SOURCE: ALTOUR

ALTOUR

February 29, 2012 10:00 ET

ALTOUR to Acquire Passageways Travel

NEW YORK, NY--(Marketwire - Feb 29, 2012) - ALTOUR, the global leader in travel and travel services, announced today that it has signed a binding letter of Intent (LOI) to purchase a majority interest in Passageways Travel: one of Michigan's premier travel agencies.

This LOI is an "agreement to agree," and is the final step in moving the transaction to an anticipated closing in March. Passageways Chairman & CEO Tom McIntyre said a final agreement will be signed in the next few weeks following completion of due diligence and development of all necessary documents.

"We are excited to have the opportunity to add a highly respected and successful company like Passageways to the ALTOUR family," said ALTOUR President Alexandre Chemla. "Their vision and approach is a great fit for us, and we look forward to jointly serving customers in Michigan with the highest quality in travel services."

Mr. McIntyre added, "In an age of increasing competitive challenges for small and mid-size travel agencies, this move offers Passageways Travel the opportunity to maintain and improve client services through the operational efficiencies and volume buying power of one of the largest travel companies in the nation. This consolidation will position Passageways to be the undisputed leader for travel services in the state of Michigan."

Passageways will continue to operate its offices as a Michigan-based corporation under the name "Passageways Travel," and it will also continue to be an American Express representative.

About ALTOUR
ALTOUR is one of the world's leading independent travel and services organizations with a workforce of over 1,200 professionals in sixty-eight offices on three continents. With a $1.2 billion turnover in 2010, ALTOUR is recognized as an international industry leader providing essential travel and service solutions the world over. The company's core remains its renowned business travel management capabilities, though ALTOUR has divisions dedicated to such diverse fields as leisure travel, performance improvement, sports travel, entertainment travel, as well as meetings and events services. ALTOUR's principal divisions are complemented by flexible sister companies providing private air charter services and limousine services. ALTOUR is ranked 12th on Travel Weekly's 2011 "Power List" of the best travel agencies in the United States, and is ranked as the 33rd best agency in the UK by Buying Business Travel. The Los Angeles Business Journal ranks ALTOUR as one of the top three travel agencies in Los Angeles County, and also recognizes the company as one of the "Best Places to Work in Los Angeles" for 2010 and the single fastest growing private company in LA. ALTOUR has also been named to the "CMI 25" as one of Corporate Meetings & Incentives' best in the industry. For more information please visit www.ALTOUR.com.

About Passageways Travel
Headquartered in Traverse City, Michigan, Passageways Travel was founded in 1980 by Tom McIntyre. It is the largest travel management company headquartered in the State of Michigan with a network of offices and independent providers throughout the State. It is the highest volume agency in Michigan for many airlines, tour companies and cruise lines enabling it to provide the highest level service configuration available. Passageways provides a full range of travel services, including corporate travel management, vacation planning, group travel, incentive travel, meetings, conventions and association management and proprietary travel software development. For more information, visit www.passagewaystravel.com.