Key Developments For Travelzoo Inc
Travelzoo Inc (TZOO.O) (Nasdaq)
Travelzoo Inc. to Sell Asia Pacific Division
Travelzoo Inc. announced its intention to sell its Asia Pacific division. In connection with its plan to sell its Asia Pacific division, Travelzoo has signed a non-exclusive letter of intent and non-binding term sheet ("LOI") to sell substantially all of the division`s assets to a company to be formed by Travelzoo`s non-executive chairman, founder and majority stockholder, Ralph Bartel. Under the terms of the non-exclusive LOI, Travelzoo can solicit alternative offers for the Asia Pacific division and enter into negotiations for a more favorable offer. Under the terms of the LOI, should Travelzoo sell the division to Mr. Bartel`s company, Travelzoo would receive a cash payment at closing along with an option to re-acquire the divested operations at fair market value sometime in the future. As part of the transaction, Mr. Bartel`s company would receive limited licenses to portions of the company`s intellectual property to support its operation of the Asia Pacific assets as part of a standalone company. Travelzoo`s new Fly.com business is not part of the proposed transaction.
Travelzoo Inc. Purchases Fly.com Domain Name for $1.8 Million
Travelzoo Inc. announced that it has purchased the Internet domain name fly.com for $1,760,000 in cash. Travelzoo intends to use this domain name for a new information Web site to be launched in February.
Travelzoo Inc. Names Holger Bartel As Chief Executive Officer
Travelzoo Inc. announced that it has named Holger Bartel, as Chief Executive Officer effective October 1, 2008. The Company's current Chief Executive Officer, Ralph Bartel, will continue to serve as Chairman of the Board.
Travelzoo Inc. Announces Takeover Talk-Reuters
Reuters reported that Travelzoo Inc. may be the target of a takeover bid by Priceline.com Inc.
Travelzoo Inc. Announces Share Repurchase Program
Travelzoo Inc. announced that it has authorized the repurchase of up to one million of the Company's outstanding common shares. Purchases may be made, from time to time, in the open market and will be funded from available cash. The number of shares to be purchased and the timing of purchases will be based on the level of Travelzoo's cash balances, general business and market conditions, and other factors, including alternative investment opportunities.
