ALISO VIEJO, Calif., July 5, 2005 (PRIMEZONE) -- GTREX Capital, Inc. (OTCBB:GRXI) today announced an agreement for its operating subsidiary, Global Travel Exchange, Inc., a leading provider of direct access travel distribution technology, to develop an online booking platform for TravelWizard, a leader in luxury travel inventory. With the launch of TravelWizard's e-commerce platform, Global Travel Exchange will connect the first customers to purchase travel products through its Voyager Network distribution system.
Under former management, GTREX originally entered into an agreement to deliver an e-commerce front-end for TravelWizard last year, but the terms of the agreement were not met. With the recent launch of Global Travel Exchange's Voyager Platform and a commitment by current management to build Global Travel Exchange into a leader of "direct connect" travel distribution, Global Travel Exchange is on track to deliver an online booking solution to TravelWizard. Once bookings through the platform begin, revenue to Global Travel Exchange will be generated from fees at various points of travel purchase transactions, as well as annual maintenance fees.
"We are pleased that just four months after GTREX's new management was appointed, Global Travel Exchange is now positioned to fulfill the company's previous commitment to TravelWizard," commented Christopher Berlandier, chief executive officer of GTREX Capital, Inc. "Global Travel Exchange has reached a number of important milestones over the past several months, particularly the launch of the Voyager Network, and as a result, it will be delivering a vastly superior travel distribution product to TravelWizard."
Global Travel Exchange has completed multiple demonstrations of its online booking platform for TravelWizard's management team and is walking through the specifications in preparation for an anticipated launch in early August.
"Beyond the first customers for the Voyager Network, the launch of an e-commerce front-end for TravelWizard is expected to attract additional suppliers that will augment the travel inventory Global Travel Exchange offers," added Mr. Berlandier.
TravelWizard.com was launched in 1998 and has grown to become the leading provider of luxury travel. Its 169 travel guide domains attract over three and a half million unique visitors a month, and does over a million dollars a day in luxury travel requests. TravelWizard customers originate from every country on the globe, with the majority from the U.S. and Canada. TravelWizard.com offers the largest, most definitive travel guide on the net, with over 126,000 pages of content, with 5,000 streaming videos and 10,000 virtual tours.
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.