OneTravel Holdings' Previously Announced Reverse Stock Split Effective Today
07 Julio 2005 - 7:30AM
Business Wire
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.
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