FRESNO, Calif., June 23, 2009 (GLOBE NEWSWIRE) -- PTN, Inc. (OTCBB:PTVL) is pleased to announce today that the company has entered into an agreement to acquire Cruise Adventures, which has operated its travel business for nearly 10 years, in the affluent River Park retail shopping area, and is among the leading travel agencies in the Central Valley of California.
This acquisition is important as we continue to build our Retail Division. Cruise Adventures has operated successfully for 10 years under the ownership of Industry veteran Craig Mungary. Mr. Mungary will also take control of the Retail Sales Division of PTN, Inc, which now includes, Pro Travel Fresno, Cruise Adventures and Laser Travel of Melbourne Australia.
"It is an exciting time for us, as we continue to develop our business plan for future growth. We were already having strong success after launching our Retail Division with the opening of Pro Travel Fresno, then after acquiring Laser Travel which has been in business for 20 years, it just made sense to actually focus, on the lucrative leisure travel space. With this new acquisition, we not only gain a very large footprint in the Central Valley of California, but we have also acquired a very talented leader, who is the perfect person to lead our Retail Division," stated Paul Henderson, CEO and President of PTN. The acquisition brings incremental value to the existing shareholders of PTN and will immediately increase our customer base. Integration of the business is expected to be completed in the next 3 months.
About PTN
PTN is an emerging growth, direct to consumer service business, operating as the umbrella company for several distinct travel-related sales divisions.
The statements made in this Press Release may contain forward-looking statements that may involve a number of risks and uncertainties. Actual events or results could differ materially from the Company's expectations and projections. The OTC Bulletin Board has not reviewed this press release and neither approved nor disapproved the information contained in this press release.
For more information, please review the company's filings with the Securities & Exchange Commission (http://yahoo.brand.edgar-online.com/displayfilinginfo.aspx?FilingID=5939379-678-74250&type=sect&TabIndex=2&companyid=701031&ppu=%252fDefault.aspx%253fcompa).
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: This press release may contain certain forward-looking statements within the meaning of Section 27A of the Securities and Exchange Act of 1933, as amended, and Section 21E of the Securities and Exchange Act of 1934, as amended, which are intended to be covered by the safe harbors created thereby. Investors are cautioned that all forward-looking statements involve risks and uncertainties. Although PTN, Inc. believes that the assumptions underlying the forward-looking statements contained herein are reasonable, any assumption could be inaccurate, and therefore, there can be no assurance that the forward-looking statements included in this press release will prove to be accurate. In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion should not be regarded as a representation by PTN, Inc. or any other person that the objective and plans of PTN will be achieved.