Bookings and Advertising Revenue Continue to Increase as TravelNow.com Addresses Shareholders At Annual Meeting.Business Editors SPRINGFIELD, Mo.--(BUSINESS WIRE)--Sept. 28, 2000 TravelNow (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :TNOW), providing a world-wide database of hotel, airline, cruise, and car rental reservation information and booking capabilities, held their annual shareholders meeting on September 26, 2000. TravelNow's shareholders took the following actions at the meeting: 1. Incumbent directors, Jeffrey A. Wasson, H. Whit Ehrler, Bill Perkin, Jerry Rutherford Rutherford (rŭth`ərfərd), borough (1990 pop. 17,790), Bergen co., NE N.J., a residential suburb of the New York City–N New Jersey metropolitan area; inc. 1881. Several pre-Revolutionary houses remain there. and Antoine Toffa were elected to serve as directors of the corporation until the 2001 Annual Meeting. 2. Deloitte & Touche, LLP LLP - Lower Layer Protocol was appointed as independent auditors Independent Auditor An external auditor with a certified public accounting designation that qualifies him or her to provide an auditor's report. Notes: These auditors aren't affiliated with the company being audited. for the corporation. 3. The TravelNow.com 2000 Omnibus omnibus: see bus. Stock Incentive Plan was ratified rat·i·fy tr.v. rat·i·fied, rat·i·fy·ing, rat·i·fies To approve and give formal sanction to; confirm. See Synonyms at approve. . 4. TravelNow's proposed re-incorporation of the corporation in Delaware was approved. TravelNow plans to make the re-incorporation merger effective shortly. Once effective, the re-incorporation merger will not result in any change in the physical location, business or management of TravelNow. The current directors and officers will continue to serve in such capacities. Additionally, the common stock of TravelNow will continue to be listed on the Nasdaq Small Cap market under the symbol TNOW. CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Jeff Wasson told shareholders that he believes TravelNow.com is on target with its financial, operational, and technical plans. In response to a shareholder's question regarding the company's plan for dealing with future losses, Wasson said that the company continues to work on narrowing its losses and increasing revenues. Wasson said he believes the company is in a position to control its costs and expenses in the coming months. Total average weekly bookings of travel reservations at TravelNow's Web site through August 31, 2000 continued to increase over the comparable period a year ago. Total average weekly bookings increased 173% to over 16,000 while hotel bookings increased 140 % to more than 11,500. Car rental bookings rose over 3 times to over 3,400 and air reservations increased 83 times to approximately 1,150. TravelNow's web site currently receives over 1.1 million unique monthly visitors according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. recent statistics from Media Metrix (August 2000). TravelNow's total advertising bookings for the current fiscal year 2001 (through August 2000) grew to $430,000, which is nine times the level of advertising revenues for the entire fiscal year ended March, 31 2000. These bookings represent advertisements that will be displayed on the company's Web site during the current fiscal year. Included in Mr. Wasson's presentation was a technology-related update including the incorporation of XML XML in full Extensible Markup Language. Markup language developed to be a simplified and more structural version of SGML. It incorporates features of HTML (e.g., hypertext linking), but is designed to overcome some of HTML's limitations. coding to the TravelNow booking system to enable the company to take advantage of markets now considered accessible. About TravelNow Launched in March, 1995, TravelNow was among the first real-time hotel reservation services on the Internet. Through its system of affiliates, TravelNow provides competitive rates for more than 40,000 hotels in 5,000 cities and 140 countries. The company offers discounts of up to 65% on over 700 hotels in almost every major city and up to 40% on over 7,000 hotels around the world. In addition to hotel reservations, car, air, and cruise reservations can also be arranged at www.travelnow.com. Information in this press release contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. : These statements involve risks and uncertainties that could cause actual results to differ materially. There is no assurance the above-described events will be completed. There can be no assurance of the ability of the Company to achieve sales goals, obtain contracts or financing, consummate To carry into completion; to fulfill; to accomplish. A Common-Law Marriage is consummated when the parties live in a manner intended to bring about public recognition of their relationship as Husband and Wife. acquisitions or achieve profitability in the future. The above and additional factors are discussed in detail in the Company's filings with the SEC. |
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