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FIRST TRAVELCORP TO PURCHASE AMBASSADOR TRAVEL

 RALEIGH, N.C., Oct. 6 /PRNewswire/ -- In its seventh acquisition, Raleigh based travel management company First Travelcorp Inc. has announced plans to buy Ambassador Travel of Nashville, Tenn., for an undisclosed purchase price. Ambassador, located at 2020 21st Avenue South in Music City, is currently owned by a group headed by prominent business and entertainment executive Buddy Killen.
 "This is our first acquisition outside North Carolina," said Fred L. Coward III, First Travelcorp's executive vice president, who noted that a letter of intent has been signed and Ambassador's employees have been notified of the proposed change in ownership. Ambassador, one of the largest independent agencies in the Southeast, will retain its same name identification, consistent with a mutual agreement.
 "All of us are very proud of Ambassador's tremendous growth," said Killen, "and we view this transaction as an opportunity for the present owners of Ambassador to become part of a much larger entity within the travel industry."
 Killen added, "This will also enable me to move from being an individual officer at Ambassador into a slot on this organization's national board." In joining First Travelcorp's board of directors, Killen will replace William R. Howard, who recently resigned that post to become chairman and CEO of TWA.
 Ambassador's current president, Linda Wright, will assume the position of division president. No staff replacements are anticipated at this time, according to Coward.
 First Travelcorp's North Carolina acquisitions include Lucas Travel and Advantage Travel in Greensboro, McDonald Travel in Durham, Patterson Travel in Raleigh, Anderson Travel in Winston-Salem and Passport Travel in Charlotte.
 "First Travelcorp's growth will continue to focus on full service travel agencies with qualified, dedicated staffs and state-of-the-art technology," Coward said. "With the addition of Ambassador Travel, First Travelcorp's annual sales volume will exceed $85 million and additional acquisitions are anticipated," he added.
 -0- 10/6/93
 /CONTACT: Fred Coward of First Travelcorp, 919-571-5214, or Betty Hofer of Ambassador, 615-269-9803/


CO: First Travelcorp Inc.; Ambassador Travel ST: North Carolina, Tennessee IN: LEI SU: TNM

CM -- CH005 -- 9243 10/06/93 10:06 EDT
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Publication:PR Newswire
Date:Oct 6, 1993
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