SAUSALITO, CA--(BUSINESS WIRE)--Sept. 25, 2006--Triton Distribution Systems, Inc. (OTCBB: TTDS), a next generation web-based travel distribution service provider, announced today the successful completion of a private placement of 3,450,000 shares of its common stock to Al-Deera Holding (KSE: ALDEERA), a Kuwait-based shareholding company. Concurrently, Triton closed a private placement offering of 287,500 shares of its common stock to Univest Consultancy Group, a Kuwait-based investment consulting company. The offerings resulted in gross proceeds of approximately $3 million U.S. dollars.
Triton also signed an exclusive distribution agreement with Univest covering the Middle East and North Africa (MENA), South Africa and Sri Lanka regions. Under the terms of the agreement, Univest will market Triton’s web-based travel solutions and systems leveraging its strategic relationships with a number of key market players including IFA Hotels & Resorts (KSE: IFAHR), which has properties managed by world-renowned hotel chains such as Starwood, Kempinski, Movenpick, Fairmont, Sun International and Four Seasons. It also maintains strategic partnerships with global industry leaders such as Kingdom Hotel Investments, Istithmar, Mooreland Properties, RCI (division of Cendant Group) and United Investments Portugal. Univest’s other strategic relationships with global companies such as U.S. Helicopter, a U.S.-based helicopter airline, will also reflect positively on this new deal.
“Triton is a perfect addition to our consortium,” commented Mr. Khaled Magdy El-Marsafy, Al-Deera Holding’s General Manager and Univest Group’s Vice Chairman and Co-Founder, adding that the distribution agreement came at an opportune time. “The tourism and travel industries in the MENA region have been growing at an accelerating rate, exceeding the prevailing global averages in terms of passenger traffic and aircraft movement by around 30%-40%. The agreement will, thus, allow us to tap into the opportunities presented by this niche market, offering in the process price-competitive solutions that will help reshape the travel industry at the distribution systems level,” said El-Marsafy.
Finally, Mr. Abdulwahab Ahmad Al-Nakib, Chairman and MD of Al-Deera Holding and Chairman and Founder of Univest Group, said that “the decision to invest in Triton reflects our confidence in the company’s market potential especially given its price-competitive solutions.” While offering a user-friendly scalable distribution system, Triton allows the travel industry to reduce distribution cost by 75%. “This is definitely a great incentive given the global travel industry’s declining returns and rising costs,” Al-Nakib noted.
“We are excited about the prospects for our collaboration with Al-Deera and Univest, and expect that this relationship will be mutually beneficial,” said Mr. Gregory Lykiardopoulos, Chairman and CEO of Triton. “The companies’ global reach, reputation and diverse portfolio are the sort of qualities we look for in all our strategic partners.”
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 Al-Deera Holding
Al-Deera Holding is a Kuwait-based shareholding company that transacts a range of business activities including ownership of shares in Kuwaiti and foreign shareholding companies, acquisition of properties and buildings, acquisition of industrial rights and related intellectual property, the extension and loans to companies in which it owns an equity share. The company’s transnational alliances, strategic investments and diversified portfolio has helped position it as an investment market leader. By expanding its operations beyond the MENA region, to Europe and the U.S., the company has been able to enhance its leverage power in major infrastructural projects. Visit Triton on the web at www.aldeeraholding.com.
About Univest Consultancy Group
Univest Consultancy Group is a multi-disciplined financial consulting firm with leading practices in venture capital and private equity, asset management, advisory services and strategic research. Since its inception, Univest has adopted an expansion strategy focused on forging alliances with well-established international banks and institutions across different business spectrums to consolidate its global market presence and tap into unique investment opportunities. Visit Univest on the web at www.univestgroup.com.
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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