NEW MOMENTUM CORPORATION ACQUIRES FLIGHT BOOKING PLATFORM GAGFARE
Hong Kong, September 22, 2020 -- New Momentum Corporation (“NNAX” or “the Company”) (OTC: NNAX) announced that it has entered into a sale and purchase agreement to acquire 100% ownership of Gagfare Limited (“Gagfare”) with the issuance of 10,000,000 common stock of The Company.
Travel is a global business and many travellers spend time searching and comparing the best available flight ticket options when planning their trips. However, many travellers remain frustrated as there is no easy way to find the best deals, and travellers often end up paying the full ticket price as early as the travel portal, agency, or airlines demands. In many cases, the desired flight fare options may no longer be available when travellers are ready to make their purchase, or find that for the same ticket itinerary, the fares have already gone up or they’re required to pay a high service fee or travel agents commission for the booking. And this is only if travellers can find an advanced booking feature on the online booking site – many such sites have restrictions that do not allow for advanced bookings.
Since its launch in 2017, Gagfare has represented a proven business model, as an online ticketing platform that provides travellers a “Book Now, Pay Later” business model that allows travellers to secure the best fares and reserve flights well ahead of time. Gagfare enables travellers to search flights directly with over 500 airlines globally, and pay as little as US$2 to secure and hold up to nine seats, well in advance. This flexibility allows travellers to secure the best airfare, on their desired flight, at the time of their booking, so that they can then take their time to decide on their trips and not be required to pay the full ticket price until closer to their travel date.
Travel has been disrupted tremendously due to the uncertainly created by the Covid-19 pandemic. The disruption has changed the way travellers behave when they book travel, with customers now more cautious when making booking, and looking for more convenience and flexibility with it comes to the booking and payment processes.
Despite slow growth on international routes, domestic travel in key markets is seeing rapid growth once more; in August arrivals at Chinese airports reached 86% of 2019 levels, according to figures from ForwardKeys, with traveller numbers expected to return to pre-Covid levels in September and October.
“Covid has triggered many to re-think their travel needs and travellers are demanding more flexibility in the travel booking process,” says David Leung, CEO New Momentum. “Gagfare was already gaining popularity pre-covid and we believe Gagfare’s innovative “Book Now, Pay Later” feature is the best fit to address travellers’ demand for booking flexibility in the current market condition. By allowing travellers to spend just US$2 per booking to secure the best fares, Gagfare will drive tremendous business, not only for us but also for our airline partners as they can serve their clients better with advance booking options.”
Globally, the travel industry will rebound, with cruise lines and tour operators promoting aggressively with attractive pricing to help bolster growth. The travel business is also highly seasonal, based on seasons, public holidays, and special events, and Gagfare meets this demand by not only offering last minute fares but also advance bookings, which creates a sense of security among consumers. Gagfare also helps airlines promote off-season fares and lets travellers book in advance to help drive business throughout low season periods, creating all year around business opportunities, while reducing the seasonality impact on the travel business.
“Travel is a lifestyle for many people,” says David Leung. “And as such travel will rebound post-covid. Our acquisition of Gagfare is a strategic decision, and we believe will bring tremendous revenue growth opportunities for the group.”
About New Momentum Corporation
New Momentum helps customers evolve their travel businesses to better capitalize on the global digital and mobile movement by building new eco enterprises aided by innovative technology. The group develops new digital platforms that help to make travelling more enjoyable. With Gagfare, travellers can "Book Now, Pay Later", to secure the best fares and reserve flights well ahead of time. New Momentum is also the driving force behind a bold new hospitality concept that takes nature lovers and intrepid travellers to exciting new and established destinations. Its curated collection of boutique properties, each with a focus on diving, sustainability, conservation, and cultural authenticity, offers a thoroughly contemporary travel experience that is intrinsically linked to the destination, its heritage, and its culture.
For more information: http://www.newmomentumcorp.com
Safe Harbor Statement
This release contains certain “forward-looking statements” relating to the business of the Company and its subsidiary and affiliated companies and certain potential transactions that they may enter into. These forward looking statements are often identified by the use of forward looking terminology such as “believes,” “expects” or similar expressions. Such forward looking statements involve known and unknown risks and uncertainties that may cause actual results to be materially different from those described herein as anticipated, believed, estimated or expected. The Company’s actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company’s periodic reports that are filed with the Securities and Exchange Commission and available on its website, including factors described in “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Form 10-K for the year ended December 31, 2019 and the Form 10-Q for the quarter ended June 30, 2020. All forward-looking statements attributable to the Company or to persons acting on its behalf are expressly qualified in their entirety by these factors other than as required under the securities laws. The Company does not assume a duty to update these forward-looking statements.