OneTravel Holdings Receives Notice of Failure to Satisfy Listing Requirements From AMEX; OTV Must File 10-K by December 12, 2005
21 Outubro 2005 - 12:57PM
Business Wire
- Company expects to comply with AMEX requirement well in advance
of the December date OneTravel Holdings, Inc. (AMEX:OTV), a leading
online and offline provider of travel and leisure services
announced that it has received a notice of a failure to satisfy
continued listing standards from the America Stock Exchange
("AMEX") in connection with the failure of OTV to timely file its
Annual Report on Form 10-K for the fiscal year ended June 30, 2005.
The notice requires that OTV contact the AMEX verbally on or before
October 26, 2005, which the Company has done. The notice also
requires that the Company submit a written plan to AMEX by November
2, 2005 explaining the actions the Company will take to ensure
compliance on or before December 12, 2005. According to the letter,
OTV will be in compliance at such time as it files the Form 10-K
The Company is committed to providing the written plan to the AMEX
prior to the required date and fully expects to have the Form 10-K
filed well in advance of the December 12, 2005 deadline. For
further details please refer to the Company's 8K filing on this
subject. 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. 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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