Online travel services provider Preview Travel, Inc. said today
that it signed a non-binding letter of intent to acquire Adventure Media, Inc., operator of Travelon.com.
The stock swap agreement calls for Preview Travel to exchange
200,000 shares of its common stock, presently valued at about $5 million, for all of Adventure Media’s outstanding stock. The deal is contingent upon approval by the respective companies’ directors and stockholders.
Boston-based Adventure Media supplies online information and reservations
for cruises, resorts, and active vacations. Its Travelon.com site provides global tours from 250 companies such as Royal Caribbean Cruise Lines, Carnival Cruise Lines, and Delta Dream Vacations.
“In Q1 ’98, vacation packages, car rentals and hotels represented approximately 20% of our total gross bookings of $35.9 million,” said Ken Orton, president and CEO of Preview Travel. “This acquisition is expected to increase our availability of resort vacations, cruises and active vacations.”
On March 24, 1998, Preview Travel signed a two-year, $4.25 million agreement with Lycos Inc. to provide Lycos users with access to Preview Travel’s content and reservations system.
