ALISO VIEJO, Calif., July 7, 2005 (PRIMEZONE) -- GTREX Capital, Inc. (OTCBB:GRXI) today announced that it is taking immediate steps to de-list its common stock from trading on the Berlin-Bremen Stock Exchange. Legal counsel to GTREX Capital has sent a written demand to the Berlin-Bremen Stock Exchange (BBSE) that it immediately halt trading of the Company's stock and take whatever action is necessary to completely de-list GTREX Capital from the BBSE.
GTREX was recently made aware that its shares were listed on the BBSE, which was done without the Company's prior knowledge, consent, or authorization. Due to the timing of the unauthorized listing of GTREX Capital common stock on the BBSE, the Company became suspicious that "naked short selling" may be taking place in its stock, resulting in a drop in share price over the past several weeks. Naked shorting is believed to occur due to what is perceived to be the unregulated nature of the Berlin-Bremen Stock Exchange.
In early 2004, action was taken to list the common stock of approximately 6,800 foreign companies on the Berlin-Bremen Stock Exchange. In June of 2004, U.S. regulators visited the Berlin-Bremen stock exchange to discuss the plight of U.S. companies that are surprised to find themselves listed on the BBSE. Many of these firms have since asked the Berlin exchange to remove their listings, saying the trading there has made their share prices more volatile.
"GTREX Capital and its board of directors take very seriously our fiduciary responsibility to protect shareholder value, and in this regard, we plan to ensure that the Company's equity is traded only where necessary regulatory protections and assurances are in place," said Christopher Berlandier, chief executive officer of GTREX Capital, Inc. "This is an issue we intend to pursue until it is resolved to our satisfaction and in the best interest of our shareholders."
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.
Its initial portfolio investment, Global Travel Exchange, Inc., has launched its Voyager Network travel distribution platform, which provides a service that enables direct access to reservation systems of major travel suppliers such as airlines, cruise lines, hotels, car rental companies, and providers of other travel amenities. Through the Voyager Network 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.
Safe Harbor Statement
This release contains forward-looking statements with respect to the results of operations and business of GTREX Capital, Inc., which involves risks and uncertainties. The Company's actual future results could materially differ from those discussed. The Company intends that such statements about the Company's future expectations, including future revenues and earnings, and all other forward-looking statements be subject to the "Safe Harbors" provision of the Private Securities Litigation Reform Act of 1995.