Closing of Restructured SUNTRIPS Transaction.CHATHAM, N.J. -- Crystal Hospitality Holdings, Inc. ("Crystal") announced today that it has successfully purchased the intellectual property of F.S. Suntours, Inc, a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of One Travel Holdings, Inc. (AMEX AMEX See: American Stock Exchange :OTV OTV Outer Tactical Vest OTV Otvorena Televizija (Croatian: open television ) OTV On the Vine (Carolina Wine Country News website) OTV Orange Television (Lebanon TV station) ). The purchase included various assets, including but not limited to, the brand name "Suntrips"(C), web domain names, telephone numbers and customer databases associated with the brand. "The value of the Suntrips brand is intrinsically tied to the long standing relationships developed through the last 28 years operating in the California market. During the last two years, these relationships have become strained. The structure of the transaction enables Crystal to deal directly with various trade creditors of F.S. Suntours Inc as they will be key to revitalizing re·vi·tal·ize tr.v. re·vi·tal·ized, re·vi·tal·iz·ing, re·vi·tal·iz·es To impart new life or vigor to: plans to revitalize inner-city neighborhoods; tried to revitalize a flagging economy. and re-launching the 'Suntrips' brand," commented Peter Gallic, President of Crystal Crystal had previously announced a contract to purchase the business of F.S. Suntours intending on continuing in the tour package business. Due to circumstances CIRCUMSTANCES, evidence. The particulars which accompany a fact. 2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or beyond Crystal's control the initial transaction was abandoned. However, under a revised transaction Crystal successfully concluded the purchase of the brand and intends to re-launch it as an online travel provider. "Suntrips has provided over 4MM passengers the opportunity to vacation in some of the most beautiful hotel properties in Mexico and Hawaii. Until now it was not possible to find or buy that kind of experience online. We intend to preserve the Suntrips reputation for outstanding service and transfer that knowledge to the online community." 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. , which are made pursuant to the Safe-Harbor provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Words such as "intends," "believes" and similar expressions reflecting something other than historical fact are intended to identify forward-looking statements, but are not the exclusive means of identifying such statements. These forward-looking statements involve a number of risks and uncertainties, including the timely development and national market acceptance of Suntrips, the ability to secure additional sources of finance, the ability to reduce operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. and losses of SunTrips, the inability to attract and retain the required personnel and other factors described in the company's respective filings with the Securities and Exchange Commission. The actual results that the companies achieve may differ materially from any forward-looking statement due to such risks and uncertainties. The companies undertake no obligation to revise or update any forward-looking statements in order to reflect events or circumstances that may arise after the date of this release. |
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