Press Release: P.Z. Resort Systems Inc.
August 23, 2002
VANCOUVER, BC -- P.Z. Resort Systems Inc. ("RSI") a leading developer of property management and reservation
systems for the hospitality industry worldwide, yesterday announced that it has entered into an agreement to acquire
the assets of RezPlus, Inc., of Portland, Oregon. The agreement is subject only to RSI's completion of due diligence
by August 23, 2002.
The purchase of RezPlus gives RSI a vacation rental unit database of approximately 14,000 properties, comprised
of nearly 55,000 rental units. Additionally, RSI receives exclusive license to the Vacation Street website, the
RezPlus name and URL RezPlus.com, exclusive right to a database of over 300 Property Managers, as well as several
Web portals.
Travel has long been the number one product bought online on the Internet but according to U.S. research magazine
PhoCusWright's Lorraine Sileo, the hot new online travel product is vacation rentals. Vacation rentals are described
as non-hotel accommodations that offer the amenities of home - kitchen, extra bedrooms, balconies, etc.
Dean Carman, Director of Sales for RSI, explained, "Property Managers using our current ASP product especially
like its ability to take online reservations from as many Web sites as they wish, all in real time. Through the
acquisition of RezPlus' Vacation Street website and additional portals we are now able to help them on the distribution
side. This added benefit will afford us the opportunity of increasing the sales of our Hotelsoft PMS."
RSI's HotelSoft for Windows is the industry's first Web-based Property Management System (PMS) offered on an ASP
basis. The ASP model offers two compelling reasons for hotels to buy HotelSoft for Windows. It is less expensive
to buy and operate than existing Legacy systems and, more importantly, given the popularity of the Internet, it
provides online reservations.
President and CEO, Peter Adam, added, "The new web portals will help us sell HotelSoft, especially to those
companies already on them. For these companies, our immediate goal is to get them using our ASP product so that
they can take online reservations. This will automate the Web sites and give RSI a recurring revenue stream through
our percentage of the gross sale on every electronic online transaction we process."
P.Z. Resort Systems Inc., has been in business since 1978. The company's Unix-based server-centric and ASP-based
systems are installed in North America, Europe, the UK and the Caribbean.
This Media Release may contain forward-looking statements, which reflect the Corporation's current expectations
regarding future events. The forward-looking statements involve risks and uncertainties. Actual events could differ
from those projected herein and depend on a number of factors including the success of the Corporation's sales
strategies.
---------------------------------------
Contact: Resort Systems Inc. Peter Adam President & CEO Phone: (604) 922-4772 x 204 Email: padam@resortsystems.ca