FORT LAUDERDALE, Fla.--(BUSINESS WIRE)--Online Vacation Center Holdings Corp. (OTCQX: ONVC), announced today that at the Company’s last Board of Directors meeting, the Board decided not to declare an annual cash dividend in 2020. This cessation will provide additional direct cash flow for operations. The Company is also working through numerous internal initiatives to respond to the current economic environment, including continuing to identify and implement cost reduction measures for marketing and administrative expenses.
“In this uncertain environment, where we are dealing with the postponement of cruise line operations, compounded by the evolving impacts of the coronavirus pandemic, we believe that the prudent decision for Online Vacation Center Holdings Corp is to move swiftly in utilizing options available to us to strengthen our balance sheet,” said Stephen A. Rudner, President of Online Vacation Center Holdings Corp.
About Online Vacation Center Holdings Corp.
Online Vacation Center Holdings Corp. is a Florida holding company, focused on building a network of diversified vacation marketers with a wide range of products that can be cross-sold to an extensive customer base. Online Vacation Center Holdings Corp. is one of the country's largest cruise retailers. Its portfolio of travel companies, including Online Vacation Center, Dunhill Vacations News, Luxury Link, Enrichment Journeys and Home Based Travel Experts dba Expedia CruiseShipCenters®, allows customers to research, plan and purchase a vacation. The Company, based in Fort Lauderdale, Florida, has been in business for over 45 years. Additional information can be found at www.onlinevacationcenter.com.