Crystal Hospitality Holdings, Inc. ("Crystal") announced
today that it has successfully purchased the intellectual property of
F.S. Suntours, Inc, a wholly owned subsidiary of One Travel Holdings,
Inc. (AMEX:OTV). 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 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 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, which are made pursuant to the Safe-Harbor provisions of the Private Securities Litigation Reform Act 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 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.
"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 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 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, which are made pursuant to the Safe-Harbor provisions of the Private Securities Litigation Reform Act 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 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.