SOURCE: Franchise Management International, Inc

November 29, 2006 09:08 ET

Franchise Management International Executes Binding Letter of Intent to Acquire and Other Assets of Netadventures, Inc.

BRICK, NJ -- (MARKET WIRE) -- November 29, 2006 -- Franchise Management International, Inc (PINKSHEETS: FMII), a premier provider of public charter and transportation services, today announced that the company has executed a binding letter of intent with Netadventures, Inc to acquire the web property in addition to certain other licenses and trademarks of Netadventures, Inc.

GayTravel.Com is the web's premiere location for gay and lesbian travelers, helping them research, select, and book the vacation they've always dreamed of. In addition, GayTravel.Com is one of the web's best resources for gay tours, cruises, and vacation packages offered by some of the most progressive travel companies in the business. The website is currently the highest ranked 'gay travel' search in Google and Yahoo. To date, they are getting a significant amount of hits without putting any money towards advertising.

This acquisition will complement Franchise's existing ambitions in servicing the lucrative and underserved 'niche travel' market. According to Community Marketing, Inc, a San Francisco-based research and marketing company, the gay travel segment now represents 10% of the entire United States travel industry, and gay and lesbian travelers are spending over $60B every year. Management believes that the closing of this acquisition, expected within 45 calendar days, will create a formidable position of strength for the company in a vibrant and burgeoning sector.

Franchise Management International will provide further details about this binding letter of intent, and the additional licenses and trademarks acquired, in a subsequent announcement from the company. Management would like to thank shareholders for their continued support, and believes that the company business plan will continue to support and enhance shareholder value.

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995

Statements in this press release relating to plans, strategies, economic performance and trends, projections of results of specific activities or investments, and other statements that are not descriptions of historical facts may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking information is inherently subject to risks and uncertainties, and actual results could differ materially from those currently anticipated due to a number of factors, which include but are not limited to, risk factors inherent in doing business. Forward-looking statements may be identified by terms such as "may," "will," "should," "could," "expects," "plans," "intends," "anticipates," "believes," "estimates," "predicts," forecasts," potential," or "continue," or similar terms or the negative of these terms. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. The company has no obligation to update these forward-looking statements.

Contact Information

  • Contact:
    Franchise Management International, Inc
    Sid Reich