VANCOUVER, BC, Feb 01, 2006 /PRNewswire-FirstCall via COMTEX News Network/ — VRX Worldwide Inc. (TSX-V: VRW) through its wholly-owned subsidiary VRX Studios Inc. (“VRX”) has signed a three-year content licensing agreement with Sabre Holdings Corporation (NYSE:TSG) to provide VRX’s archive of hotel, cruise, and destination visual content for use on its affiliates’ points of sale including www.travelocity.com, www.lastminute.com and the World Choice Travel affiliate network.
According to Josh Feuerstein SVP and Hotel Segment Manager for Sabre Holdings, “We are focused on offering a great travel experience and being champions for our customers, whether it is during the planning process or when travelers are on their trip. VRX offers rich, dynamic, visual content that complements our comprehensive content strategy and helps travelers make more informed purchasing decisions.”
The travel industry is continually challenged to provide consumers with a consistent and reliable view of destinations, hotels, and cruise ships. This challenge is faced by both travel suppliers and intermediaries alike. VRX’s Hotel Program addresses the needs of both of these groups as it provides high quality coverage of all the amenities and room types offered by each hotel in its archive and manages the distribution of the content, to both suppliers, such as hotels, and intermediaries, such as Travelocity, from one central distribution point. VRX’s hotel content is certified as being accurate and up-to-date by each hotel prior to distribution. This approach, from end to end, ensures that consumers can easily and effectively research and compare the accommodations and amenities offered by each hotel and as a result make confident booking decisions. VRX’s coverage of each hotel includes high quality, web-friendly virtual tours, still images, interactive maps, and textual descriptions.
“Meeting the expectations of consumers is paramount to the success of any business,” stated David MacLaren, President and CEO of VRX. “Working with a global leader such as Sabre Holdings to address the content challenges faced by the travel industry as well as those faced by consumers is a tremendous opportunity. We look forward to working with Sabre Holdings and its many business entities to not only meet but exceed the visual content expectations of travel consumers.”
In addition to the licensing agreement, Sabre Holdings will also make a minority investment in VRX, in the form of a convertible debenture with a face value of One Million One Hundred Thousand Canadian Dollars (C$1,100,000). Sabre Holdings will also receive performance warrants which will entitle Sabre Holdings to acquire shares of VRX. The performance warrants will vest subject to certain performance criteria under the commercial agreement. The convertible debenture and performance warrants will each have a variable exercise price which cannot be less than $0.28. These funds will help VRX accelerate the growth of its Hotel Program, which currently includes over 1,000 hotels.
More information regarding Sabre Holdings’ investment will be available from its required filings pursuant to applicable securities legislation.
About Sabre Holdings
Sabre Holdings connects people with the world’s greatest travel possibilities by retailing travel products and providing distribution and technology solutions for the travel industry. Sabre Holdings supports travelers, travel agents, corporations, government agencies and travel suppliers through its companies: Travelocity, Sabre Travel Network and Sabre Airline Solutions. Headquartered in Southlake, Texas, the company has approximately 9,000 employees in 45 countries. Full year 2004 revenues totaled $2.1 billion. Sabre Holdings, an S&P 500 company, is traded on the NYSE under the symbol TSG. More information is available at http://www.sabre-holdings.com.
About VRX
VRX Studios, a wholly owned subsidiary of VRX Worldwide Inc. (www.vrxworldwide.com), is the world leader in producing and syndicating high quality, web-ready visual content that educates, inspires, and compels travel consumers. Leading travel brands like Carnival, Hyatt, Virgin Holidays, Priceline.com, Southwest Vacations, and many more rely on VRX’s stunning visual content to educate and engage existing and potential customers. Each month, millions of consumers interact with VRX’s destination and hotel content in their search for the perfect vacation. To find out more about VRX Studio’s products and services, visit www.vrxstudios.com
VRX Worldwide Inc.
per: "David MacLaren"
David MacLaren
President and CEO
Statements in this release that are forward-looking statements are subject to various risks and uncertainties. When used in this document, the words such as “could,” “plan,” “estimate,” “expect,” “intend,” “may,” “potential,” “should,” and similar expressions, are forward-looking statements. The risk factors that could cause actual results to differ from these forward-looking statements include, but are not restricted to, operational risk, financial risk, commodity risk, currency risk and other statements that are not historical facts.
The securities offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any State in which such offer, solicitation or sale would be unlawful.
The TSX Venture has not reviewed and does not accept responsibility for
the adequacy or accuracy of this release.
SOURCE VRX WORLDWIDE INC.
VRX Worldwide Inc.: Investor Relations, Barry Girling, 1 (877) 688-2321, wbg@vrxworldwide.com; Sabre Holdings: Dan Toporek, (415) 932-1163, dan.toporek@sabre-holdings.com, www.sabre-holdings.com; Renmark Financial Communications: Jason Roy, jroy@renmarkfinancial.com; Barry Mire, bmire@renmarkfinancial.com; Media, Cynthia Lane, clane@renmarkfinancial.com, (514) 939-3989, www.renmarkfinancial.com
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