ALISO VIEJO, Calif., May 17, 2005 (PRIMEZONE) -- GTREX Capital, Inc. (OTCBB:GRXIE) today announced that the company has filed its 10-KSB Annual Report with financial results for fiscal year 2004 with the Securities and Exchange Commission. Included in the filing are revised 2003 fiscal year financial results. The company expects that the "E," which was added to GTREX Capital's ticker symbol, will be removed in the coming days and its stock will again trade under the symbol GRXI.
Due to the delays caused by the review of the 2003 fiscal year audit, the company has also filed a Notice of Late Filing of Form 10-Q for the first quarter of 2005 with the SEC. The company expects to have its quarterly report filed by the end of the week.
GTREX Capital elected to review the 2003 fiscal year audit with special focus on the acquisition accounting for that period on the advice of the company's new independent auditors. As a result of the review, the filing of GTREX Capital's 10-KSB Report for fiscal year 2004 was delayed for several weeks.
Chris Berlandier, chief executive officer of GTREX Capital, Inc., commented, "While both the 2003 and 2004 Annual Reports are primarily historical in nature and reflect periods before the company elected to become an investment fund, management felt it was critical to have all of the company's reports filed accurately, even filings that reflect a period before current management was involved. When our auditors reviewed the 2003 10-KSB filing they found that it was incomplete, so we initiated an audit that covered an additional 3-month period. There were no material adjustments to the financial statements as a result of this audit. Management will continue to provide the most complete financial information possible to its shareholders and, despite these unavoidable delays, is committed to filing all future quarterly and annual reports within the required time frames.
"We are still investing in our first portfolio company, Global Travel Exchange, which has made significant progress as a result of our capital investment, launching its Voyager Network distribution platform and linking a full e-commerce travel agent solution that allows customers to seamlessly connect through the Voyager Network to purchase flight, car, tour, and hotel products. We expect to continue these efforts and build revenues in Global Travel Exchange, and we have not been standing still during this audit review process. The next several weeks are expected to bring additional announcements on the progress of marketing Global Travel Exchange and its Voyager Network to the $152 billion travel distribution industry," added Mr. Berlandier.
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.