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 today
that the Company received a notice dated February 1, 2006 from the
American Stock Exchange ("Exchange") indicating that the Company no
longer complies with the continued listing standards due to the
failure to comply with sections 134 and 1001 of the Company Guide for
Exchange companies, and the Company's securities are therefore subject
to delisting from the Exchange. Specifically, the notice cites the
lack of compliance as the Company's failure to file its annual report
on Form 10-K on or before January 16, 2006, which was the date granted
to the Company by the Exchange under an accepted compliance plan. The
Company has appealed this determination and requested a hearing before
the appropriate committee of the Exchange. No date for the hearing has
been set as of this time.
Commenting on the notice, OTV President Marc Bercoon stated: "We
continue to work diligently with our auditors and expect to be able to
file the Form 10-K within two weeks, which we believe will be prior to
the appeal hearing. Although we have no assurances that our appeal
will be successful, we are hopeful that if we can file the 10-K prior
to the appeal the Exchange will reconsider its action and allow OTV to
remain listed."
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. The Company has recently
announced that it has signed a definitive agreement to sell the
operating assets of FS SunTours, Inc.
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 transaction
contemplated by the definitive agreement to sell the assets of FS
SunTours, Inc. will close. 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.