OneTravel Holdings Receives Notice From American Stock Exchange
23 Février 2006 - 10:27PM
Business Wire
OneTravel Holdings, Inc. (AMEX: OTV), a leading online and offline
provider of travel and leisure services, announced today that the
Company received a notice dated February 17, 2006 from the American
Stock Exchange ("Exchange") indicating that the Company no longer
complies with the continued listing standards due to the failure to
comply with sections 134 and 1001 of the Company Guide for Exchange
companies, and the Company's securities are therefore subject to
delisting from the Exchange. Specifically, the notice cites the
lack of compliance as the Company's failure to file its quarterly
report on Form 10-Q for the three month period ending December 31,
2005 on or before February 15, 2006. This deficiency is in addition
to the deficiencies of failure to file the Company's annual report
on Form 10-K and its Form 10-Q for the period ending September 30,
2005. As previously announced, the Company has appealed this
determination and requested a hearing before the appropriate
committee of the Exchange. The hearing date for the appeal has been
set for March 9, 2006, at which time all matters of non-compliance
with listing standards will be addressed. About OneTravel Holdings,
Inc. (AMEX:OTV) OneTravel Holdings, Inc.
(www.onetravelholdings.com) derives all of its revenues from its
travel business subsidiaries, Farequest Holdings, Inc., operating
under the name 1-800-CHEAPSEATS (www.cheapseats.com) and OneTravel,
Inc. (www.onetravel.com), both of which are leading online and
offline providers of a full range of travel services, and FS
SunTours, Inc., which sells leisure and vacation travel packages
under the SunTrips(R) brand (www.suntrips.com). The Company derives
additional revenue from operating other travel related web sites
including www.discounthotels.com and www.11thhour.com. The Company
has recently announced that it has signed a definitive agreement to
sell the operating assets of FS SunTours, Inc. Statements in this
news release about anticipated or expected future revenue or
shareholder value growth or expressions of future goals or
objectives, including statements regarding market conditions or
whether current plans to grow and strengthen the Company's business
will be implemented or accomplished, are forward-looking statements
within the meaning of Section 21E of the Securities Exchange Act of
1934, as amended. When used in this release and documents, the
words "anticipate", "believe", "estimate", "expect" and similar
expressions, as they relate to the Company or its management, are
intended to identify such forward-looking statements, but are not
the exclusive means of identifying these statements. All
forward-looking statements in this release are based upon
information available to the Company on the date of this release.
Any forward-looking statements involve risks and uncertainties,
including the risk that the Company will be unable to grow or
strengthen its business due to a lack of capital or a change in
market demand for its products and services or to fully or
effectively integrate all business units or the inability to
realize anticipated cost savings or revenue and stockholder value
growth opportunities associated with the acquisitions of Farequest
Holdings, Inc. and OneTravel, Inc. The Company has previously
mentioned in conference calls that gross bookings are not equal to
gross revenues under generally accepted accounting principles, so
no inference can be made about profitability based on gross
bookings unless expressly stated by the Company. There is also no
certainty that the transaction contemplated by the definitive
agreement to sell the assets of FS SunTours, Inc. will close. The
Company is also subject to those risks and uncertainties described
in the Company's filings with the U.S. Securities and Exchange
Commission ("SEC"), including the Company's historical losses and
negative cash flow, its need for additional capital, including to
finance the $12,500,000 promissory notes payable to the former
stockholders of OneTravel, Inc., and that future financing, if
available, will dilute the Company's current common stockholders,
plus the Company's ability to maintain listing with the American
Stock Exchange, which if not maintained could have an adverse
affect on the Company's stock value and liquidity. Additionally,
forward-looking statements concerning the performance of the travel
and leisure industry are based on current market conditions and
risks, which may change as the result of certain regulatory,
political, or economic events, a shift in consumer travel
preferences, as well as those risks and uncertainties described in
the Company's SEC filings, which could cause actual events or
results to differ materially from the events or results described
in the forward-looking statements, whether as a result of new
information, future events or otherwise. Readers are cautioned not
to place undue reliance on these forward-looking statements. For a
complete description of the items approved at the annual
stockholder's meeting, the Company's proxy statement is available
for viewing in the Company's SEC filings.
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