[June 22, 2004] CORRECTING and REPLACING New Chief Financial Officer Named for Orbit Brands LOS ANGELES --(Business Wire)-- June 22, 2004 -- in the contact section, read the phone number for Fred Alger xxx 404-408-6017 (sted xxx 405-408-6017). The corrected news release follows: NEW CHIEF FINANCIAL OFFICER NAMED FOR ORBIT BRANDS orbitTRAVEL.com Corporation (Nasdaq:OBTV) is pleased to announce the appointment of Fredrick J. Alger as the company's Chief Financial Officer. "I am excited about the opportunity to provide the necessary guidance to the company in the area of regulatory compliance, and to provide solid stewardship of the Company's financial resources." The Company filed its 2003 consolidated 10-KSB on June 21st. Previously, Mr. Alger was a principal in Financial Modeling Solutions, which provides technical and financial consulting services to corporate clientele in North America and Europe. From 1998 to 2001, Mr. Alger was the Director of Finance at Tesa Entry Systems, a wholly-owned subsidiary of Chubb, PLC. From 1991 to 1998, Mr. Alger held various finance, accounting and finance management positions at United Parcel Service. Mr. Alger holds a BS in Accounting from the University of Maryland and an MBA from Loyola University, and is a CPA. "As the Company attempts to grow and strives to achieve financial stability, management intends to devote additional resources to further develop its financial accounting, analysis, and reporting functions." ORBIT additionally has formed an Audit Committee and a Compensation Committee to oversee, further define and direct the Company's audit and compensation processes and to standardize the Company's policies and procedures. The Audit and Compensation Committees are comprised of the Company's Chief Financial Officer and independent outside individuals. Mr. Alger stated, "By continuing to focus the Company's resources on such critical processes and procedures, as defined and administered by these two committees, we can insure that all public reporting requirements are met with the highest degree of accuracy. We recognize the importance of our employees as a primary asset of the Company. We also recognize the need to have well-defined implementation methodologies to increase the effectiveness of the Company's disclosure controls and procedures." Forward-Looking Statements Statements regarding financial matters in this press release other than historical facts are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, the Securities Exchange Act of 1934, and as that term is defined in the Private Securities Litigation Reform Act of 1995. The Company intends that such statements about the Company's future expectations, including future revenues and earnings, and all other forward- looking statements, are subject to the safe harbors created thereby. Since these statements (future operational results and sales) involve risks and uncertainties and are subject to change at any time, the Company's actual results may differ materially from the expected results. [ Back To TMCnet.com's Homepage ]