Crystal Capital investment, Crystal International makes key acquisition.
Morristown, NJ: August 23, 2006.
Crystal International Travel Group (OTCBB: CINT) (http://www.crystalitg.com) announced today that it has consummated the purchase of JRM, Inc. d/b/a/ The Travel House. The Travel House (http://www.trvlhouse.com) is a traditional travel agent which provides transportation, lodging and packaged vacations to both consumers and corporations via group, meeting and incentive travel services, serving central New Jersey and the greater New York metropolitan area.
"We are very excited about the purchase of the business, and the fact that Janet Coward, founder of the company will be staying on to help lead us into the future," stated Fabrizzio P. Busso-Campana, CEO of Crystal International. According to Busso-Campana, the acquisition serves several key functions in realizing the parent company’s business plan. "The Travel House gives us a solid home to build out our packaged travel product line, which we intend to launch in a few weeks beginning with travel originating from the west coast to Hawaii and Mexico. The Travel House will also serve as the core of our Home Based Agent and Home Based Travel Planner distribution channels. Finally, it will be our national fulfillment center and clearing house for current and future travel products," he explained.
"We believe that in joining Crystal International we will be able to take a traditional travel business and rise above the fray to not only compete in this tough agent environment, but become a national travel services provider with 21st century product," former owner Coward said. "After years watching our business challenged by the virtual elimination of commissions, Crystal provides the skills to help us package our own vacation product, create new distribution channels, and bring to market innovative new travel products."
Specific details about the purchase, including price, were not disclosed.
Safe Harbor Statement This press release contains forward-looking statements, which are made pursuant to the Safe-Harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect the views of Crystal International Travel Group, Inc. s (the "Company") management regarding current expectations and projections pertaining to future events and are based on currently available information. These forward-looking statements involve a number of risks and uncertainties, including the ability of the Company to build out its packaged travel product line, its ability to develop its Home Based Agent and Home Based Travel Planner distribution channels, its ability to become a national travel services provider, its ability to create new distribution channels and other factors described in the Company's respective filings with the Securities and Exchange Commission. Other unknown or unpredictable factors also may have material adverse effects on Crystal’s business, financial conditions and results of operations. Accordingly, readers should not place undue reliance on these forward-looking statements. The use of words such as anticipates, estimates, expects, is in process, intends, plans and believes, among others, generally identify forward-looking statements; however, these words are not the exclusive means of identifying such statements. In addition, any statements that refer to expectations, projections or other characterizations of future events or circumstances are forward-looking statements. These forward-looking statements are inherently subject to uncertainties, risks and changes in circumstances that are difficult to predict. The Company is not under any obligation and does not intend to publicly update or review any of these forward-looking statements, whether as a result of new information, future events or otherwise, even if experience or future events make it clear that any expected results expressed or implied by those forward-looking statements will not be realized.
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Company Contact:
Peter Dugan
Crystal International Travel Group, Inc.
2160 Headquarters Plaza
Morristown, New Jersey 07960
Tel.:(973) 644-3400
Fax:(908) 349-3043
pdugan@crystalitg.com
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