Press Release
SOURCE: inTRAVELnet.com inc.
February 7, 2001
VANCOUVER, British Columbia -- inTRAVELnet.com inc. (OTC Bulletin Board: ITVRF) announces that it set a new monthly
Travel Club membership sales record in January 2001. A total of $2,102,692 CAD in new Travel Club memberships were
sold, up 45% from the same period last year when sales reached $1,446,352.
Of the $2,102,692 in recorded Travel Club membership sales in January 2001, the Company received $1,313,549 in
deposits during the month of January, and the balance of $789,143 was financed by inTRAVELnet.com through in-house
notes receivable. The average interest rate of these notes is prime plus 5%, and the payments are received monthly.
For all of 2000, the Company recorded sales of $17,488,286 in Travel Club membership sales, $10,712,397 of which
was received in deposits and the remaining $6,775,888 is being collected through in-house notes receivable.
For the 13 months from January 1, 2000 until January 31, 2001, memberships increased 93%, from 5,576 members to
10,741 members. The members pay a monthly fee of $15, which is received by the Company on the fifteen day of each
month.
``We expect Travel Club membership sales to exceed $26 million in 2001, and collateral travel bookings from members
to exceed $12 million'', said Dan Clozza, President & CEO, inTRAVELnet.com.
Separately, inTRAVELnet.com announced that pursuant to its previously announced settlement agreement with stox.com
(see November 9, 2000 press release), it has retired to treasury a total of 2,000,000 shares of its common stock.
The Company has substantially reduced its outstanding shares; it has a total of 14,422,608 common shares outstanding
as of January 31, 2001.
About inTRAVELnet.com
inTRAVELnet.com is a rapidly growing leisure travel and information services company that is preparing to launch
an innovative e-commerce Web site catering to the $6.1 billion timeshare resort market. Current operations include:
a rapidly growing international Travel Club with over 10,741 members in North America linked to the Company's network
of thousands of participating resorts and other travel service providers; a luxury houseboat Vacation Club providing
vacation intervals to its members; and a fleet of luxury houseboats used to service the Vacation Club. inTRAVELnet.com
common stock is traded on the OTC Bulletin Board under the symbol ITVRF.
Web site: http://www.intravelnet.com
The Private Securities Litigation Reform Act of 1995 provides a ``Safe Harbor'' for forward-looking statements.
Certain information included in this press release, as well as information included in oral statements or other
written statements made or to be made by the Company contains statements that are forward-looking, such as statements
relating to anticipated future revenues of the Company and success of current product relating to anticipated future
revenues of the Company and of current product offerings. Such forward-looking information involves success, important
risks and uncertainties that could significantly affect anticipated results in the future and, accordingly, such
results may differ materially from those expressed in any forward-looking statements made by or on behalf of the
Company. For a description of additional risks and uncertainties, please refer to the Company's filings with the
Securities and Exchange Commission.
The Company's revenues, sales, projected revenue and/or sales are stated in Canadian dollars unless stated otherwise.
That portion of revenue from members, which entitles them to use the Company's vacation privileges at a future
date, is deferred as unearned membership sales and dues and is recognized in income evenly over the life of the
member's entitlements.
SOURCE: inTRAVELnet.com inc.