LONDON — (Marketwired) — 07/30/13 — InterActive Leisure Systems Inc. (OTC Pink: IALS) (“IALS”) is pleased to announce that the company has entered into an agreement to acquire Tech 7 Systems, Inc. (Tech 7), a leader in the leisure travel technology field. Financial terms of the deal were not announced.
Tech 7 was founded in 1983 in Portland, Oregon USA and was at one time the largest provider of travel technology systems to the wholesale leisure market in North America. The company owns the rights to two leisure travel enterprise software systems; Speedres, a legacy Unix based system and Avocet, a Microsoft SQL based system for small to medium sized travel organizations. Tech 7 also has the worldwide rights to market Tech 7 NG, an Oracle based system, which is designed for larger travel organizations as well as for tourist and visitor bureaus. Both Avocet and Tech 7 NG are “cloud” based systems.
Tech 7 has installed its systems in over 200 travel companies over the years and had revenue of over US$700,000 in 2012. The company recently completed work on its Avocet system and has sold it to two travel wholesalers in the past six months.
In a related transaction IALS has agreed to acquire T7 Acquisitions, Ltd. (T7), the company that owns the rights to the software system known as Tech 7 NG (a/k/a First CLASS). T7 acquired Tech 7 NG from Intrasoft International S.A., a subsidiary of Intracom Holdings, S.A., (INTRK.AT), a publicly traded Luxembourg based Software Company, in 2012. Intrasoft had developed the system, which it called First CLASS, at a cost of over US$20 million. In 2011 Intrasoft decided to exit the travel technology field and focus on its core lottery and government systems businesses leading to the sale of First CLASS to T7. T7 in turn licensed the software to Tech 7. In addition to the wholesale travel software system, T7 also owns and IALS is acquiring a venue ticketing system, also called First CLASS, which allows organizations to sell tickets to events in stadiums, auditoriums and concert halls. It is currently used by the Olympiacos professional football (soccer) team and EPO, the Hellenic Football Federation.
With the dual acquisitions, IALS will own three leisure travel software systems and a customer base primarily located in the US and Europe but with some installations in Canada and South Africa. IALS has also taken the first step in its plan to operate three distinct businesses using the same software platform.
Interactive Leisure Systems Inc. is a technology company specializing in the global travel industry. The company intends to purchase an enterprise software platform for the marketing, sale and management of travel products and to use this platform to operate three distinct businesses. More information is available on the company-s website at .
Forward-Looking Statement:
This news release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995 — forward-looking statements concerning plans, objectives, goals, strategies, future events of performance and underlying assumptions and other statements which are other than statements of historical facts. These statements are subject to uncertainties and risks including, but not limited to, product and services demand and acceptance, changes in technology and in economic, political and regulatory conditions and to all of the risks generally associated with a company at InterActive Leisure Systems Inc.-s stage of development. All such forward-looking statements, whether written or oral, and whether made by or on behalf of the company, are expressly qualified by these cautionary statements. In addition, the Company disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date hereof.
Contact Info:
InterActive Leisure Systems, Inc.
A113 Enterprise House, Bassingbourn Rd.
Stanstead Airport
Essex, ENG CM241QW
United Kingdom
+44(20) 8749 2018
Website:
Email:
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