OneTravel Holdings Signs Agreement with Pegasus Solutions for Access to Hotel Inventory; Deal Provides Real-Time Access to over
07 Julho 2005 - 6:00PM
Business Wire
OneTravel Holdings, Inc. (AMEX: OTV), a leading online and offline
provider of travel and leisure services announced today that it has
signed an agreement with Pegasus Solutions, Inc. (NASDAQ: PEGS) to
use Pegasus' UltraDirect(TM) electronic distribution service,
gaining access to information, inventory and real-time booking
capability at more than 60,000 hotels worldwide, as well as net
rates from participating member hotels that use its Utell by
Pegasus(TM) hotel representation service. Pegasus Solutions is a
global leader in providing technology and services to hotels and
travel distributors. The deal substantially increases the hotel
inventory available to OTV's travel businesses, including
1-800-CheapSeats (www.CheapSeats.com), (www.onetravel.com),
(www.11thHour.com), (www.discounthotels.com), and
(www.Suntrips.com). "We are constantly looking at ways to enhance
our offerings to our customers so we are extremely pleased to
partner with Pegasus Solutions for its UltraDirect service. Pegasus
provides the technology backbone for a significant portion of the
hotel industry, and having this opportunity to join the Pegasus
network gives our sales agents and online customers real-time
access to over 60,000 hotel properties on every continent. The
Pegasus network of hotel properties includes virtually every major
hotel chain, as well as independent hotels. We are looking for
hotel bookings to be a great growth opportunity for us, so this
agreement is a big step toward achieving this initiative," said
William A. Goldstein, Chairman and CEO of OneTravel Holdings. 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.
About Pegasus Solutions, Inc. Dallas-based Pegasus Solutions, Inc.
(NASDAQ: PEGS) is a global leader in providing technology and
services to hotels and travel distributors. Founded in 1989,
Pegasus' customers include a majority of the world's travel
agencies and nearly 60,000 hotel properties around the globe.
Pegasus' services include central reservation systems, electronic
distribution services, commission processing and payment services,
and marketing representation services. The company's representation
services, including Utell by Pegasus(TM) and Unirez by Pegasus(TM),
are used by more than 7,000 member hotels in 140 countries, making
Pegasus the hotel industry's largest third-party marketing and
reservations provider. Pegasus has 18 offices in 13 countries,
including regional hubs in London, Scottsdale and Singapore. For
more information, please visit http://www.pegs.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 restructure its
SunTrips operations. 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. 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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