Cataca Resources Inc (OTCMKTS:CATQ) is expanding its business empire into the travel industry with the acquisition of travel booking and scheduling company FlitWays. The exploration mining company has already signed a definitive Share Exchange agreement for the acquisition of all issued and outstanding capital stock of the Los Angeles-based company.
Once the transaction is complete, Cataca says it will change its name to FlitWays Technology on satisfaction of various terms and conditions. The company plans to file the necessary documentation for a name change with Secretary of State of Nevada over the coming days. Once integrated FlitWays will operate as a wholly owned subsidiary of Cataca.
Name change essentially arouses concerns of whether the company is planning to transition from being a mining company to a travel booking company. While Cataca Resources Inc (OTCMKTS: CATQ) boasts of a mineral claim (the Leak Gold claim) in the Philippines, expansion into travel industry should go a long way in bolstering its revenue base
With operations in all major cities across the US, FlitWays has built a name for itself as travel booking and scheduling company at the back of a state of the art proprietary technology. The company is a major player in the travel industry having integrated ride book with its proprietary technology at every travel point of sale.
The integration allows travelers to book rides that fit their lifestyle while blending with current trends of booking rides online and on mobile applications. The company’s technology allows travelers to pre-book a ride while choosing from a selection of executive cars, Taxi and even Airports Shuttles.
Expansion into the travel industry is already bolstering investor interest on Cataca seen by the stock’s performance so far. The stock is currently trading at highs of $1.03 a share as it closes in on its 52-week high of $1.21 a share.