SOURCE: GTREX Capital, Inc.

November 16, 2006 09:27 ET

GTREX Capital Announces Results of Annual Shareholders Meeting Including Withdrawal of BDC Election

TEMECULA, CA -- (MARKET WIRE) -- November 16, 2006 -- GTREX Capital, Inc. (OTCBB: GRXI), a holding company with subsidiaries doing business in the travel industry, today reported the results of the annual meeting of shareholders held yesterday at the company's corporate offices. At the meeting, a majority of the holders of the company's common stock approved all of the proposals under consideration, including the withdrawal of GTREX Capital's election to be regulated as a business development company (BDC).

As a result of the approval of the proposal to withdraw its BDC election, GTREX Capital has filed a Form N-54C notifying the Securities and Exchange Commission that the company has withdrawn its election to be subject to sections 55 through 65 of the Investment Company Act of 1940. The withdrawal is effective immediately, and GTREX Capital is currently conducting business as an operating company rather than as a business development company subject to the Investment Company Act.

"As we stated in advance of the annual meeting, GTREX Capital's Board of Directors believed that in order for the company to realize its full potential, it was essential to withdraw our election to be regulated as a business development company and move forward as an operating company," stated Gary Nerison, chairman and chief executive officer of GTREX Capital. "Since a majority of the holders of the company's voting common stock clearly agreed and voted in favor of that proposal, we have taken the appropriate action and filed the N-54C notification.

"We look forward to focusing our attention on the operation of our subsidiaries and pursuing the most advantageous opportunities presented to the company with the goal of building long-term value for GTREX Capital shareholders," added Mr. Nerison.

At the special meeting, the company's inspector of election totaled the number of shares represented at the meeting, and concluded that a total of 728,311,335 shares of GTREX Capital's common stock were represented in person and/or by proxy. This represented a quorum for the purpose of conducting valid shareholder business at the meeting, since as of October 24, 2006, there were a total of 1,196,033,189 shares of common stock issued and outstanding. The following voting results were then announced:

The proposal to elect Gary Halverson to the Board of Directors received 728,139,885 affirmative votes, 163,450 votes against, and 8,000 abstentions. The proposal to elect Robert McCoy to the Board of Directors received 728,139,885 affirmative votes, 163,450 votes against, and 8,000 abstentions. The proposal to elect James Bickel to the Board of Directors received 728,091,885 affirmative votes, 211,450 votes against, and 8,000 abstentions. The proposal to elect Mr. Nerison to the Board of Directors received 726,570,385 affirmative votes, 1,732,950 votes against, and 8,000 abstentions. The proposal to elect Douglas Perkins to the Board of Directors received seven hundred 728,139,885 affirmative votes, 161,450 votes against, and 10,000 abstentions. With a majority of the outstanding common stock voting in favor, each of the proposals to elect the Board of Directors was approved.

The proposal to ratify the appointment of Chisholm, Bierwolf and Nilson as the company's independent public accountants for the fiscal year ending December 31, 2006 received 726,629,385 affirmative votes, 1,681,950 votes against, and no abstentions. The proposal to ratify the appointment of Parsons Law Firm as legal counsel received 728,130,885 affirmative votes, 160,450 votes against, and 20,000 abstentions. With a majority of the outstanding common stock voting in favor, the proposals to ratify the independent public accountants and legal counsel were both approved.

The proposal to authorize the Board to withdraw the company's election to be treated as a business development company pursuant to Section 54(c) under the Investment Company Act of 1940 received 726,471,385 affirmative votes, 268,950 votes against, and no abstentions. With a majority of the outstanding common stock voting in favor, the proposal to withdraw the company's election to be treated as a business development company was approved.

"As we stated in advance of the annual meeting, GTREX Capital's Board of Directors believed that in order for the company to realize its full potential, it was essential to withdraw our election to be regulated as a business development company and move forward as an operating company," stated Mr. Nerison. "Since a majority of the company of the voting common stock clearly agreed and voted in favor of that proposal, we have taken the appropriate action and filed the N-54C notification.

"We look forward to focusing our attention on the operation of our subsidiary companies, with the goal of building long-term value for GTREX Capital shareholders," added Mr. Nerison.

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About GTREX Capital, Inc.

GTREX Capital, Inc. (http://www.gtrexcapital.com) is a holding company with subsidiaries doing business in the travel industry. Global Travel Exchange, Inc. (www.gtrex.com), a GTREX Capital subsidiary, has launched its Voyager Network travel distribution platform, which provides a service that enables direct access to reservation systems of major travel suppliers such as airlines, cruise lines, hotels, car rental companies and providers of other travel amenities. GTREX Capital recently acquired all of the outstanding shares of Global Travel Partners, a Nevada corporation that owns 100% of AsiaWorld Travel Vancouver, Ltd., and Dominion Pacific Travel, two British Columbia-based travel companies.

Safe Harbor Statement

This release contains forward-looking statements with respect to the results of operations and business of GTREX Capital, Inc., which involves risks and uncertainties. The Company's actual future results could materially differ from those discussed. The Company intends that such statements about the Company's future expectations, including future revenues and earnings, and all other forward looking statements be subject to the "Safe Harbors" provision of the Private Securities Litigation Reform Act of 1995.

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