2 December 2002
ONLINE TRAVEL CORPORATION PLC
NEW MARKETING DEAL
Online Travel Corporation plc, (`OTC') today announces a new marketing
agreement with Worldspan Services Limited ('Worldspan') to promote OTC's new
business travel management system, Envoy.
As part of a three-year deal, Worldspan, one of the world's leading e-commerce
travel suppliers, will help promote Envoy to selected customers and incentivise
OTC to migrate new Envoy customers to Worldspan. Worldspan currently provides
approximately 20,000 travel agencies and other users worldwide with travel data
and booking capabilities.
The news follows OTC's recent announcement of the launch of Envoy, an internet
based business travel management system that enables large corporate groups or
travel agencies to manage their business travel requirements.
Commenting, Mark Jones, Managing Director of OTC, said: 'We are very pleased to
announce the marketing agreement with Worldspan, which provides an active
endorsement of Envoy. Real opportunities exist in the business travel market,
following the corrections in the sector witnessed over the last two years. The
launch of Envoy places OTC in a strong position to capitalize on our existing
market penetration and with support from Worldspan we expect this breakthrough
system to create new revenue opportunities for OTC through direct and
third-party licensing agreements.'
Worldspan has been granted warrants (the Warrants) to acquire 250,000 ordinary
shares in OTC. The Warrants, exercisable at a price of 21.25p each, vest in
three equal tranches, one third after one year, one third after two years and
one third after three years. The Warrants have been issued as a result of
Worldspan waiving certain rights in respect of Travelstore.com and to
strengthen the ongoing strategic relationship between OTC and Worldspan.
For further information, please contact:
Online Travel Corporation plc - Mark Jones Tel: 020 8607 9281
CardewChancery - Richard Fallowfield Tel: 020 7930 0777
Notes for Editors
OTC is a travel technology and distribution business, providing a comprehensive
range of technological solutions, travel products and ancillary travel services
to ISP's, Media and Affinity Groups and Corporate Organisations. It provides
bespoke technology solutions linked to its wide product range to produce a
one-stop travel service through the Internet, supported by telephone call
centres for leisure and corporate clients to fulfil their travel needs. OTC
provides a comprehensive range of travel products and ancillary travel services
and is both a travel agent and tour operator. OTC strategy focuses on low-cost
routes to market with lower customer acquisition costs compared to that of a
mass-market consumer brand and is focused on selected business areas. OTC has
launched over 100 travel sites in the last 18 months and via these partner
sites has access to a potential customer base of over 16 million online users.
OTC is quoted on the Alternative Investment Market of the London Stock
Exchange. Additional information is available at www.onlinetravel.com
Worldspan provides worldwide electronic distribution of travel information,
Internet products and connectivity, and e-commerce capabilities for travel
agencies, travel service providers, and corporations. The company's three lines
of business are travel supplier services, e-commerce, and travel
distribution for the worldwide travel industry. The Worldspan reservations
system provides nearly 20,000 travel agencies and other users worldwide with
travel data and booking capabilities for hundreds of the world's leading travel
service suppliers. Worldspan is the market leader in e-commerce for the travel
industry, processing more than 50 percent of all online travel agency bookings.
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