Onetravel (AMEX:OTV)
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OneTravel Holdings, Inc. (AMEX: OTV), a leading online
and offline provider of travel and leisure services announced today
that the 1 for 10 reverse stock split that was approved by
stockholders at the June 24, 2005 annual meeting will be effective as
of the beginning of trading today July 7, 2005 on the American Stock
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.
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.