OneTravel Holdings, Incorporated
1150 Hammond Drive, Suite C-3200 Atlanta, GA 30328 o 404-531-0432
o 770.730.2885 fax
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(www.onetravelholdings.com)
FOR IMMEDIATE RELEASE:
OneTravel Holdings' Previously Announced
Reverse Stock Split Effective Today
ATLANTA, GA -July 7, 2005--OneTravel Holdings Inc. (AMEX: OTV), a leading online
and offline provider of travel and leisure services announced today that the 1
for 10 reverse stock split that was approved by stockholders at the June 24,
2005 annual meeting will be effective as of the beginning of trading today July
7, 2005 on the American Stock Exchange.
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.
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 Company
will be successful in its quest to secure strategic alliances in its efforts to
restructure its SunTrips operations. 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. 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.
-MORE-
Company Contact: Investor Relations Contact:
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Marc Bercoon Budd Zuckerman
President President
OneTravel Holdings, Inc. Genesis Select Corp
mbercoon@onetravel.com Boulder, Colorado
770-730-2860 303-415-0200
Media Relations Contact:
Aryn Lieberman
Executive Vice President
Rubenstein Public Relations
212- 843-8093
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