RESTON, Va., Aug. 22, 2007 (PRIME NEWSWIRE) -- Red Branch Technologies, Inc (Pink Sheets:RBTI), a comprehensive online travel company focused on addressing the unmet needs of the business traveler, reports that the company has recently begun trading under the ticker symbol 'RBTI' on the OTC market. Red Branch Technologies' (Pink Sheets:RBTI) mission is to provide best-in-class travel technologies, services, and solutions that make travel easier, more secure and more responsive for both the individual business traveler and the corporation.
Red Branch Technologies' unique "With You all the way(tm)" philosophy has resulted in the innovative my-mTravel(r) and mTravel(r) products which automate the business travel process from the traveler's perspective -- from planning and booking and en route services and support, through post travel reporting and unused ticket banking and redemption. With over $6 million in the development of their patent pending my-mTravel(r) and mTravel(r) products, Red Branch intends to capitalize on the surging online travel market. Recently, Red Branch acquired Magellan360(r), a provider of back office fulfillment services to over 175 independent professional travel marketers. On a consolidated pro forma basis, the company generated approximately $20,000,000 in gross bookings in 2006.
Chief Executive Officer of Red Branch Technologies, Doug Foran states, "Growing pressure to bring efficiency to the travel process while controlling costs has created a tremendous market opportunity for our automated travel solutions. The online travel industry still lags behind consumer expectations in such critical categories as responsiveness and security. As the industry continues to experience astounding growth, our ability to address the unmet needs of the hard-charging business traveler will allow us to thrive. We employ customer-friendly features and innovative technologies, such as single-click booking, on-the-fly trip repair, and personal preference corporate policy enforcement, to provide a differentiated user experience. RBTI's solutions offer market leading integration of features, breadth of services, and overall performance that competitors can't match."
According to industry analysts the online travel industry is experiencing double digit growth year-over-year with revenue from online travel bookings exceeding $70 billion in 2006. It is management's belief that industry leaders such as Expedia, Orbitz Worldwide, Travelocity, and, Priceline.com are not adequately addressing the concerns of business travelers and that Red Branch is uniquely positioned to gain market acceptance. The Company expects to benefit from the growth of online managed business travel, which has been increasing due to the shift from unmanaged small businesses to online managed business travel.
About Red Branch Technologies
Red Branch Technologies, Inc. makes business travel easier, more secure and more responsive for both the hard-charging business traveler and the corporation by meeting travel needs at each point in the travel cycle. The company's innovative my-mTravel(r) and mTravel(r) products automate the business travel process from planning and booking to en route services and support, through post travel reporting and unused ticket redemption. Red Branch's Magellan360 provides agency and net-delivered back office services to independent professional travel marketers. For more information, please visit: www.redbranchtechnologies.com
This press release may contain forward-looking statements covered within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements relate to, among other things, plans and timing for the introduction or enhancement of our services and products, statements about future market conditions, supply and demand conditions, and other expectations, intentions and plans contained in this press release that are not historical fact and involve risks and uncertainties. Our expectations regarding future events or revenues depend upon our ability to develop and supply products, which we may not produce today and that may need to meet defined specifications. When used in this press release, the words "plan," "expect," "believe," and similar expressions generally identify forward-looking statements. These statements reflect our current expectations. They are subject to a number of risks and uncertainties, including, but not limited to, changes in technology and changes in pervasive markets