TIBURON, CA--(Marketwire - Jan 23, 2013) - Triton Distribution Systems, Inc. (PINKSHEETS: TTDZ), announced today that the registration statement on Form S-1 filed by Privileged World Travel Club, Inc. ("Privileged"), with the United States Securities and Exchange Commission, was declared Effective by the Commission on January 18, 2013. The official approval is listed on the Securities and Exchange Commission's website today.
The total number of shares allowed to be traded by the Company's selling shareholders is limited to 466,286 shares. The price per share is locked at $1.00 per share. Out of the 38 total shareholders of Privileged, 36 shareholders may trade their authorized shares pursuant to the registration statement. Each selling shareholder named in the registration statement may trade up to 5% of his or her total holdings, pursuant to the terms of the registration statement. The two controlling shareholders Triton and Gregory E. Lykiardopoulos, Chief Executive Officer of Privileged, are restricted from selling any of their shares under the SEC's rules relating to sales by affiliates. The Company is expecting to receive further instructions from FINRA by next week. Once FINRA has approved the application and has issued to the Company a trading symbol, management anticipates that Privileged will be allowed to trade on the OTC Bulletin Board.
Triton owns 8,125,000 shares or 44.64% of Privileged, valued at approximately $8,125,000. The value of the Privileged shares held by Triton is based on the stated value described in the Registration Statement. Transactions relating to the issuance of the shares by Privileged, as well as other agreements between Privileged and Triton, served to reduce Triton's liabilities by $5,595,500.
In addition to the $8,125,000 owned by Triton, Triton also will receive in 2013 from Privileged $150,000, consisting of a one-time license fee (relating to the use of Triton's ReservationExpert software), and $2,000,000, consisting of a deferred annual license fee of Triton's software licensed to Privileged.
Privilege's outstanding Common Stock before and after the offering is 18,201,125 shares. No shares of Common Stock are offered by Privileged under the registration statement for sale. The prospectus, registration statement and the declaration of the Registration Statement's effectiveness are available online at www.sec.gov.
ABOUT TRITON DISTRIBUTION SYSTEMS, INC. www.tritonds.com
Triton is a low-cost, business to business internet based travel distribution and procurement solution. Triton provides the electronic distribution of travel inventory from airlines, car rental companies, hotels, tour & cruise operators and other travel vendors to global travel agencies and their clients.
ABOUT PRIVILEGED. www.privilegedworldtravel.com
The business of Privileged is to provide exclusive travel services to persons ("Members") who elect to join the prestigious Privileged World Travel Club (the "Privileged Travel Club") and international travelers bound for the United States. Immediately after joining, Members of the Privileged Travel Club can begin enjoying the services their membership offers.
The Company provides luxury services with a high standard of value. Company management feels that the prices offered by the club are reasonable and very attainable by all Members to travel any time they wish. The Company is specially focused to offer its Members luxury membership travel products and services at specially discounted prices. The Company's concept is to offer services to a larger audience and thereby increase the reach to more markets.
This news release includes forward-looking statements. While these statements are made to convey to the public the company's progress, business opportunities and growth prospects, readers are cautioned that such forward-looking statements represent management's opinion. The company's operations and business prospects are always subject to risk and uncertainties. Triton and Privileged disclaim any obligation or intention to update any forward-looking statement.