TIBURON, Calif., Aug. 29, 2012 /PRNewswire/ -- Triton Distribution Systems, Inc. (PINKSHEETS: TTDZ) announced today that its subsidiary company "Privileged World Travel Club, Inc." filed today a Current Report on Form 8-K with the United States Securities and Exchange Commission to report that the company has ceased to be a shell company.
Privileged World Travel Club, Inc. ("Privileged") was incorporated in Delaware on May 18, 2012 as APEX 4 Inc. ("APEX 4"). On June 6, 2012, APEX 4 filed a registration statement on Form 10 to register with the U.S. Securities and Exchange Commission (the "SEC") as a public company. The Form 10 was declared effective by the SEC on July 11, 2012.
On July 17, 2012, Richard Chiang, then the sole director and shareholder of APEX 4, appointed Gregory Lykiardopoulos, Chairman and CEO of Triton Distribution Systems, Inc. ("Triton"), as a director of APEX 4.
Subsequently, on July 18, 2012, Mr. Chiang and Mr. Lykiardopoulos entered into a Stock Purchase Agreement whereby Mr. Lykiardopoulos purchased 10,000,000 shares of common stock of APEX 4 from Mr. Chiang, which constituted 100% of the issued and outstanding shares of APEX 4 common stock. Mr. Chiang then resigned from all positions with APEX 4.
Mr. Lykiardopoulos as the sole director and shareholder of APEX 4 then appointed himself as President, Chief Executive Officer, and Chairman of the Board of APEX 4, and by amendment to the company's Certificate of Incorporation, changed the name of the Company to Privileged World Travel Club, Inc.
Mr. Lykiardopoulos subsequently granted the 10,000,000 shares to Triton, which agreed to the cancellation of 1,875,000 shares, with Triton owning 8,125,000 shares of APEX 4 common stock. Mr. Lykiardopoulos subsequently accepted shares of Common Stock as partial consideration for services performed by him on behalf of the Company and its affiliates.
Pursuant to a License Agreement with Triton, Privileged obtained from Triton a non-exclusive right and license (the "License") to use Triton's the Reservation Expert (the "Software"), for the purpose of providing services to Privilege's members.
Through the use of the License, Privilege's members are able to make travel reservations, book airline seats, issue airline tickets, purchase tour and entertainment tickets and amusement park admissions, as well as book hotels, cars and holiday packages, cruises and other holiday destination packages worldwide from the Privileged website.
As described above, pursuant to the entry into the Triton Agreement, management believes that the company is no longer a shell company as defined in Rule 12b-2 of the Securities Exchange Act of 1934, as amended.
To have the company's common stock traded on the OTC Bulletin Board, a market maker must file an application on behalf of the company in order to make a market for the company's common stock. The company is engaged in preliminary discussions with a FINRA Market Maker to file the application on Form 211 with FINRA, but have not reached a final agreement yet.
ABOUT TRITON DISTRIBUTION SYSTEMS, INC. www.tritonds.com
Triton is a low-cost, business to business internet based travel distribution and procurement solution. Triton provides the electronic distribution of travel inventory from airlines, car rental companies, hotels, tour & cruise operators and other travel vendors to global travel agencies and their clients.
This news release includes forward-looking statements. While these statements are made to convey to the public the company's progress, business opportunities and growth prospects, readers are cautioned that such forward-looking statements represent management's opinion. The company's operations and business prospects are always subject to risk and uncertainties. Triton disclaims any obligation or intention to update any forward-looking statement.
Triton Distribution Systems, Inc.
SOURCE Triton Distribution Systems, Inc.