ALISO VIEJO, Calif., April 20, 2005 (PRIMEZONE) -- GTREX Capital, Inc. (OTCBB:GRXI) today announced that the Company has initiated a review of its 2003 Annual Report. On the advice of its new independent auditors, the Company has elected to review the 2003 fiscal year audit with a special focus on the acquisition accounting from that period.
As a result of the review, the filing of GTREX Capital's 10-KSB Annual Report for fiscal year 2004 has been delayed.
"Management and its auditors recognized the need to ensure that the Company's historical financial information is accurate as we move forward as an investment fund. When our auditors proposed a review of the Company's 2003 Annual Report, we decided to follow their recommendation. We expect to have the 2004 10K with audited financial information for both 2003 and 2004 filed within one month," commented Chris Berlandier, chief executive officer of GTREX Capital.
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.
The Company's initial portfolio investment, Global Travel Exchange, Inc., has developed the Voyager Platform distribution network, which enables lower cost connections between travel buyers and the reservation systems of major travel suppliers such as airlines, cruise lines, hotels, car rental companies and providers of other travel amenities. Through a software solution that searches for the availability and price for the itinerary suggested by the buyer over all direct connected suppliers and existing Global Distribution Systems (GDS), Global Travel Exchange presents the results in an easy to understand format. Besides improved brand and revenue management, suppliers save distribution costs while providing efficient service to major customers through a direct connection. Global Travel Exchange is positioned to market its services through travel distribution partners, contributing to the expansion of the Company's marketing channels and expedite revenue growth.