NEW YORK, April 20, 2004 (PRIMEZONE) -- GTREX, Inc. (OTCBB:GRXI) today announced the addition of Mr. Tommaso Zanzotto as Chairman of the Board of Directors. Zanzotto brings to the Company over 30 years of experience in the travel industry and adds further travel industry knowledge to the GTREX management team.
Kailash Khanna, CEO of GTREX commented, "We are pleased to add Tommaso to the GTREX team. His tremendous knowledge of the travel business and respect within the industry is certain to enhance GTREX's position." He added, "His extensive contacts within the travel world will enable the Company to expose the product to key decision makers in a timely and efficient manner."
Zanzotto stated, "There is a critical need in the global travel industry for GTREX. The Company's vision for the future of travel distribution in the 21st century is vastly ahead of the competition. I look forward to contributing to the business development of GTREX beginning immediately."
Mr. Zanzotto was formerly the Chairman of www.onlinetravel.com, a U.K. publicly quoted company operating over 100 Internet travel brands. He is an honorary member of The World Travel and Tourism Council and a member of the International advisory Committee of INSEAD, the International Business School in Fontainebleau, France. Mr. Zanzotto spent 25 years with American Express culminating as President of all international activities. He joined Hilton International in 1993 as Chairman and CEO in London and in 1996 started Tz Associates as Chairman. Over the years, Mr. Zanzotto has served on several Boards including: American Express Bank and American Express TRS Co. in New York; Club Med in Paris; Ladbroke Plc in London; Kuoni Holding Ltd in Zurich; Travel Service International in Miami.
About GTREX
GTREX is a Global Distribution System providing direct access to reservation systems of major travel suppliers -- airlines, cruise lines, hotels, car rental companies and providers of other travel amenities. GTREX searches for the availability and price for the itinerary suggested by the buyer over all direct connected suppliers and GDS and presents the aggregated result in the format preferred by the buyer. Besides improved brand and revenue management, suppliers save distribution costs while providing efficient service to major customers through direct connection.
GTREX will provide integrated and seamless web-based linkage from the supplier's reservation systems direct to the systems of their selected buyers and serve as a reservation service between them, obviating the need and cost of Global Distribution Systems (GDS).
According to Phocus Wright historicals and CSFB estimates, travel distribution is moving fast from off-line to online in the U.S. The penetration of online distribution is expected to grow from 15% in 2002 to 39% by 2007. Online distribution is expected to grow at 27.7% CAGR from 2002 to 2007 when it is expected to approach $100 billion a year. Online supplier direct distribution is expected to grow five fold from $10 billion in 2002 to $45 billion by 2007. GTREX is ideally positioned to participate in this growth.
With direct access, GTREX brings cost efficiency to the provisioning of reservations among large suppliers and large buyers of travel, decreasing the brand confusion and complexity of yield management caused by the profusion of numerous channels that exist currently. Suppliers will save GDS costs, realize better brand and yield management and provide improved, segmented customer relationships. Travelers will enjoy the convenience of consolidated passenger name records when changing itineraries.
"Safe-Harbor" Statement Under the Private Securities Litigation Reform Act of 1995
This press release contains forward-looking information within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), including statements regarding potential sales, the success of the Company's business, as well as statements that include the word "believe" or similar expressions. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of GTREX, Inc. to differ materially from those implied or expressed by such forward-looking statements. Such factors include, among others, the risk factors included in GTREX's periodic reports filed with the SEC under the Exchange Act. This press release speaks as of the date first set forth above and GTREX assumes no responsibility to update the information included herein for events occurring after the date hereof. Actual results could differ materially from those anticipated due to factors such as the lack of capital, timely development of products and or services, inability to deliver products and or services when ordered, inability of potential customers to pay for ordered products and or services, and political and economic risks inherent in international trade.