OneTravel Holdings Signs Agreement with Pegasus Solutions for Access to Hotel Inventory; Deal Provides Real-Time Access to over 60,000 Hotel Propertie
OneTravel Holdings Signs Agreement with Pegasus Solutions for Access to Hotel Inventory; Deal Provides Real-Time Access to over 60,000 Hotel Properties Worldwide for OTV's Travel Businesses
ATLANTA--(BUSINESS WIRE)--July 7, 2005--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 excl 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.
ATLANTA--(BUSINESS WIRE)--July 7, 2005--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 excl 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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