Press Release: inTRAVELnet.com inc.
June 4, 2001
VANCOUVER, BC -- inTRAVELnet.com inc. (OTC Bulletin Board: ITVRF; ``inTRAVELnet.com'') -- inTRAVELnet.com inc.
announces its 2000 preliminary year-end financial results.
The Company states that it has expanded its business product line in 2000, from developing, marketing and providing
travel club and houseboat vacation club memberships, to include fitness club memberships.
Travel club membership sales in the period January 1, 2001 through April 30, 2001, have exceeded $6,500,000, up
34% over the same period last year. Travel and fitness club memberships presently represent 100% of the Company's
membership sales.
For the fiscal year 2000, a total of 4,692 travel club memberships were sold, up 72% from 1999 of 2,735. The mean
average travel club membership purchase price rose 25% to $3,390 from $2,713 in 1999. Standard deviation from the
mean purchase price has broadened 52% to $1,696 compared to $1,117 for 1999.
2000 year-end sales totals were up 114% to $15,906,015 from $7,420,001 in 1999, with a corresponding revenue increase
of 114% to $5,795,142 from $2,713,545 in 1999. Gross cash flow from operations rose 107% to $13,984,084 with a
net of $940,872, compared to cash flow of $6,765,449 with a net of $1,227,728 in 1999. Loss for the Year rose 51%
to $7,819,048 from $5,183,906 in the previous year. Loss per Share rose $0.096 to $0.550 from $0.454 in 1999. There
were 13,854,608 shares outstanding as of fiscal 2000 year-end compared to 13,085,254 in 1999.
As at December 31
2000 1999
Current Assets $ 3,178,282 $ 1,325,863
Capital Assets 5,548,158 5,330,020
Total Assets 16,708,700 12,753,409
Current Liabilities 1,911,980 878,866
Deferred Revenue 14,601,560 4,768,882
Convertible Debentures 127,664 68,731
Share Capital 15,064,692 14,215,078
Shares Subscribed -- --
Deficit (14,997,196) (7,178,148)
Year ended December 31
2000 1999
Revenue $ 5,795,142 $ 2,713,545
Loss for the Year (7,819,048) (5,183,906)
Net Loss per Share (0.550) (0.454)
Note: The Company's total loss of $7,819,048 was primarily caused by deferring $14,219,541 in membership sales
revenue to future periods, as required by accounting policies. Total Assets, Deferred Revenue, Deficit, Loss for
the Year and Net Loss per Share for the 1999 fiscal year have been restated due to changes in the Company's accounting
policy.
Management believes the financial information released here will be consistent with its financial audit. This financial
information is subject to completion based on the financial audit, which management expects to file with the SEC
within the next 30 days.
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 12,000 member families 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.