ALISO VIEJO, Calif., April 5, 2005 (PRIMEZONE) -- GTREX Capital, Inc. (OTCBB:GRXI) today announced that portfolio investment company Global Travel Exchange has completed a definitive agreement to acquire integration server source code (J2EE) from Elleipsis, Inc., a purchase that is designed to substantially lower costs for travel suppliers and establish Global Travel Exchange as a leader in the worldwide travel distribution industry.
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.
By acquiring exclusive rights to this code, Global Travel Exchange has gained an important advantage in its efforts to build market share in the multi-billion dollar travel distribution industry by providing vastly improved service to global travel suppliers while reducing licensing fees.
Christopher Berlandier, Chief Executive Officer of GTREX Capital, Inc. commented, "We are pleased to have completed this agreement and are moving forward to build Global Travel Exchange into a major player in travel distribution -- the marketing, reservation and sale of travel products -- one of the fastest growing areas of the travel and tourism industry. As we discussed when announcing the initial agreement to purchase the source code of the integration software from Elleipsis, Global Travel Exchange now has much greater control over a critical path component of its services and will be able to better integrate the code base into its platform. The Elleipsis J2EE environment allows Global Travel Exchange to support customers and control the quality of product and service levels afforded to its clients, all while reducing licensing fees.
"By establishing a direct connection between travel buyers and suppliers, Global Travel Exchange expects to provide suppliers with distribution that costs less, gives suppliers more control of customer data and represents supplier brands and products more effectively. Fees are generated at various points in each transaction and are anticipated to provide significant revenue for Global Travel Exchange, as well as increase portfolio value for GTREX Capital, Inc. Now that Global Travel Exchange has acquired this critical component, we are committed to not only implementing an aggressive business strategy that is expected to elevate the company to a major role in the travel industry, but to also embark on an awareness program that will allow the public markets to understand the critical role that Global Travel Exchange's distribution platform can play in the worldwide travel industry," Mr. Berlandier added.
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.