Univest exclusive Triton distributor in MENA, South Africa & Sri Lanka

Concurrently, Triton closed a private placement offering of 287,500 shares of its common stock to Univest Group, an associate of ALDEERA. Both offerings resulted in gross proceeds of around $3 million.

Triton also signed an exclusive distribution agreement with Univest covering the Middle East & North Africa (MENA), South Africa and Sri Lanka. Under the terms of the agreement, Univest will market Triton's web-based travel solutions and systems leveraging on its strategic relationships with a number of key market players including IFA Hotels & Resorts (KSE: IFAHR) which has properties managed by world-renowned hotel chains such as Starwood, Kempinski, Movenpick, Fairmont, Sun International and Four Seasons. IFAHR also maintains strategic partnerships with global industry leaders such as Kingdom Hotel Investments, Istithmar, Mooreland Properties, RCI (division of Cendant Group) and United Investments Portugal.

"We are excited about the prospects for our collaboration with ALDEERA and Univest and expect that this relationship will be mutually beneficial," said Mr. Gregory Lykiardopoulos, Chairman and CEO of Triton. "The companies' global reach, reputation and diverse portfolio are the sort of qualities we look for in all our strategic partners."

"Triton is a perfect addition to our consortium," commented Mr. Khaled Magdy El-Marsafy, ALDEERA's General Manager and Univest's Vice-Chairman and Co-Founder, adding that the distribution agreement came at an opportune time. "The tourism and travel industries in the MENA region have been growing at an accelerating rate, exceeding the prevailing global averages in terms of passenger traffic and aircraft movement by around 30%-40%". "The agreement will, thus, allow us to tap into this opportunities presented by this niche market, offering in the process price-competitive solutions that will help reshape the travel industry at the distribution systems level," said El-Marsafy

Al-Nakib said, "The decision to invest in Triton reflects our confidence in the company's market potential especially given its price-competitive solutions." While offering user-friendly scalable distribution system, Triton allows the travel industry to cut on distribution cost by 75%. "This is definitely a great incentive given the global travel industry's declining returns and rising costs," Al-Nakib noted.