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Triton Distribution Systems Signs Agreement with China International Travel Service; Partnership Between Triton and CITS Opens Doors to, from and within China
SAUSALITO, Calif.--(BUSINESS WIRE)--Aug. 15, 2006--Triton Distribution Systems, Inc. (OTCBB:PAOI), a next generation web-based travel services distributor, has entered into an agreement with China International Travel Service (CITS), China's largest and most influential tourist enterprise group, to help bolster China's rapidly growing travel industry.
Triton's web-based travel distribution and procurement solutions will enable 70,000 travel agents and tour operators around the world to book and sell complete itineraries within China. With a network of more than 1,400 agents and tour companies nationwide, CITS has hosted more than 10 million international visitors to China.
CITS and its affiliates will use Triton's ReservationExpert™ to book both international and domestic travel products. With Triton systems CITS agents will be able to create complete overseas itineraries for travelers, including both domestic and foreign segments, from any international airport in China -- an industry first.
A New Chapter in Sino-American Travel
No newcomer to the Chinese travel market, Triton chairman, CEO and founder Gregory Lykiardopoulos made history more than a quarter century ago when he helped negotiate the first regularly-scheduled flights by a U.S. airline to Beijing. He says the agreement signed with CITS marks a new chapter in the Sino-American travel industry.
"We are honored to be working with China's largest and most prestigious travel organization to bring the efficiency and economy of our Internet-based solutions to the nation's booming international and domestic travel sectors," said Lykiardopoulos. "Through our partnership with CITS, we will make travel to, from and within China readily available to more people worldwide than ever before."
According to CITS, the Chinese travel industry is experiencing rapid expansion and has become a key point of growth in the nation's burgeoning economy. The China National Tourism Administration expects 130 million overseas visitors this year, an increase of eight percent over the previous year.
"Working with partners like Triton Distribution Systems, our goal is to make CITS the premiere travel agency for both foreign and domestic travelers by developing and distributing a travel inventory that showcases the multifaceted natural, cultural and historical attractions of our vast and beautiful nation," said Mr. Hao, Ge Hua, General Manager of E-commerce. "Triton's tools and technologies will help us bring China and the rest of the world closer together."
The agreement signed by CITS and Triton comes at a most opportune time, as the Games of the XXIX Olympiad - Beijing 2008 will be hosted in the nation's capital. The Summer Olympics are expected to bring an additional two million travelers, many of them first-time visitors to China. CITS is working with Triton and other global travel companies, including American Express, to ensure that travel agencies and tour operators can efficiently package and sell compelling itineraries for foreign and domestic travelers.
About Triton Distribution Systems
Triton Distribution Systems is a pioneer in low-cost, business-to-business, Internet-based travel distribution and procurement solutions. Triton provides the electronic distribution of travel inventory from airlines, car rental companies, hotels, tour and cruise operators, and other travel vendors to travel agencies and their clients on a global basis. Triton's proprietary products and services fill crucial needs in the travel industry, and offer product, pricing, and marketing advantages. Triton has developed a broad-based suite of products, including ReservationExpert™, TritonTwist™ and Red Dragon Express™ -- the world’s first distribution gateway to the Chinese market.
About China International Travel Service
China International Travel Service (CITS) was founded in 1954. Headquartered in Beijing, it is China's largest and most influential tourist enterprise group, honorably placed as the only tourist enterprise on the list of the country's top 500 enterprises by the State Statistical Bureau. CITS has set up 14 subsidiary companies in more than 10 countries and regions overseas, and owns 20-odd stockholding subsidiaries and 122 CITS board member agencies nationwide with total assets of 5 billion yuan. The No.1 brand-name in China's tourist industry, CITS range of business includes all tourism-related services.
Snapshot: China Travel Industry Facts
Foreign visitors to China:
2005: 120 million
2006: 130 million
Revenue from foreign travelers:
2005: $29.3 billion
2010: $42.6 billion
Chinese tourists traveling abroad:
2005: 31 million
Domestic travelers with China:
2005: 1.2 billion
Domestic travel revenues:
2005: $66.3 billion
2010: $110.5 billion
Source: CITS, China National Tourism Administration
FORWARD-LOOKING STATEMENTS This news release includes forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. While these statements are made to convey to the public the company's progress, business opportunities and growth prospects, readers are cautioned that such forward-looking statements represent management's opinion. Whereas management believes such representations to be true and accurate based on information and data available to the company at this time, actual results may differ materially from those described. The company's operations and business prospects are always subject to risk and uncertainties. Important factors that may cause actual results to differ are set forth in the company's periodic filings with the U.S. Securities and Exchange Commission.
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