posted
GTREX Capital Announces Expected Cancellation of 1 Billion Shares of Common Stock Due to Unwind of Previous Acquisition Thursday May 3, 9:08 am ET
$800,000 in Long-Term Notes Are Also to Be Returned to the Company as Part of Unwind of Global Travel Partners Acquisition
TEMECULA, CA--(MARKET WIRE)--May 3, 2007 -- GTREX Capital, Inc. (OTC BB:GRXIE.OB - News), a holding company with subsidiaries doing business in the travel industry, today announced that as a result of an agreement to unwind previous acquisitions made by the company, including the acquisition of Global Travel Partners, 1 billion shares of GTREX Capital common stock are expected to be cancelled by the company. ADVERTISEMENT
"The unwind of the Global Travel Partners was the primary issue that has held up the filing of GTREX Capital's annual report, and we are pleased to have reached agreement on the terms of the unwind," stated consultant chief executive officer Steven R. Peacock. "With this issue now resolved, we expect to have the annual report filed and the 'E' removed from our symbol very shortly."
In February 2005, GTREX Capital entered into an escrow agreement to acquire all of the outstanding shares of Global Travel Partners, a Nevada corporation that owns 100% of AsiaWorld Travel Vancouver, Ltd., and Dominion Pacific Travel, two British Columbia based travel companies. Under terms of the agreement, approximately 600 million restricted shares of GTREX Capital common stock were released from escrow to effect the closing. Another 200 million restricted shares and $800,000 in long-term notes remained in escrow subject to certain performance guarantees by the sellers based on audited profits from operations on a six-month and 12-month basis.
With the unwind of that transaction, the 200 million shares and $800,000 in long-term notes are to be returned to the company for cancellation. 400 million shares previously released from the escrow are also expected to be cancelled by the company.
Another 400 million shares placed in escrow for an additional planned acquisition by GTREX Capital that was never consummated are expected to be cancelled by the company.
Details of these transactions will be included in the company's Annual Report on Form 10-KSB for the fiscal year ended January 31, 2007, which is expected to be filed in the next several days.
Mr. Peacock added, "Beyond the issue of the annual report, the anticipated cancellation of the majority of the shares involved in this transaction has a significant impact on the capital structure of GTREX Capital as it moves forward to execute its business strategy. We are specifically focused on the growth of the company's Global Travel Exchange subsidiary and targeting the acquisition of an additional synergistic business in the travel distribution industry. By unwinding the Global Travel Partners acquisition, we can now focus the company's full attention where it belongs and not on the operations of travel agencies in another country."
To sign up to receive information by email directly from GTREX Capital whenever new press releases, investor newsletters, SEC filings, or other information is disclosed, please visit http://www.gtrexcapital.com/investor.php.Posts: 1364 | From: Somebody from Europe | Registered: Sep 2005
| IP: Logged |
posted
GTREX Capital Announces Restoration of Stock Symbol 5/11/2007
TEMECULA, CA, May 11, 2007 (MARKET WIRE via COMTEX News Network) -- GTREX Capital, Inc. (OTCBB: GRXI), a holding company with subsidiary operations in the travel distribution industry, has announced that as a result of the recent filing of its 10-KSB Annual Report for fiscal year 2006, the "E" has been removed from its trading symbol and the company's stock has resumed trading under the symbol GRXI.
The company delayed the filing of its annual report in order to reach a settlement to unwind the 2006 acquisition of Global Travel Partners, a Nevada corporation that owns two British Columbia-based travel companies. As a result of the settlement of that transaction and the cancellation of additional planned acquisition that was never consummated, the company reported that one billion shares of GTREX Capital common stock and $800,000 in long-term notes will be cancelled by the company.
"With the settlement of these past acquisitions now behind us, in addition to the filing of our annual report and the restoration of our stock symbol, GTREX Capital is now free to move forward with our current and future business initiatives," stated Steven R. Peacock, consultant CEO of the company. "We feel very strongly that there is significant potential for the company to build value in its current Global Travel Exchange subsidiary and even greater potential to couple this existing asset with a major acquisition in the travel industry.
"There are some highly attractive acquisition candidates in the travel industry, specifically in the travel distribution sector where Global Travel Exchange already conducts business, and GTREX Capital management is currently evaluating the opportunities presented by each potential acquisition candidate. We remain firmly committed to maintaining consistent communication with our shareholders, and we hope they will continue to follow the progress of the company as it executes its acquisition strategy," Mr. Peacock added.
GTREX Capital recently announced that Mr. Peacock will participate in an interview that will be posted with the company's profile on www.equitydigest.com. The topics anticipated to be addressed in the interview will be the current structure of GTREX Capital, the status of its Global Travel Exchange subsidiary, plans to increase the value of Global Travel Exchange by building its infrastructure to facilitate long-term growth, and expectations of the anticipated acquisition of a major synergistic company in the travel distribution industry to deliver additional value for GTREX Capital shareholders.
To subscribe to the company's email alert system and receive information directly from GTREX Capital whenever new press releases, investor newsletters, SEC filings, or other information is disclosed, including the posting of Mr. Peacock's upcoming interview, please visit http://www.gtrexcapital.com/investor.php.Posts: 1364 | From: Somebody from Europe | Registered: Sep 2005
| IP: Logged |
UBBFriend: Email this page to someone!
Printer-friendly view of this topic
![[Wink]](wink.gif)
