forward-looking statements, whether as a result of
new information, future events or otherwise. Readers are cautioned
not to place undue reliance on these forward-looking statements.
For a complete description of the items approved at the annual
stockholder's meeting, the Company's proxy statement is available
for viewing in the Company's SEC filings.
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