Uniglobe.com Inc. today announced that it will seek to outsource its travel fulfillment and website operations. The Company has laid off 10 of its 20 employees today.
Board of Directors has concluded that the Company’s existing business model will not achieve positive cash flow prior to the Company`s current cash reserves being depleted. Uniglobe.com disclosed in its 2001 audited financial statements that it had sufficient operating capital only until the end of 2002. If a deal is not struck to outsource its travel fulfillment and website operations to a partner, then Uniglobe.com may be forced to cease operations.
Uniglobe Travel (International) Inc. is the largest stockholder of Uniglobe.com but due to the separate operations of each company, these events will have no operational or financial impact on UNIGLOBE Travel International or its global travel agency franchise system going forward.
In additional news, Uniglobe.com announced that Michael Hagerman has resigned his position as a Director of the Company.
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