MVPT MVP Holdings Inc (CE)

Dutton Associates updates its coverage of Pro Travel Network (OTCBB:PTVL) maintaining a Speculative Buy rating and a price target of $2.00. The report by Dutton senior analyst Richard West, CFA is available at www.jmdutton.com as well as from First Call, Bloomberg, Zacks, Knobias, Reuters, and other leading financial portals. Pro Travel is a young, Internet-based provider of online travel stores for travel agencies and home-based representatives using its services and technology. Pro Travel currently supports more than 15,000 independent travel agents and 6,000 independent representatives throughout North America. Pro Travel has established strong relationships with travel providers for cruises, air travel, hotels, and auto rentals. Evidence of the strength of these relationships is seen in Pro Travel�s increasing the number of cruises booked with Carnival Cruise Lines by over 91% since 2007. Pro Travel�s revenue continues to increase on a comparable quarterly basis; total revenue for nine months ended March 31, 2008, increased 139.2% to $6.8 million from $2.8 million for nine months ended March 31, 2007. Through the last seven quarters, Pro Travel�s revenue has been over $2.0 million for each quarter. Pro Travel broke into the profit column in the three and nine months ended March 31, 2008. It is nearing completion in the expansion of its operations in Canada. Their balance sheet is clean and strong with no long-term debt and a current ratio over 2 to 1. In view of the most positive operating results for the three and nine months ended March 31, 2008, and the relatively low valuation of Pro Travel, we are reiterating our rating of Strong Speculative Buy and maintain our $2.00 per share price target. About Dutton Associates Dutton Associates is one of the largest independent investment research firms in the U.S. Its 30 senior analysts are primarily CFAs and have expertise in many industries. Dutton Associates provides continuing analyst coverage of over 140 enrolled companies, and its research, estimates, and ratings are carried in all the major databases serving institutions and online investors. The cost of enrollment in our one-year continuing research program is US $35,000 prepaid for 4 Research Reports, typically published quarterly, and requisite Research Notes. Dutton Associates received $39,500 from the Company for 4 Research Reports with coverage commencing on 3/12/2007. We do not accept payment of our fees in company stock. Our principals and analysts are prohibited from owning or trading in securities of covered companies. The views expressed in this research report accurately reflect the analyst's personal views about the subject securities or issuer. Neither the analyst's compensation nor the compensation received by us is in any way related to the specific ratings or views contained in this research report or note. Please read full disclosures and analyst background at www.jmdutton.com before investing.