SOURCE: GTREX Capital, Inc.

May 23, 2006 09:25 ET

GTREX Capital Files Quarterly Report With Financial Results

ALISO VIEJO, CA -- (MARKET WIRE) -- May 23, 2006 -- GTREX Capital, Inc. (OTCBB: GRXI), an investment company with holdings in emerging travel-related businesses, has issued its quarterly report for the period ended March 31, 2006.

Included in the Form 10-Q filed with the Securities and Exchange Commission are details of the acquisition of a new portfolio company, Global Travel Partners, Inc., a Nevada corporation that controls 100% of two British Columbia based travel companies: Asia World Travel Vancouver, Ltd. and Dominion Pacific Travel. For fiscal year 2005, AsiaWorld and Dominion Pacific Travel posted approximately $4.2 million in total revenues.

On May 9, 2006, GTREX Capital completed the acquisition of Global Travel Partners. In exchange for receiving all of the stock of Global Travel Partners, Inc., GTREX Capital agreed to issue to shareholders of Global Travel Partners a total of 800 million shares of restricted common stock and notes payable in the amount of $800,000. Of the total purchase price, only 600 million shares were issued at closing. The balance of the purchase price -- 200 million shares plus the notes -- remain in escrow subject to certain performance guarantees by the sellers based on audited profits from operations on a six-month and 12-month basis. The 200 million shares held in escrow are considered issued but not outstanding and, pending release from escrow, are voted by the directors of GTREX Capital.

"We are pleased to have completed the acquisition of Global Travel Partners, as reported in our quarterly filing, and expect that with the support and assistance that GTREX Capital can provide to these travel businesses, AsiaWorld and Dominion Pacific Travel will continue to grow their revenues and provide long-term value for GTREX Capital shareholders," said chairman and chief executive officer Christopher Berlandier. "We also plan to update shareholders on the progress of our Global Travel Exchange portfolio company and new agreements that we anticipate will increase its reach in the travel distribution industry."

AsiaWorld Travel and Dominion Pacific Travel are expected to become customers for GTREX Capital's direct access travel distribution technology. By utilizing Global Travel Exchange's Voyager Network, which enables direct access to the reservation systems of major travel suppliers such as airlines, cruise lines, hotels, car rental companies and providers of other travel amenities.

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About GTREX Capital, Inc.

GTREX Capital, Inc. (http://www.gtrexcapital.com) is a Business Development Company pursuant to the Investment Company Act of 1940 whose core focus is to assemble an investment portfolio of investments into businesses related to the travel industry.

Its initial portfolio investment, Global Travel Exchange, Inc. (www.gtrex.com), 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. A second portfolio company, Global Financial Exchange, was formed to manage and oversee the expansion of Global Travel Exchange's growing debit and cheque card business, which allow customers to pay for travel or any other products and services wherever the cards are accepted around the world and obtain money from automated teller machines. The cards also allow customers access to unique and affordable travel packages and inventory across the globe, as well as providing savings for users who order additional branded cards, including as a membership card with loyalty features such as discounts on travel products. GTREX Capital has signed initial agreements to acquire two travel businesses with 2005 fiscal year revenues of over $6 million.

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

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    Gemini Financial Communications, Inc.
    A. Beyer
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