Online Vacation Center Holdings Corp. Announces Execution of Definitive Agreement to Sell Assets & Liabilities of Two Wholly ...
October 22 2009 - 3:00PM
Business Wire
Online Vacation Center Holdings Corp. (OTCBB:ONVC) announced
today the execution of a definitive agreement (the “Agreement”) to
sell the assets and liabilities arising from customer travel after
November 2, 2009 of its wholly owned subsidiaries, La Tours and
Cruises, Inc. (“La Tours”) and Thoroughbred Travel LLC
(“Thoroughbred”) to West University Travel LLC, a Texas limited
liability company (“West University”). The principal members of
West University are Ray Schutter, President of La Tours and
Thoroughbred, and Cecilia Schutter. Pursuant to the Agreement, Mr.
and Mrs. Schutter will return 50,000 restricted shares of the
Company’s common stock and forgive the Company’s $100,000 note
issued to the Schutters in conjunction with the Company’s
acquisition of La Tours on January 3, 2007. Upon consummation of
the Agreement, Mr. Schutter will resign as President of La Tours
and Thoroughbred and the Company will retire the 50,000 shares of
its common stock. Thoroughbred Travel LLC was acquired by the
Company on September 26, 2006.
Edward Rudner, CEO of Online Vacation Center Holdings Corp.
said, "While we are grateful and appreciative of the significant
contributions made by Ray and Cecilia Schutter, this transaction
allows us to focus on our complementary business lines of Dunhill
Vacations and Online Vacation Center."
About Online Vacation Center Holdings Corp.
Online Vacation Center Holdings Corp. is a Florida holding
company, focused on building a network of diversified vacation
marketers with a wide range of products that can be cross-sold to
an extensive customer base. Online Vacation Center Holdings Corp.
is one of the country's largest cruise retailers. Its portfolio of
travel companies, including Online Vacation Center, Dunhill
Vacations News and Curves Travel, allows customers to research,
plan and purchase a vacation. The Company, based in Plantation,
Florida, has been in business for over 30 years and became publicly
traded in March 2006. Additional information can be found at
www.onlinevacationcenter.com.
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