VANCOUVER, British Columbia, Nov. 03, 2017 (GLOBE NEWSWIRE) -- Cuba Ventures Corp. (TSX-V:CUV) (OTCBB: MPSFF) (FRANKFURT:IJA2) (the “Company”) Travel Division - is pleased to announce that it has entered into a definitive agreement ("DA") with Booktea for bilateral GDS integration into all 432 of the company’s propriety Cuba-Centric websites. Booktea is Europe’s leading travel industry IT specialist, having deployed similar GDS booking Technology for Segway Trip Inc, Fred Olsen Ferries, and Spa wellplus. This DA will empower the company’s wholly owned, licensed and bonded subsidiary, Travelucion SL., with access to 1000s of real-time Cuba travel offers from the Amadeus GDS, along with varied worldwide GDS affiliates. The company projects significantly increased revenues from its travel division when the GDS travel offers are live. Offers of flights, hotels and package deals were recently updated on www.Havanatur.com. Once Booktea has successfully deployed these updates across all 432 proprietary websites, it should prove to be a huge increase in travel revenues for the Company.
Booktea definitive agreement
The company owns possibly the world’s largest network of Cuba digital media assets, 432 Cuba-centric websites generating approximately 35 million visitors annually, and selling Cuba travel services from multiple associate sources. The Global Distribution System (GDS) is a worldwide travel distribution network operated by, amongst others, Amadeus, Sabre and Travelport. Most travel offers displayed on famous retail travel websites are rebranded offers from the GDS, displayed as proprietary offers by travel marketers worldwide. Through this definitive agreement with Booktea, the company will create a bilateral channel to the GDS, also allowing worldwide sales on third party websites of services originating from ourselves, while likewise displaying offers from third parties under a commissionable structure on the company’s propriety websites. This is an important step, especially for the nascent U.S market, where over 90% of travel offers displayed on travel websites are derived from a GDS related source. Being a GDS supplier and retailer, aligns the company with the two major U.S travel giants, allowing its Cuba Travel offers to be transparently distributed by these when it is legal, under U.S law, for them to do so. This agreement includes the previously signed water sports distribution agreement with Enjoysea.com which is co-owned by Booktea management.
The financial terms of the agreement include a 6 month rollout term, allied to an immediate payment of 100,000 Euros to Booktea, followed by a second payment of 75,000 Euros once the GDS feed is successfully deployed, functioning and receiving paid live bookings.
Cuba Ventures Corp recently acquired equity in travel partner IBTO, a fully licensed and bonded travel agency registered in Florida USA. Management of IBTO submitted a request on 01 November 2017, for a one year renewable lease of physical agency premises on Miami Beach´s emblematic Lincoln Road. Under license from Travelucion, the office shall operate under the name Travelucion Miami.