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Travel Agents

 December 21, 2001 Makes Further Cost Cuts

 In keeping with many companies' cost saving efforts in the travel industry, online travel leader and cruise specialist, Inc. has laid off an additional 7 percent of its staff and will implement a 15 percent pay cut to all employees starting January 1, 2002. In addition to these actions, the Company has or is in the process of re-negotiating furniture and equipment leases as well as other supplier contracts in order to reduce its monthly expenses. "The restructuring or merging of several of our departments, the layoffs and salary cuts, and the opportunity to re-negotiate several contractual obligations will help us reduce our costs by between US$900,000 and US$1.1 million per year. These moves are consistent with our plans to preserve as much of the cash we have in the bank as possible in an effort to provide enough time to get to profitability," said Christopher Charlwood, President and Chief Operating Officer of