SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (date of earliest event reported) SEPTEMBER 28,1999
--------------------------------
TRAVEL SERVICES INTERNATIONAL, INC.
- --------------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
FLORIDA
- --------------------------------------------------------------------------------
(State or other jurisdiction of incorporation)
000-29298 52-2030324
- ------------------------ ---------------------------------
(Commission File Number) (IRS Employer Identification No.)
- --------------------------------------------------------------------------------
220 CONGRESS PARK DRIVE
DELRAY BEACH, FLORIDA 33445
- --------------------------------------------------------------------------------
(Address of principal executive offices, including Zip Code)
Registrant's telephone number, including area code (561) 266-0860
------------------------------
N/A
- --------------------------------------------------------------------------------
(Former name or former address, if changed since last report)
<PAGE>
ITEM 5. OTHER EVENTS.
Travel Services, International, Inc. (the "COMPANY") announced in a
press release dated September 28, 1999, the appointment of Timothy Coleman as
Senior Vice President of Technology and Operations, and the appointment of
Malcolm Bybee as Director of Internet Marketing and Development. The Company
also announced in a press release dated October 11, 1999, that Patrick Doyle has
joined the Company as Senior Vice President and Chief Financial Officer,
replacing Jill Vales who held the position since July 1997.
The above descriptions are elaborated more extensively, and are
qualified in their entireties by reference to the Company's Press Releases
attached as Exhibit 99.1 and Exhibit 99.2 hereto, which Exhibits are
incorporated herein by reference.
<PAGE>
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS.
(c) Exhibits
EXHIBIT
NUMBER DESCRIPTION
- --------------------------------------------------------------------------------
99.1 Press release, dated September 28, 1999, announcing the
appointment of Timothy Coleman as Senior Vice President of
Technology and Operations of the Company, and the
appointment of Malcolm Bybee as Director of Internet
Marketing and Development of the Company.
99.2 Press release, dated October 11, 1999, announcing that
Patrick Doyle has joined the Company as its new Chief
Financial Officer.
- --------------------------------------------------------------------------------
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
TRAVEL SERVICES
INTERNATIONAL, INC.
Dated: October 12, 1999 By: /s/ Suzanne B. Bell
----------------------------
Suzanne B. Bell
Senior Vice President
<PAGE>
EXHIBIT INDEX
EXHIBIT
NUMBER DESCRIPTION
- --------------------------------------------------------------------------------
99.1 Press release, dated September 28, 1999, announcing the
appointment of Timothy Coleman as Senior Vice President of
Technology and Operations of the Company, and the
appointment of Malcolm Bybee as Director of Internet
Marketing and Development of the Company.
99.2 Press release, dated October 11, 1999, announcing that
Patrick Doyle has joined the Company as its new Chief
Financial Officer.
- --------------------------------------------------------------------------------
EXHIBIT 99.1
FOR IMMEDIATE RELEASE
CONTACT: ILENE GRIFEN RICK KAPLAN
(561) 266-6180 (561) 266-6128
TRAVEL SERVICES INTERNATIONAL
APPOINTS TIMOTHY COLEMAN
SENIOR VICE PRESIDENT OF TECHNOLOGY AND OPERATIONS
DELRAY BEACH, FL -- (September 28, 1999) -- Travel Services International, Inc.,
(Nasdaq: TRVL), today announced that Mr. Timothy Coleman has joined the company
as Senior Vice President of Technology and Operations. John DeLano, also a
Senior Vice President, will now focus primarily on the Company's Internet
Operations and 1-800-FLYCHEAP, its domestic air consolidator.
Mr. Coleman is an experienced travel industry executive with an extensive
background in travel distribution, technology, and database and loyalty
marketing. Most of his career has been spent with United Airlines and Westin
Hotels and Resorts. Most recently, Mr. Coleman owned his own consulting firm,
working with several major hotel chains in e-commerce, distribution, and revenue
management.
At United Airlines, Mr. Coleman's positions included that of Mileage Plus
Program Director, Director of Strategic Planning, Director of Marketing Planning
and Midwest Regional Sales Manager. He was also responsible for the development
and implementation of corporate strategies for route planning, electronic
distribution and loyalty marketing.
While at Westin Hotels and Resorts, Mr. Coleman was responsible for worldwide
reservations, global distribution systems, frequent guest programs, travel
industry marketing alliances, pricing, revenue management and market research.
