GTREX Capital Announces Unwind of Agreement to Acquire Elleipsis, Inc.
Issued Tuesday, August 18, 9:10 am ET
More Suitable Acquisition Targets Are Considered By The Company
MURRIETA, Calif.--(MARKET WIRE)--Aug. 18, 2007--GTREX Capital, Inc. (OTC BB: GRXI), a holding company with subsidiary operations in the travel distribution industry, today announced that the company will not be proceeding with its preliminary agreement to acquire all of the issued and outstanding shares of Elleipsis, Inc. and will pursue other acquisition opportunities for the company.
Under terms of a services agreement unrelated to the preliminary acquisition agreement, GTREX Capital contracted with Elleipsis to migrate the Voyager Network technology platform of its Global Travel Exchange subsidiary to the Elleipsis technology. The agreement also includes any necessary technical maintenance and support, software updates, hosting, and development.
“It was determined that we had already secured the services we needed for Global Travel Exchange through our migration agreement with Elleipsis, as well as through a previous purchase of software and services that GTREX Capital made in 2005,” stated Steven R. Peacock, GTREX Capital consultant chief executive officer.
“As we were completing the due diligence and negotiation process with Elleipsis, several new acquisition and reverse merger opportunities were presented to GTREX Capital, and it became apparent that we should consider these as possibilities. Since several of the additional acquisition candidates are not in the travel field, the transaction could possibly be a spin-out of Global Travel Exchange including a dividend of its shares to GTREX Capital shareholders,” Mr. Peacock said.
GTREX Capital is also exploring a number of business opportunities related to the travel industry that could considerably expand the operations of its Global Travel Exchange subsidiary.
“Whatever the final acquisition target, we are committed to moving forward with a transaction that will bring long-term value to shareholders, and we do expect to have another company identified in the near term,” added Mr. Peacock.
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About GTREX Capital, Inc.
GTREX Capital, Inc. (http://www.gtrexcapital.com) is a holding company with a subsidiary conducting business in the travel industry. Global Travel Exchange, Inc., a GTREX Capital subsidiary, has launched its Voyager Network travel distribution platform, which provides a service that enables direct access to reservation systems of major travel suppliers such as airlines, cruise lines, hotels, car rental companies and providers of other travel amenities. GTREX Capital is in the process of identifying synergistic and non-synergistic businesses as potential acquisition targets for the company.
Safe Harbor Statement
This release contains forward-looking statements with respect to the results of operations and business of GTREX Capital, Inc., which involves risks and uncertainties. The Company's actual future results could materially differ from those discussed. The Company intends that such statements about the Company's future expectations, including future revenues and earnings, and all other forward-looking statements be subject to the "Safe Harbors" provision of the Private Securities Litigation Reform Act of 1995.
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