The Directors of Red Gum Resources Limited (Red Gum or the...

The Directors of Red Gum Resources Limited (Red Gum or the Company) are pleased to announce that the Company has entered into a binding heads of agreement (Agreement) to acquire 100% of the issued capital of Western Australian based Holiday Planet Pty Ltd (ACN 095 933 869) (Holiday Planet), a privately owned Australian company operating a diversified travel and holiday internet business (Acquisition).

Settlement is subject to the satisfaction of a number of conditions under the Agreement.

Holiday Planet is one of the largest privately owned Online Travel Companies in Australia, focusing the majority of its business in the higher margin leisure industry, and is one of only a handful of Diamond Agents in Australia for P&O Princess Cruises.

Holiday Planet has been operating profitably since inception in 2001, with annualised sales exceeding $35 million p.a. for the past 3 years.