Corporate Reorganisation for LastMinuteTravel

30th Jan 2002

Online travel service, today announced a corporate reorganization and recapitalization program that will fuel the continued growth of the Internet`s exclusive marketplace for Last Minute Travel® offers. 

Alan Greenberg, Chairman of Greenberg Ventures LLC, a venture capital firm specializing in media and entertainment services, will direct the company as its CEO and Chairman.  Greenberg, a highly regarded new media pioneer, was the founder and Chairman of Greenberg News Networks, Inc., a company sold in 1999 to Healtheon/WebMD.  Previously, Mr. Greenberg served as Publisher of Esquire where he spearheaded the magazine`s turnaround to profitability prior to its sale to Hearst Publishing.

“Today`s market fundamentals for the success of are extremely positive,” said Greenberg.  “The market for travel at the last minute continues to show significant growth and is fueled by permanent lifestyle changes that demand last-minute action.  In addition, all market trends indicate that this demand will continue throughout the decade.  We are confident that`s growing distribution, including its prominent position on America Online, coupled with the recapitalization program will launch this well-branded company to profitability in the near term,” added Greenberg. also plans to enhance both its search and transaction technologies insuring consumers find the best possible prices and largest selection for airfare, hotels, cruises, vacations and car rentals.`s new investors include global leaders in media and communications who recognize the changing landscape of travel marketing, as well as the dynamics of new and better media and marketing solutions.  Among the new investors is Vladimir Gusinsky, an international media executive, well known for his advocacy of free speech in Russia.  Gusinsky holds television and publishing interests throughout the world, including a substantial interest in Ma`ariv, one of the largest media companies in Israel, as well as broadcast properties reaching the Russian speaking markets around the globe.  Another principal investor is James Greenbaum, Jr., founder and former Chairman and CEO of Access Long Distance, a leading long distance telecommunications service.

ADVERTISEMENT to be the foundation for an expanding vertical travel network
The recapitalization of is the first step in establishing a multi-dimensional vertical online travel company, the Last Minute Travel® Network.  Greenberg plans to expand both internationally, as well as by market segment (i.e. Last Minute Travel® Golf) to build the most extensive global vertical online travel network.  “It is our objective to grow both internally and through acquisition into a major player within the growing online travel space,” added Greenberg.  “No other segment of the Internet economy is growing faster or has greater opportunity than online travel.  In addition, no single niche is more important to consumers and therefore, profitable to providers than the last minute marketplace.” founder, David S. Miranda, remains an active shareholder.  Miranda said, “I am delighted that has attracted such a renowned and committed group of new investors.  This group of new investors, coupled with the talented employees of who have helped to build the business from the ground-up, clearly have the resources to take the company to the next level.”



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