OneLink Corporation (Pink Sheets: OLNK) announced today that it has settled the California Superior Court claim and counter-claim with a lender. The OneLink balance sheet will realize a reduction of more than $6,000,000 in liabilities from the settlement agreement and previous divestiture of its Reservation Center, Inc. subsidiary.
"We are pleased to have reached an agreement that provides a substantial balance sheet improvement and clears the way to focus on restoring business operations," stated Bill Guerin, OneLink chairman and CEO. "Now that this is behind us, we can resume focus on our significant travel marketplace opportunity and the potential for explosive growth. Our shareholders should be rewarded for their patience during this past year."
The Company expects to make announcements soon concerning material financial accomplishments and to provide a view to its business strategy.
About OneLink Corporation:
OneLink Corporation (Pink Sheets: OLNK) is a provider of integrated booking and settlement processing services for travel suppliers and their distributors. Headquartered in San Francisco, the firm is the first of its kind to offer non-airline travel suppliers the ability to distribute a pre-paid product through travel agents worldwide, and to effect financial settlement through a single, online global distribution and financial settlement system. OneLink's mission is to increase the number and quality of online bookings made through global retail travel channels while improving cash flow and reducing distribution costs, ultimately resulting in lower prices for the consumer. For more information, visit http://www.onelinkcorp.com.
This press release is not a solicitation to buy or sell securities. This press release includes 'forward looking statements' as defined by the Securities and Exchange Commission (the 'SEC'). All statements, other than statements of historical fact, included in the press release that address activities, events or developments that the Company believes or anticipates will or may occur in the future are forward-looking statements. These statements are based on certain assumptions made based on experience, expected future developments and other factors the Company believes are appropriate in the circumstances. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company. Investors are cautioned that any such statements are not guarantees of future performance. Actual results or developments may differ materially from those projected in the forward-looking statements as a result of many factors, including delays in development and implementation of the Company's system, market acceptance of the new system and problems in obtaining additional financing. Furthermore, the Company does not intend (and is not obligated) to update publicly any forward-looking statements. The contents of this release should be considered in conjunction with the warnings and cautionary statements contained in the Company's filings with the SEC.
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