FT. LAUDERDALE, Fla., July 7, 2004 (PRIMEZONE) -- Extraordinary Vacations Group Inc. (Pink Sheets:EXVG) is pleased to announce that it has entered into a letter of intent for the acquisition of PEX Travel, L.L.C with an anticipated closing on or before July 16, 2004.
PEX Travel is primarily a wholesale tour operator with their own Planet Earth Exploration-branded vacation packages. Located in Tempe, Arizona, PEX provides a full range of travel products and booking engines for private-labeled sites such as Colorado.com and TempeCVB.com, in addition to its own brand.
Bill Kerby, Chairman of Extraordinary Vacations Group stated, "The addition of PEX Travel to the Company's recent acquisition of Cruise Shoppes will provide the Company a unique combination of industry knowledge, supplier relationships, marketing, training, technology and personalized service. These characteristics have made both Cruise Shoppes and PEX Travel high-value producing organizations within the travel industry. We look forward to the exciting synergies our new group will afford our partners and customers as we focus on creating an expanded and innovative new business model for the changing travel industry."
The acquisition of PEX Travel by Extraordinary Vacations provides for great synergies between the Cruise Shoppes consortium by bringing wholesale air, car and hotel travel components to their Cruise customers. The business plan that Extraordinary Vacations plans to implement going forward calls for the further development of travel clubs for affinity groups and non-profit fundraising organizations: providing a full range of marketing services utilizing targeted travel offers as a major incentive. PEX Travel has preferred relationships with selected airlines, hotels and car rental companies affording it a competitive edge for its consumers and affinity partners. This acquisition plays a key role in allowing Extraordinary Vacations Group to accelerate its affinity marketing fulfillment plan.
Extraordinary Vacations Group Inc. was created for the primary purpose of acquiring a select group of companies that, when combined, enables it to provide solutions to both travel professionals and organizations requiring a full service affinity based travel solution.
Statements made in this release concerning the manner in which we intend to conduct our future operations and our expectations or objectives are forward looking statements. We may be unable to realize our objectives due to various important factors, including, but not limited to the following; the travel industry in which we compete is highly competitive and our principal competitors have substantially greater resources and more favorable operating results than we have. Unfavorable general economic conditions significantly affect discretionary travel and leisure activities on which our business is substantially dependent.