Invicta Group Inc. Announces Definitive Agreement Signed With Extraordinary Vacations Group
Monday September 3, 1:00 am ET
FT. LAUDERDALE, FL--(MARKET WIRE)--Sep 3, 2007 -- Invicta Group Inc. (OTC BB:IVGR.OB - News) announced today the company has signed a Definitive Agreement to merge with Extraordinary Vacations Group located in Ft. Lauderdale, FL.
Extraordinary Vacations Group and Invicta Group Inc. have signed a Definitive Agreement between the companies. The merger will be a stock-for-stock transaction, completed when the first round of equity funding is raised; estimated in 30 days, with the second round to be raised 30-45 days later; totaling $5,000,000.
The use of funds will be to pay off debt, increase marketing of respective subsidiaries, and increase working capital in an effort to implement the consolidated business plan.
Extraordinary Vacations Group (EXVG) and Invicta Group Inc (IVGR) both specialize in the Travel Industry. EXVG owns several subsidiaries including: Cruise Shoppes -- a Fort Lauderdale-based cruise consortium of 180 travel agencies that generate approximately $80 Million cruise and vacation sales annually; The Travel Magazine -- the world's largest and longest running series of over 160 travel shows, and boasting of several new contracts with Corporations such as CNN Airport and Voice of America; and Attaché Concierge Services -- a Toronto-based high end travel agency. The company has recently expanded its travel offerings and expertise to include "private label" affinity marketing solutions.
Bill Forhan, CEO of Invicta, states: "The new Invicta will continue to focus on the media and marketing reach of travel products to consumers, travel agents, and travel suppliers. We will use operational and marketing synergies of both companies to increase revenues and profits of the merged companies. This merger is the logical next step that creates substantial value for stockholders of both IVGR and EXVG, and it will benefit customers with new expanded service capabilities."
