MORRISTOWN, N.J., March 27, 2007 (PRIME NEWSWIRE) -- Crystal International Travel Group (OTCBB:CINT) is pleased to announce that it posted travel related revenue for the first time since it refocused its operations to emphasize travel services and its IntelliFares(tm) product and de-emphasize software related revenue sourced through its predecessor and technology subsidiary Mobile Reach International.
Revenues reported in its 10QSB filing with the Securities and Exchange Commission on March 26, 2007 for the quarter ending January 31, 2007 were $27,869 and were comprised of commissions and fees for the issuance of air tickets and resale of travel related services through Crystal's Travel House subsidiary. This compares to zero revenue for the year ago period, and as these are agency services where we do not take title to the product, the gross sales of the services of $374,402 are not reportable. "This is a positive sign, as we begin to execute the travel component of our business," stated Fabrizzio P. Busso-Campana, President and Chief Executive Officer of Crystal, "and we expect the Travel House subsidiary to break even in the next calendar quarter. With the planned addition of revenue from IntelliFares(tm), our product under development, which we expect will begin in late spring (during our fiscal second half), we believe revenues will show continued improvement."
About IntelliFares(tm)
IntelliFares is a unique travel product where Predictable Pattern Travelers (Timeshare and vacation homeowners, recurring cruisers, college students, business travelers) can purchase "five years of travel at less than today's price." The patent pending process integrates forward and bulk purchasing disciplines with financial management methodology in partnership with UBS in order to lock in a price for the consumer over a five year time horizon. It also provides a revenue share for distributors, reversing the decline in commissions available to the airline ticket distribution community.
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. The statements involve a number of risks and uncertainties, including the ability of the Company to generate sufficient sales within the Travel House subsidiary and IntelliFares, the completion of its distribution network, IT and internet assets, 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 and 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.