ALISO VIEJO, Calif., March 24, 2005 (PRIMEZONE) -- GTREX Capital, Inc. (OTCBB:GRXI) today announced that portfolio investment company Global Travel Exchange has completed an initial agreement to acquire integration server source code (J2EE) from Elleipsis, Inc., a leading technology software firm serving the travel industry. By acquiring exclusive rights to this code, Global Travel Exchange has gained the ability to provide vastly improved service to global travel suppliers while reducing licensing fees.
Under terms of the agreement, Global Travel Exchange will purchase the existing source code in exchange for a combination of cash, stock and a two-year royalty arrangement.
Christopher Berlandier, Chief Executive Officer of GTREX Capital, Inc. commented, "By purchasing the source code of the integration software from Elleipsis, Global Travel Exchange has seized much greater control over a critical path component of its services to the travel industry and will be able to better integrate the code base into its platform. The Elleipsis J2EE environment allows Global Travel Exchange to support customers that want specific enhancements to its service, scale the application through its own efforts into its mission critical environment, and control the quality of product and service levels afforded to its clients, all while reducing licensing fees.
"With this purchase, we have fulfilled a large part of our mandate to optimize the services offered by Global Travel Exchange and position this portfolio investment to provide significant long-term value for GTREX Capital shareholders."
About GTREX Capital, Inc.
GTREX Capital, Inc. (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., 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 a software solution that 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.
Any statements contained herein related to future events are forward-looking statements and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Readers are cautioned not to place undue reliance on forward-looking statements. GTREX Capital, Inc. undertakes no obligation to update any such statements to reflect actual events.