SOURCE: GTREX Capital, Inc.

February 07, 2007 08:50 ET

GTREX Capital Announces Appointment of Interim President

TEMECULA, CA -- (MARKET WIRE) -- February 7, 2007 -- GTREX Capital, Inc. (OTCBB: GRXI), a holding company with subsidiaries doing business in the travel industry, today reported that its Board of Directors has accepted the resignation of Gary Nerison as the company's interim chief executive officer and president and has appointed Ronald Lindsay as interim president. Mr. Nerison will continue to serve as Chairman of the Board of Directors.

The management changes are described in detail in a Current Report on Form 8-K filed with the Securities and Exchange Commission.

Mr. Lindsay, a co-founder of GTREX Capital's wholly owned subsidiary, Global Travel Exchange, was appointed to serve as president of Global Travel Exchange in September 2006 and will continue to serve in that capacity.

Mr. Lindsay has an extensive background and experience in the travel industry including working and consulting with several major airlines, owning and operating a corporate/leisure travel agency. As president and director of Lead Strategic Consulting, Mr. Lindsay worked and consulted with travel suppliers and was responsible for the development and introduction of new educational communication concepts. As the owner of numerous travel agencies, Mr. Lindsay was responsible for all aspects of the business including management of key personnel and activities related to the expansion of the business. Mr. Lindsay has also extensively consulted in marketing operations in which he facilitated concept, development, production, and execution of advertising campaigns, multimedia projects, sales strategy, production, and promotions. As president of Global Travel Exchange, Mr. Lindsay has been instrumental in building key relationships within the travel market. Mr. Lindsay also is experienced in all aspects of travel infrastructure design and has vast knowledge of travel distribution systems. Mr. Lindsay studied engineering at the University of Florida and Hospitality/Business at Newbury College.

"It is the Board's intention to make Global Travel Exchange a major focus of GTREX Capital's future operations, and we are pleased that Ron Lindsay has agreed to spearhead those efforts as the interim president of GTREX Capital," stated Mr. Nerison. "His experience in the travel industry and detailed knowledge of Global Travel Exchange's business will be a significant asset to the GTREX Capital management team as we focus on growing revenues in this subsidiary and building long-term value for GTREX Capital shareholders."

GTREX Capital recently 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. Shareholders approved the withdrawal action at the company's annual meting in November 2006. As a result, GTREX Capital is currently conducting business as an operating company rather than as a business development company subject to the Investment Company Act.

To sign up to receive information by email directly from GTREX Capital whenever new press releases, investor newsletters, SEC filings, or other information is disclosed, please visit http://www.gtrexcapital.com/investor.asp.

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.

Contact Information

  • Contact:

    Gemini Financial Communications, Inc.
    A. Beyer
    951-587-8072
    Email Contact