ALISO VIEJO, Calif., Nov. 23, 2004 (PRIMEZONE) -- GTREX, Inc. (OTCBB:GRXI) today announced that the Company intends to file its quarterly financial statement by the first of December and expects to remain current on its reporting requirements.
As a result of significant management and operational changes over recent weeks, GTREX was unable to file its 10Q Quarterly Report with the Securities and Exchange Commission within the prescribed time period. Until the Company's financial reporting is brought current, its stock will trade under the symbol GRXIE.
Christopher Berlandier, Chief Executive Officer commented, "Management intends to work around-the-clock, if necessary, to complete and file our 10Q report. We expect to have the 'E' removed from our trading symbol shortly after the filing is made and continue trading on the Over-the-Counter Bulletin Board. Recent changes, including a transition to a new management team, have significantly impacted the Company's ability to complete and file its 10Q in a timely manner, but we are firmly committed to rectifying this issue and keeping GTREX up to date on all future SEC filings." He added, "Despite the delay in the 10Q filing, management continues to believe that GTREX has turned a corner and that shareholders will see improvement in the company's performance and growth."
About GTREX
GTREX is a Global Distribution System (GDS) enabling 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's and 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.
"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.