MORRISTOWN, N.J., Nov. 30, 2006 (PRIME NEWSWIRE) -- Crystal International Travel Group (Crystal) (OTCBB:CINT) announced today various milestones it has achieved toward the launching of IntelliFares(tm).
First, IntelliFares LTD has been incorporated in the Republic of Ireland as a limited corporation and wholly owned subsidiary of Crystal. It will be operated under the direction of Peter Dugan as President and Managing Director of IntelliFares LTD. Dugan is one of the founders of Crystal and a member of its Board of Directors. As reported last summer, Mr. Dugan relinquished his operating responsibilities at Crystal so he could spend his time focused on creation of the IntelliFares LTD subsidiary and the launch of this important new brand.
Mr. Dugan has spent the bulk of the last 20 years of his career building brands and creating new products and launch programs for many of America's leading businesses, including such diverse offerings as the AT&T Prepaid Card, the Subaru WRX Impreza, the soft drink Citra for the Coca-Cola Company and Quick Collect for Western Union, among others, during his tenure as Chairman of DVC Worldwide. "We are very fortunate to have an executive of his caliber, with the breadth of knowledge and experience to be at the helm of such an important project for Crystal!" Fabrizzio Busso-Campana, Crystal's CEO is quoted. He further states, "Given the overall effort that has gone into IntelliFares, the players that are involved, the strong purchase intent score results from our market research, and the positive response that we have received in the industry, IntelliFares(tm) is poised to make an impact in the travel industry."
IntelliFares LTD has also hired Teresa Rae Hanneman from the parent company as Executive Vice President. Ms. Hanneman will relocate to Dublin to oversee the launch and operations of the brand and the ongoing build-out of the business.
Lastly, Crystal is correcting its announcement of November 19, 2006 wherein it announced that IntelliFares(tm) will be launched by the end of the month. Ms. Hanneman stated, "While we have made enormous progress and met the bulk of our milestones to launch the product, we want to be clear that we are doing a 'soft-launch' at this time. Our sales team is out pitching the product and generating sales opportunity with distributors and negotiating bulk purchase agreements of IntelliFares(tm) with the time share development community." She continued, "We will not be launching the product directly to the consumer until we complete the deployment of our web based sales and reservation system, which is slated for beta testing early in the first quarter of '07."
About IntelliFares(tm): IntelliFares(tm), "Tomorrow's Travel at Today's Prices," is a patent pending product which permits owners of vacation time share properties to lock in today's airfare at a discount to the market price and fix that price for the next five years. For a full description, see the company website at http://www.intellifares.com .
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 the IntelliFares(tm) product and generate sufficient sales of the product, finalizing the engagement with its asset management partner, and the successful completion of its distribution network, 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.