FOR IMMEDIATE RELEASE Contacts: James Forte
--------------------- Vicki Banner
KeatingPR
973-376-9300
[email protected]
[email protected]
TRAVELNOW.COM INC. RETAINS FINANCIAL ADVISOR
--------------------------------------------
SPRINGFIELD, MO, Nov. 29, 2000 -- TravelNow.com Inc. announced today that its
Board of Directors has retained Legg Mason Wood Walker, Incorporated to assist
the Company in exploring strategic alternatives that may be available to the
Company to maximize shareholder value. Such strategic alternatives may include a
potential sale of the Company, asset sales, new equity partners, joint ventures
and/or additional financing.
Jeffrey A. Wasson, the Company's Chief Executive Officer, said, "TravelNow
continues to enhance its position as one of the leading online travel
businesses, and we are committed to the continued implementation of our business
plan. Our financial results continue to be strong and our business is producing
sufficient cash to fund our needs for the foreseeable future. However, in light
of the ever-changing competitive landscape in the online travel business, we
believe that it is prudent at this time to evaluate the strategic alternatives
that may be available to enhance shareholder value."
The Company emphasized that there is no assurance that the strategic review will
lead to any transaction and it is committed to its continued independent
operation if no strategic alternative is identified. The Company has no present
intention of changing its current operations or reducing its work force.
About TravelNow
---------------
Launched in 1995, TravelNow (NasdaqSC: TNOW) was among the first real-time hotel
reservation services on the Internet. TravelNow was the first Internet travel
site to provide consumers with the capability to initiate a wireless hotel
reservation and was ranked #1 for online hotel bookings by Top9.com in October
2000. Through its system of affiliates, TravelNow provides competitive rates for
more than 40,000 hotels in 5,000 cities and 140 countries. The company offers
discounts of up to 65 percent on over 700 hotels in almost every major city and
up to 40 percent on over 7,000 hotels around the world. In addition, TravelNow
facilitates car, air and cruise reservations at www.travelnow.com. For investor
relations or press information please visit http://investor.travelnow.com or
contact James Forte or Vicki Banner at KeatingPR at 973-376-9300.
Information in this press release contains forward-looking statements that
involve risks and uncertainties that might adversely affect the Company's
operating results in the future to a material degree. Such risks and
uncertainties include, without limitation, the ability of the Company to raise
capital to finance the development of its software products, the effectiveness
and the marketability of its services, the ability of the Company to protect its
proprietary information, and the establishment of an efficient corporate
operating structure as the Company grows. These and other risks and
uncertainties are presented in detail in the Company's Form 10-KSB, which was
filed with Securities and Exchange Commission on October 12, 1999. This
information is available from the SEC or the Company.
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