Commenting on the addition of Timothy Coleman to the Travel Services
International team, John Balson, President and Chief Operating Officer, said:
"Tim brings us extensive experience in integrating technology and operations to
create a more effective and efficient travel marketing and distribution
business. He arrives at a time when the Company is completing the development,
and operational implementation, of its state-of-the-art air and cruise
technology programs. Tim will also be a key player in building the Company's
Internet rental car and cruise
<PAGE>
brands."
Also today, the Company announced the appointment of Mr. Malcolm Bybee as
Director of Internet Marketing and Development.
Mr. Bybee has had a long and successful career in traditional and relationship
marketing and interactive services. He has served as the Planters Marketing
Director for Standard Brands, Senior Vice President Account Management of Kenyon
& Eckhardt, Senior Vice President Strategic Planning at DMB&B, Executive Vice
President of Burson-Martseller, and President of his own consulting company,
Ipswich Group.
"Mal brings us a keen intellect and significant experience. He understands how
to evaluate marketing opportunities and focus on major points of conceptual
advantage. He also has had substantial interactive marketing and Internet
experience that will be most helpful as Travel Services International ramps up
its two e-commerce businesses. Having worked with Mal in the past, I like the
fact that he can find competitive advantage and quickly turn it into action,"
said Mr. Balson.
Travel Services International is a leading specialized distributor of travel
products including cruise vacations, vacation packages, domestic and
international airline tickets and European auto rentals, and is a leading
provider of travel services, such as electronic hotel reservation services,
specialized hotel programs and services and incentive travel programs. The
Company provides its services to both travel agents and travelers, offering a
unique combination of specialized expertise, the ability to compare options from
multiple travel providers and competitive prices.
MORE INFORMATION ABOUT THE COMPANY MAY BE OBTAINED THROUGH THE WEB SITE AT
WWW.TRAVELCO.COM
# # #
EXHIBIT 99.2
FOR IMMEDIATE RELEASE
OCTOBER 11, 1999
AT THE COMPANY: AT THE FINANCIAL RELATIONS BOARD:
- --------------- ---------------------------------
JOSEPH VITTORIA DOUG DELIETO NICOLE INNARELLA MARTY GITLIN
CHIEF EXECUTIVE OFFICER (GENERAL INFO.) (ANALYST INFO.) (MEDIA INFO.)
(561) 266-0860 (212) 661-8030
TRAVEL SERVICES INTERNATIONAL ANNOUNCES
NEW CHIEF FINANCIAL OFFICER
DELRAY BEACH, FL -- (OCTOBER 11, 1999) -- Travel Services International, Inc.
(Nasdaq: TRVL) announced today that Patrick Doyle has joined the Company as its
Chief Financial Officer, replacing Jill Vales who held the position since the
Company's initial public offering in July, 1997. Ms. Vales resigned her position
in order to devote full time over the next year to her family and other personal
interests.
Patrick Doyle has served for the past 10 years as Senior Vice President and
Chief Financial Officer of Effjohn North America, a multinational firm and
subsidiary of Neptun Maritime, whose businesses included the operation of two
cruise lines. Mr. Doyle has significant experience in financial planning and
analysis, contract negotiations and reporting and accounting systems. He is a
certified public accountant and previously served as a senior manager at KPMG.
Joseph V. Vittoria, Chief Executive Officer, commented: "The Company's
fast-growing call center and Internet leisure travel business requires continued
sophisticated financial planning and analysis. Patrick Doyle's financial
experience and analytical skills, along with his travel industry background in
the cruise business, make him an excellent selection as Chief Financial Officer
for the Company. We are very pleased to have Pat join us and expect that he will
be a strong addition to our executive management group.
"After marking the 20th year in her successful finance career, Jill Vales
advised me this summer that she planned to leave the Company. We appreciate the
leadership and financial acumen Jill provided the Company during its start-up
and formative years and her continued support throughout the executive search
process," Mr. Vittoria added.
Ms. Vales commented: "The past two years at Travel Services International have
been very challenging and rewarding. I am proud of the accomplishments of the
Company's finance and human resources teams, and I wish the Company continued
success." Ms. Vales will remain with the Company for a brief transition period.
Travel Services International is a leading specialized distributor of travel
products including cruise vacations, vacation packages, domestic and
international airline tickets and European auto
<PAGE>
rentals, and is a leading provider of travel services, such as electronic hotel
reservation services, specialized hotel programs and services and incentive
travel programs. The Company provides its services to both travel agents and
travelers, offering a unique combination of specialized expertise, the ability
to compare options from multiple travel providers and competitive prices.
MORE INFORMATION ABOUT THE COMPANY MAY BE OBTAINED THROUGH THE WEB SITE AT
WWW.TRAVELCO.COM
