Islandsferdir Sells Tour Operators in Continental Europe


REYKJAVIK, Iceland, Sept. 29, 2005 (PRIMEZONE) -- Islandsferdir, a subsidiary of FL Group, has sold to the Swiss Tour Operator IS-Travel, the "Island Tours offices" in continental Europe.

By this strategic transaction Islandsferdir is leaving the retail market in these countries and will focus on producing and selling package tours all over the world under the brand name Iceland Travel, as well as convention and meeting planning in Iceland. The contract value is confidential, but the sale will have very little effect on FL Group results this year.

The Island Tours offices are located in Germany, Holland, France, Spain, Italy and Switzerland. The offices are leading agents in selling Iceland as destination from continental Europe, and Jon Kjartansson, the owner of IS-Travel also has a long experience in the tourist industry. Islandsferdir and the Island Tours offices will continue to cooperate on many levels. No changes to the staff of 20 in all the offices are planned, in connection with the transaction.

Following the transaction Islandsferdir has a staff of 50 mostly in Iceland. Islandsferdir's Managing Director is Stefan Eyjolfsson.



            

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