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TWST: Could you please give us a general overview of Cyberes (London: CYB.L)?

Mr. Cant: We are listed on the London Stock Exchange (Alternative Investment Market- CYB) and have two aspects to our business. First we are in travel distribution. This is a technology solution that allows customers to create an electronic travel warehouse for product distribution to Independent Travel Agents (ITA’s). The second aspect of our business is Travel services, where we act as a wholesaler of travel products. Cyberes has arrangements with 60 airlines to distribute their inventory. We present the inventory onto the travel agents’ computer using our technology products in real time, so ITA’s can book from all product types including standard IATA and our negotiated discounted airfares. Ultimately, bookings are made via the Sabre Global Distribution System (GDS).

TWST: What is your insight into the current condition of the market and what do you see as significant developments in your industry over the next three years?

Mr. Cant: One of the biggest recent barriers that we've had over the last six months has been the uncertainty of the war. Having regained some stability after 9/11 we have had a further period of uncertainty that has resulted in more deferred decisions. While business picked up momentarily after the conflict, the travel industry was then hit again by global concerns over SARS. Overall statistics indicate that the international travel market has declined by some 25% over the year, which hurts us all. What will happen next is anyone’s guess and I would really need a crystal ball to try and forecast the future. However, I do believe that travel will recover but with a smaller number of key players. I envisage consolidation of airlines, travel companies and travel distributors, resulting in fewer providers and distributors.

TWST: Can you tell us a little bit about the management team and are you confident that they will be able to navigate through this period?

Mr. Cant: Yes. I am confident. In terms of the management team, Tariq Malik is the CEO and he is a specialist in technology and airline airfares distribution. In terms of the airline distribution market he is second generation, with is father being one of the first airline distributors in the UK. So he understands that market and how to distribute the products probably better than anybody else. From a financial viewpoint, I have the experience to acquire and negotiate international arrangements, be it joint ventures, or licensing agreements, whilst also providing corporate stewardship and input to our e-commerce strategy. I am also with Tariq the main interface to our stakeholders and investors at the plc level. Then, on the vendor side, we have David Collick (Vendor Director) and he is the guy who holds the relationships with the airlines and deals with suppliers of currency and hotels. His role is to make sure that we're getting the best possible deals, commissions, whatever it might be, that we can transfer through to our agents. I would say we've got a strong operational team. As far as non-executive directors, Ian McNeill is the Chairman. He has a great deal of experience in technology and is very focused and really asks us the questions we don’t want to be asked about buying technology. Then, we have an ex managing Partner of one of the leading accountancy companies as our financial arm. He again asks the question that you don’t want to be asked regarding finance. Recently David Brown, VP Sabre Northern Europe joined the board. He brings with him a wealth of both GDS contacts and travel knowledge to help us expand our technology business rapidly. So I would say that the balance of the Board is pretty good.