Aden Acquires Leading Business Travel Company; Deal Gives Cheapfares.com a Profitable and Unique `Net Product.Business Editors/Hi-Tech Writers
ALEXANDRIA, Va.--(BUSINESS WIRE)--Feb. 4, 2000
Aden Enterprises, Inc. (OTC OTC
See over-the-counter market (OTC). : ADEN), a creator and manager of a diverse &uot;eCommunity&uot; of Internet companies, today announced the acquisition of Corporate Travel Consultants II, Inc. (CTC CTC - Cornell Theory Center ), a leading business-to-business travel company located in Miami, Florida “Miami” redirects here. For the Native American tribe, see Miami tribe.
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With annual travel bookings of approximately $70 million, the CTC acquisition will dramatically increase the product offerings of Cheapfares.com, Inc., an Aden subsidiary providing travel services on the Internet.
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International sports program for people with intellectual disability. It provides year-round training and athletic competition in a variety of Olympic-type summer and winter sports for participants. , CTC was one of the first business-to-business travel companies to launch a successful Internet booking and request platform for its customers. Aden acquired CTC for a combination of cash and stock in Aden Enterprises and will transfer all of its CTC rights and interests to Cheapfares.com.
The consummation of the CTC acquisition is conditioned upon receiving the approval of the Airline Reporting Corporation, a company comprised of the fourteen major airlines that serves as a clearinghouse for the sale of tickets.
&uot;CTC has a track record of strong customer relations and profitability,&uot; Aden chief executive officer Mike Luther said. &uot;In particular, we are investing in CTC's leadership - a uniquely qualified team that understands a key to success in this market is a timely delivered and high-quality product. The integration of CTC's technology will give Cheapfares.com a profitable and unique Internet product - quite different from competitors like Expedia, Travelocity and Priceline. CTC will continue to leverage their market position and drive more unique, proprietary product through the Cheapfares.com channel.&uot;
Jim Collins, chairman and chief executive officer of CTC, has spent 20 years in the travel business and is widely recognized as an industry innovator and entrepreneur. Collins will continue to lead CTC as chairman and chief executive officer, and will serve as a director of Cheapfares.com to assist in the overall management direction of its online travel product.
&uot;Cheapfares.com has the right idea - building an online travel business with a conventional brick and mortar See bricks and mortar. platform is a solid, sensible solution,&uot; Collins said. &uot;The key to a strong online travel organization is access to product and CTC brings valuable relationships with the major travel providers including United Airlines, Delta Airlines and others. We will provide the product and the infrastructure required to support a growing Internet travel distribution channel like Cheapfares.com.&uot;
Aden Enterprises, Inc., develops, invests in and owns a diverse eCommunity of business-to-business and business-to-consumer Internet companies like Cheapfares.com, Inc. (www.Cheapfares.com). Aden's proprietary technologies are the common thread woven into the fabric of each operating enterprise.
Developed by a pace-setting innovation team, Aden's technology solutions help create unique Web sites and define the company's competitive edge. Aden is headquartered in Omaha, Nebraska “Omaha” redirects here. For other uses, see Omaha (disambiguation).
Omaha is the largest city in the State of Nebraska, United States. It is the county seat of Douglas County.GR6 As of the 2000 census, the city had a population of 390,007. , and has an office in Alexandria, Virginia Alexandria is an independent city in the Commonwealth of Virginia. As of the 2000 census, the city had a total population of 128,284. Located along the Western bank of the Potomac River, Alexandria is approximately 6 miles (9.6 kilometers) south of downtown Washington, DC. .
Certain information above contains forward-looking statements that may involve risk and uncertainties. Aden Enterprises believes its expectations are based on reasonable assumptions. However, no assurances can be given that its goals will be achieved. Factors that could cause actual results to differ materially include, but are not limited to, changes in federal, state and local regulations.