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Kurt Schemers Host - Interviews:
Kailash C. Khanna of GTREX, Inc. (bb: GRXI)

Shares O/S: 18,000,000
Float: 8,000,000 (approximately)
*52-week Range: $.333 - $5.83



(bb: GRXI)

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Cinapsys, Inc.
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Interview Information:
Interview Date: 04.26.04
Run Time: 10:55

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The Company

About GTREX, Inc.
GTREX, Inc. is engaged in the development, marketing and delivery of Internet based services for the direct distribution of travel reservations worldwide. This premiere service is aimed at lowering the costs for suppliers and distributors and is more flexible and easier to use than existing systems. Travel suppliers could save up to 75% off the cost of current distribution systems. GTREX will provide integrated and seamless web-based linkage from the supplier's reservation systems direct to the systems of their selected buyers and serve as a reservation service between them, obviating the need and cost of Global Distribution Systems (GDS).

GTREX brings direct access and cost efficiency to the provisioning of reservations among large suppliers and large buyers of travel. It decreases brand confusion and complexity of yield management caused by the profusion of numerous channels that exist currently. GTREX service will allow a large buyer to purchase from multiple sellers in a single query. Suppliers will save GDS costs, realize better brand and yield management and provide improved, segmented customer relationships. Travelers will enjoy the convenience of consolidated passenger name records when changing itineraries. GTREX web service will appeal to any travel supplier seeking to use the Internet to drive down distribution costs and protect the brand. It will benefit large buyers and buying associations who wish to harness the speed, interoperability and low cost of the Internet.

The Industry

The Growth of Online Distribution
International tourism is a multi-trillion dollar industry forecasted to rise at 7% per annum through the decade. Travel suppliers revenues are projected to grow at a similar pace, reaching close to $650 billion by 2007. To secure this business, $152 billion a year is spent on travel distribution – mostly to agents, consolidators and the GDS. (Forrester Research)

Travel distribution is moving fast from off-line to on-line in the U.S. The penetration of on- line distribution is expected to grow from 15% in 2002 to 39% by 2007. On-line distribution is expected to grow at 27.7% CAGR from 2002 to 2007 when it is expected to approach $100 billion a year. The supplier direct share of online travel distribution is expected to remain steady at 50% over this period. Online supplier direct distribution is expected to grow five fold from $10 billion in 2002 to $45 billion by 2007. (Phocus Wright historicals, CSFB estimates)

GTREX harnesses new technologies and the Internet to bring cost reduction, brand control and revenue enhancement to this fastest growing segment of travel distribution.

Travel Distribution in the Past
The worldwide travel industry today sells the majority of its products either over the telephone or electronically via the four GDS that were first established over 25 years ago. Sales over the Internet began about five years ago and represent the fastest growing channel, but still accounts for only a small minority of travel sales. Moreover, existing Internet systems such as Expedia, Travelocity or the new airline portal Orbitz still either switch through the GDS systems or offer the same product line to all buyers without any differentiation in service or availability.

GDS were originally developed by the major airlines in the mid-1970’s (before PC and Internet) as a means of selling airline travel through travel agencies. They provided significant efficiencies for both airlines and travel agencies and achieved nearly 100% penetration of the travel agency community, as travel agencies grew to represent approximately 80% of airline ticket sales on a worldwide basis. The GDS offered the travel agency a comprehensive system to shop for airline seats, compare fares and routings, book reservations and print tickets and other travel documentation for their customers.

The GDS subsequently began to enhance their services to offer electronic booking of hotel rooms, car rentals, cruise reservations and a variety of other travel related products. While achieving significant growth, these other travel lines have never secured the penetration that was achieved in the airline sector. There are enormous sectors of the travel industry such as tour operators, consolidators, ferries, cruise, rail, and other ground transportation that have little or no penetration by the GDS.

The GDS have capitalized on their market success to become highly successful businesses, enjoying many years of substantial revenue growth and strong profit margins. GDS fees now average about $4.00 per transaction. Since the average airline reservation involves three to four segments, an airline can find itself paying $12 to $16 in GDS fees per ticket issued. Because practically no significant travel suppliers with the exception of Southwest Airlines and some new airlines have had an effective alternative to participating in the GDS services the suppliers have been tied to the pricing and marketing schemes of the GDS. This has generated a great deal of concern amongst travel supplies as GDS fees now represent a significant expense line item for them. GDS travel distribution annual fees are estimated at about $6 Billion.

Travel Distribution in the Future
The Travel & Tourism Industry is under immense customer pressure to deliver more with less. Travelers are demanding that offerings be more segmented, be of highest quality with the fastest execution times and the lowest possible price. Consumer sophistication, new technologies and security regulations will force major transformation of the Industry into new collaborations among suppliers to reach customers with numerous new channels, developing new efficiencies while driving down their cost.

One of the most significant and fastest growing overhead costs is in Distribution - marketing, reservation and sale of travel products - which is based on cumbersome and expensive transaction processing. The legacy Global Distribution Systems (GDS) and the systems and networks of Travel Agents and Tour Operators have become unduly complex and labor intensive. Travel suppliers and sellers spend more than $12 billion a year alone on electronic distribution technology. Analysts and industry decision makers are agreed that the most substantial cost reduction and service improvement in Distribution will come from the use of Internet and new technologies to reduce labor expenses. Forrester Research estimates that integrated direct links would increase the profitability of a typical supplier by 10% as it diverts a third of its sales away from GDS's and directly to buyers. Over the next three years percentage of sales via direct connects is projected to increase 15-20% industry wide.

