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 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.