Media Release
Webjet Announces Share Placement With Galileo Southern Cross
4th September 2001
Webjet Limited today announced a share placement of 5 million shares at 5c per share to Southern Cross Distribution Systems Pty Ltd (Galileo Southern Cross). Commenting, Webjet's Managing Director, David Clarke, said "as already announced to the Australian Stock Exchange, Webjet earlier this year entered into a substantial technology agreement with Galileo for the provisioning of world wide airline reservations, booking management and associated ticketing arrangements."
"As part of that process our companies have been involved in a series of strategic deliberations where we have identified a number of areas of future collaboration and mutual business benefit. We have found the Galileo technology, particularly its service back up, to be of an exemplary order. In our view it has proven to be leading edge world standard and as a result we have now entered into a longer term commercial agreement."
"In order to fully underline our intent and work in a manner of a partnership where Webjet will be seeking to substantially build its business with Galileo, we have completed the above share placement. The placement is for cash, which will be applied to additional strengthening of our balance sheet".