Many forces are coalescing throughout the travel supply and demand chain to lead to new Internet based solutions. At the supplier level, distribution costs are amongst the highest expenditure items for airlines, hotels, cruises and car rental companies. To reduce costs and maintain control of their own commercial destiny, suppliers are trying to bypass the GDS to sell direct to institutional buyers and selected agencies. They are looking for low cost web based solutions. They are increasingly using web-based systems for their non-distribution activities and are looking at them intensively for consumer remote connectivity. Similarly intermediaries are also increasingly seeking web based systems and applications to secure their independence, increase functionality and reduce cost.

Digital functionality, cheap computing power and universal access are converging to create major realignments in the Travel Industry as market fragmentation and profit erosion are countered with collaborative marketing alliances and reduction in distribution cost. Streamlining processes from start to fulfillment of booking and vertical integration of support processes across the travel value chain will bring new economy and agility to the distribution infrastructure. Support processes like fulfillment, settlement, inventory distribution, call center operations, profile management, back office accounting and volume agreement analysis can be aggregated and handled with the economics of high volume and expertise through specialization-- like the way payroll processing is done today.

There is a natural symbiosis between suppliers, intermediaries and end users in seeking web based distribution and a similar interest in web access and remote connectivity for the myriad of non-distribution applications. GTREX is ideally poised to step into this space as a shared system and network solution with open architecture, promiscuous interface, reduced transaction charges, ease of connectivity and continuous availability.


Kailash Khanna
Chief Executive Officer & Director
Dr. Khanna has an extensive background in information technology for the financial services and Travel Industry. He has held executive responsibilities at American Airlines, American Express, CIT and S.W.I.F.T. and latterly as president of CBSI International, a leading IT services company (Now Named COVANSYS on NASDAQ). He has a B.S. from Delhi University, a master's and doctorate in operations research/industrial management from Columbia University and is a graduate of the Harvard's International management program. Dr. Khanna has been on the Board of several private Companies and Sanchez Computer Associates, a NASDAQ company.

Tommaso Zanzotto
Chairman of the Board
Mr. Zanzotto is chairman of a UK publicly quoted company operating over 100 Internet travel brands; honorary member of The World Travel and Tourism Council; World, and member of the International advisory Committee of INSEAD International Business School in Fontainebleau, France. Mr. Zanzotto spent a 25 years career with American Express culminating as President of all international activities after having served as President Corporate Card USA, President Europe, and as General Manager in several regions. He joined Hilton International in 1993 as Chairman and CEO based in London and in 1996 started Tz associates as Chairman. Over the years, Mr. Zanzotto has served on several Boards including: American Express Bank and American Express TRS Co. in New York; Club Med in Paris; Ladbroke Plc in London; Kuoni Holding Ltd in Zurich; Travel Service International in Miami.

Ronald Lindsay
Director and Consultant
Mr. Lindsay, a co-founder of the Company, is an expert on travel distribution. Mr. Lindsay has worked and consulted with several major airlines, owned and operated a corporate/leisure travel agency, and consulted in marketing operations, advertising campaigns and multimedia project development.

Christopher Berlandier
Director and Consultant
Mr. Berlandier, a co-founder, is an experienced entrepreneur in technology and system services companies. With his rich business and information technology background, over the last fifteen years, Mr. Berlandier has initiated and led to growth of several software consulting and product development companies. As founder, CEO, CTO he led the creation and development of Secure Software Inc. that provides corporations and government entities with a portable and scalable collaborative security software solution that is efficient, cost-effective and maintenance free. Mr. Berlandier was awarded Congressional Medal of merit for Small Business Contribution to the community and was appointed to the National Business Advisory Council. Mr. Berlandier studied computer science and business administration at Long Beach State University.

Vijay Saradhi
Vice President of Technology & Operations
Mr. Saradhi is an expert in management of multiple, multi-site projects. Vijay has over 17 years experience in a broad range of IT activities including evaluating and selecting appropriate technologies, architecture, design and development, team building, full life-cycle project management, customer support management, help-desk operations and process improvement. Mr. Saradhi has held technology and operations responsibilities at Federal Reserve, Berkshire and Alpine Capital Bank, S.W.I.F.T and Unisys Corporation. Mr. Saradhi holds a Bachelors in Electronics Engineering and a Masters in Industrial Engineering from NITIE, India.

Mike Brand
Architect and Consultant
Mr. Brand has over seventeen years experience in programming, design and architecture of object-oriented J2EE applications in C++ and Java. His work associations include Price Waterhouse Coopers and Xtra Online Inc. Mr. Brand has B.A. in Physics and studied towards a PH.D. in Physics at the University of Texas at Arlington.

Company News

GTREX Adds Douglas Land of the Chesapeake Group to its Board of Directors - Thu, Apr 22 - PrimeZone Media Network

Travel Executive Tommaso Zanzotto Added to GTREX Board of Directors - Wed, Apr 21 - PrimeZone Media Network

GTREX, Inc. Completes Merger With Provider of Direct Access Reservation Systems - Thu, Apr 1 - PrimeZone Media Network


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Forward-Looking Statements
This news release may contain forward-looking statements, which involve risks and uncertainties. Accordingly, no assurance can be given that the actual events and results will not be materially different than the anticipated results described in the forward-looking statement. There are a number of important factors that could cause actual results to differ materially from those expressed in any forward-looking statements made by the Company. These factors include the Company's success in its business and operations; the activities of new or existing competitors, the ability to attract and retain employees and strategic partners, the ability to leverage intangible assets, the ability to complete new projects at planned costs and on planned schedules and adoption of the Internet as a medium of commerce, communications and learning. Investors are also directed to consider other risks and uncertainties discussed in documents filed by the company with the Securities and Exchange Commission. The Company undertakes no obligation to publicly release the result of any revisions to these forward-looking statements, which may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

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