Online Travel Corporation PLC
20 November 2000
Online Travel Corporation Plc
Acquires Viva To Assist In Further Expansion Across Ireland
Online Travel Corporation plc ('OTC') has acquired Viva Travel Dun Laoghaire
Limited ('Viva') via a wholly owned Irish subsidiary for a consideration of IR
£184,000 (UK£140,000) - payable in cash of IR£156,400 and 52,626 ordinary
shares of Online Travel Corporation plc.
Viva is a fully licensed travel agency based in Dublin, and will shortly
change its trading name to the 'Online Travel Company'. Viva will initially
focus on providing a higher level of local support and service to existing OTC
clients including Unison Travel, the Independent News and Media's Internet and
digital portal in Ireland. Viva will also use OTC's technology to offer
e-travel solutions and services to ISP's and corporate organisations in
Ireland.
Viva's profits after tax for the year ended 31st October 1999 amounted to IR£
4,600 (£3,500) on a turnover of IR£2,470,000 (£1,860,000), and net assets at
that date were IR£67,700 (£51,700).
David Plunkett, the Managing Director of OTC's operations in Ireland, will be
responsible for growing OTC's travel business in Ireland with strategic
partners and by acquisition.
Commenting on the expansion of OTC in Ireland, Mark Jones, Managing Director
of OTC, said:
'Viva will facilitate an accelerated roll-out of our proven travel technology
in the Irish market. Ireland has become a major location for hi-tech companies
and is an ideal community for OTC to offer its integrated multi-channel travel
solutions.'
The expansion of OTC in Ireland comes rapidly after the recent announcement of
OTC's acquisition of 50% of Breakaway in Australia.
For further information, please contact:
OTC
Mark Jones, Managing Director Tel: 00 44 (0) 20 8255 2247
Robert Falkner, Finance Director
Buchanan Communications Tel: 00 44 (0) 20 7466 5000
Nicola How / Isabel Petre
- 2 -
Notes to Editors:
Online Travel Corporation plc
OTC is an Internet based 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 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 47 travel sites with Strategic Partners in 9 months - 35
within leisure travel, 6 within corporate travel and 6 within concession
travel. This has increased OTC's potential customer base to over 10 million
online users.
OTC is quoted on the Alternative Investment Market of the London Stock
Exchange, having been admitted in June of this year after raising £6.5
million. Additional information is available at
www.onlinetravelcorporation.com
20 November 2000
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