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Travelscape.com Names Stephen L. Cavallaro as President and Chief Executive Officer; New President & CEO Chosen to Guide Company Through Next Growth Phase.



LAS VEGAS--(BUSINESS WIRE)--Sept. 9, 1999--

Travelscape.com, the leading online wholesale travel planning and reservation service, announced today that it has named Stephen L. Cavallaro as its new president and chief executive officer.

Cavallaro joins Las Vegas-based Travelscape.com from Harveys Casino Resorts, where he served as executive vice president and chief operating officer Chief Operating Officer (COO)

The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president.
. He replaces Travelscape.com's founder and current 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.  Timothy Poster, who will continue to serve as chairman.

"Steve Cavallaro's impressive record of financial and operating success for Harveys, combined with his public company and extensive travel/hospitality industry experience, makes him the ideal candidate for this job," said Poster. "I am very pleased to have Steve join Travelscape.com at this pivotal juncture juncĀ·ture
n.
The point, line, or surface of union of two parts.
 when the Company is poised to achieve even greater success and growth than we have already seen. Travelscape.com needed someone with Steve's leadership and experience to propel the Company to the next level."

Cavallaro commented: "I have truly enjoyed my tenure as chief operating officer of Harveys, it is a solid company with a great future. However, I have chosen to join Travelscape.com for the tremendous opportunity presented by the growth of the online travel industry. I believe in the Travelscape.com business model and in our ability to secure a key leadership position in this rapidly evolving and growing industry. I am eager to put my experience to work to help Travelscape.com grow to its full potential."

Online travel bookings are expected to grow to $29.5 billion in 2003 from $3.1 billion in 1998, 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.
 Forrester Research Forrester Research is an independent technology and market research company that provides its clients with advice about technology's impact on business and consumers. Corporate facts
  • Founded: 1983 by George F.
. Travelscape.com believes it is in a strong position to capitalize on Cap´i`tal`ize on`   

v. t. 1. To turn (an opportunity) to one's advantage; to take advantage of (a situation); to profit from; as, to capitalize on an opponent's mistakes s>.
 this growth because the company is able to offer online consumers the lowest prices available on a wide range of accommodations range of accommodation
n.
The distance between one object that is viewed with minimal refractivity of the eye and another object that is viewed with maximal accommodation.
 and transportation alternatives as a result of strategic alliances the Company has established with distinguished travel industry partners.

Travelscape.com also provides consumers with a fast, intuitive and easy-to-use Web site that is supported 24 hours a day, 7 days a week by a customer service center. Launched in 1998, Travelscape.com already receives more than 2.5 million unique visitors A count of how many different people access a Web site. For example, if a user leaves and comes back to the site five times during the measurement period, that person is counted as one unique visitor, but would count as five "user sessions.  per month and books more hotel rooms nightly than any other online travel service. The company is the second largest wholesaler of hotel rooms in Las Vegas Las Vegas (läs vā`gəs), city (1990 pop. 258,295), seat of Clark co., S Nev.; inc. 1911. It is the largest city in Nevada and the center of one of the fastest-growing urban areas in the United States. .

"Tim and Tom Breitling, the Company's chief operating officer, have built a truly remarkable, customer-focused company," Cavallaro continued. "The exceptional value, cutting-edge customer service and unique features of Travelscape.com put it at the forefront of the online travel industry. I look forward to working with the entire Travelscape.com team to continue to deliver first-rate consumer service and to achieve the company's long-term business objectives."

Cavallaro has spent nearly 20 years in the travel service industry. He held the position of executive vice president and chief operating officer of Harveys Casino Resorts, where he is credited with achieving nine consecutive record quarters of EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) A metric used to show a company's profitability, but not its cash flow. EBITDA became popular in the 1980s to show the potential profitability of leveraged buyouts, but has become  growth and record operating performance. He previously served as senior vice president and general manager of the company's Hard Rock Hotel/Casino in Las Vegas. Prior to joining Harveys, Cavallaro held executive-level positions at Station Casinos Station Casinos Inc. NYSE: STN is a Las Vegas, Nevada based gaming company.

The company purchased several sites that were gaming-entitled meaning that major casinos can be built at that location without additional approvals.
, the Maloof Companies and Harrah's Hotels/Casinos.

Poster co-founded Travelscape.com and has served as its chairman of the board and chief executive officer since its inception. Poster also founded Las Vegas Reservations Systems and was president of that company from October 1990 to January 1999.

About Travelscape.com

Travelscape.com is the only major travel site developed by an experienced and leading national wholesale tour and travel company. Travelscape.com offers the lowest rates available for hotel accommodations through the company's "No Risk Reservation Guarantee." The guarantee promises customers booking any of Travelscape.com's preferred hotels that if a better rate is found for the same hotel on the same dates, Travelscape.com will immediately refund the difference.

Travelscape.com's proprietary "Click Less" architecture reduces booking time to mere minutes and just five easy steps. Travelscape.com does not require registration, so checking hotel and airfare rates is even faster and easier.

Travelscape.com offers customer support 24 hours a day, seven days a week through its toll-free telephone number A toll-free, Freecall, Freephone, or 800 number is a special telephone number, in that the called party is charged the cost of the calls by the telephone carrier, instead of the calling party.  (1-888-335-0101). For more information, visit www.travelscape.com.
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No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1999, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

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Publication:Business Wire
Date:Sep 10, 1999
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