Onetravel (AMEX:OTV)
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From Jun 2019 to Jun 2024
OneTravel Holdings, Inc. (AMEX: OTV), a leading online
and offline provider of travel and leisure services announced that it
received notice from the American Stock Exchange ("Exchange" or
"AMEX") indicating that OTV is not in compliance with the continued
listing standards of the Exchange because OTV has failed to file its
Form 10-K for the year ended June 30, 2005 with the Securities and
Exchange Commission ("SEC"), as set forth in Sections 134 and 1101 of
the AMEX Company Guide. This notice was disclosed in the Company's
October 21, 2005, 8-K filing. Under the notice, OTV was afforded the
opportunity to submit a plan of compliance to the Exchange and on
November 2, 2005, OTV presented its plan to the Exchange. On November
4, 2005, the Exchange notified OTV that the Exchange accepted OTV's
plan of compliance and granted OTV an extension of time to regain
compliance with the continued listing standards. The extension period
requires compliance (filing of its Form 10-K) on or before December
12, 2005. OTV will be subject to periodic review by Exchange Staff
during the extension period. Failure to make progress consistent with
the plan or to regain compliance with the continued listing standards
by the end of the extension period could result in OTV being delisted
from the American Stock Exchange. OTV has indicated to the Exchange
that OTV anticipates filing its Form 10-K in advance of the December
12, 2005 date.
Commenting on the Exchange's acceptance of OTV's compliance plan,
OTV President Marc Bercoon stated: "We have continued to work
diligently with our auditors in order to file our Form 10-K as soon as
possible. We have also been in regular contact with the Exchange so
that its staff personnel are informed as to our progress and to ensure
that our schedule for filing the 10-K will be within the extension
period. The delay in filing the Form 10-K is largely the result of the
complexity and number of transactions that occurred during the past
year and not from any material disagreements with our auditors. Based
on our latest discussions with our auditors, we have every confidence
that we will file our Form 10-K prior to December 12, 2005, and at all
times, maintain the progress required by the Exchange."
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 or 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. The Company is also subject
to increased risk from the leverage arising under the Company's
$12,500,000 of 9% secured convertible debentures. 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.