itravel2000

itravel2000

October 16, 2006 11:41 ET

Travelzest plc Completes Acquisition of itravel2000.com

Attention: Assignment Editor, Business/Financial Editor, News Editor, Travel/Tourism Editor, Transportation Editor TORONTO/ON--(CCNMatthews - Oct. 16, 2006) - Travelzest plc ("Travelzest"), the British online travel group offering specialist travel programmes, announces it has completed the acquisition, first announced on 12 September 2006, of itravel2000.com, the Canadian on-line travel agent specialising in the sale of travel and travel related products primarily to retail customers. Accordingly, Travelzest was re-admitted to trading on AIM today.

Travelzest has acquired itravel2000.com for a total consideration of Can$51.5 million. The acquisition provides Travelzest with a foothold in North America and counter-seasonal revenue to the predominantly summer-based revenues of Travelzest's businesses in
Europe.

Commenting on the completion of this acquisition, Chris Mottershead, Travelzest's Chief Executive, said:

"We are delighted to have successfully completed the acquisition of
itravel2000.com and can now focus on replicating our business model in a new
territory in order to generate year-round revenue and profit. itravel2000.com
provides an excellent platform from which to build our business in North
America."

Commenting on the acquisition Jonathan Carroll, itravel2000's President said:

" Now that we are a part of Travelzest team, itravel2000's will be able to offer Canadian travel consumers ever expanding international and unique travel product lines and offers. This will allow our itravel2000 dedicated team of travel professionals and myself to continue to drive value and service to the Canadian travel consumer."

/For further information: Brad Miron
VP - Marketing & Strategic Partnerships
905.238.3399 x 2029
bmiron@itravel2000.com/ IN: MEDIA, RETAIL, TRADE, TRANSPORT, TRAVEL

Contact Information

  • Brad Miron, VP - Marketing & Strategic Partnerships, itravel2000.com
    Primary Phone: 905-238-3399 ext. 2029
    Secondary Phone: 519-835-9610
    Toll-Free: 866-969-3325
    E-mail: bmiron@itravel2000.com