The Timeshare Beat Home | Today's Headlines | Back to Previous Page
|
The Timeshare Beat Home | Today's Headlines | Back to Previous Page |
|
|
|
Press Release: Cendant Corporation
May 12, 2006
NEW YORK, NY -- Cendant Corporation (NYSE: CD) yesterday announced that Wyndham Worldwide Corporation, its wholly
owned subsidiary and intended parent company of its Hospitality Services (including Timeshare Resorts) businesses,
has filed a registration statement on Form 10 with the Securities and Exchange Commission. This achievement marks
the second milestone in Cendant's previously announced plan to separate into four independent companies, the first
being the filing of the Form 10 for Realogy Corporation on April 3, 2006. The separation of Wyndham continues to
be expected in the summer of 2006.
It is also expected that Wyndham Worldwide Corporation will apply to have its common stock listed on the New York
Stock Exchange under the symbol "WYN".
Cendant also announced that its next major milestone in its plan to separate Cendant into four companies will be
the filing of a registration statement on Form 10 for Travelport Inc., the intended parent company of Cendant's
Travel Distribution Services Division (TDS). Cendant also previously announced on April 24, 2006 that, in addition
to pursuing its plan to spin off TDS to shareholders, which is anticipated to occur in October 2006, it will also
consider a sale of that division.
About Cendant Corporation
Cendant is primarily a provider of travel and residential real estate services. With approximately 85,000 employees,
New York City-based Cendant provides these services to businesses and consumers in over 100 countries. More information
about Cendant, its companies, brands and current SEC filings may be obtained by visiting Cendant's Web site at
http://www.cendant.com.
About Wyndham Worldwide Corporation
As one of the world's largest hospitality companies, Wyndham Worldwide offers individual consumers and business-to-business
customers a broad suite of hospitality products and services across various accommodation alternatives and price
ranges through its premier portfolio of world-renowned brands. Wyndham Worldwide encompasses more than 6,300 franchised
hotels with approximately 525,000 hotel rooms worldwide. It serves more than three million members of RCI's exchange
networks, offering its members and rental customers access to approximately 55,000 vacation properties comprised
of approximately 51,000 vacation rental properties and approximately 4,000 vacation ownership resorts located in
over 100 countries. In addition, Wyndham Worldwide develops, markets and sells vacation ownership interests and
provides consumer financing to owners through its network, which includes over 140 vacation ownership resorts serving
more than 750,000 owners throughout North America, the Caribbean and the South Pacific. Wyndham Worldwide is headquartered
in Parsippany, NJ, and is supported by approximately 28,800 employees around the world.
Forward-Looking Statements
Certain statements in this press release constitute "forward-looking statements" within the meaning of
the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown
risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company
to be materially different from any future results, performance or achievements expressed or implied by such forward-looking
statements. Statements preceded by, followed by or that otherwise include the words "believes," "expects,"
"anticipates," "intends," "projects," "estimates," "plans," "may
increase," "may fluctuate" and similar expressions or future or conditional verbs such as "will,"
"should," "would," "may" and "could" are generally forward-looking in nature
and not historical facts. Any statements that refer to expectations or other characterizations of future events,
circumstances or results are forward-looking statements. The Company cannot provide any assurances that the separation
or any of the proposed transactions related thereto (including the possible sale of TDS) will be completed, nor
can it give assurances as to the terms on which such transactions will be consummated. The separation transactions
are subject to certain conditions precedent, including final approval by the Board of Directors of Cendant.
Various risks that could cause future results to differ from those expressed by the forward-looking statements
included in this press release include, but are not limited to: risks inherent in the contemplated separation and
related transactions, including risks related to borrowings and costs related to the proposed transactions (including
the possible sale of TDS); increased demands on Cendant's management teams as a result of the proposed transactions;
changes in business, political and economic conditions in the U.S. and in other countries in which Cendant and
its companies currently do business; changes in governmental regulations and policies and actions of regulatory
bodies; changes in operating performance; and access to capital markets and changes in credit ratings, including
those that may result from the proposed transactions. Other unknown or unpredictable factors also could have material
adverse effects on Cendant's and its companies' performance or achievements. In light of these risks, uncertainties,
assumptions and factors, the forward-looking events discussed in this press release may not occur. You are cautioned
not to place undue reliance on these forward-looking statements, which speak only as of the date stated, or if
no date is stated, as of the date of this press release. Important assumptions and other important factors that
could cause actual results to differ materially from those in the forward looking statements are specified in Cendant's
10-K for the year ended December 31, 2005, including under headings such as "Forward-Looking Statements",
"Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations",
as such assumptions and other factors were updated in Cendant's 10-Q for the quarter ended March 31, 2006. Except
for the Company's ongoing obligations to disclose material information under the federal securities laws, the Company
undertakes no obligation to release any revisions to any forward-looking statements, to report events or to report
the occurrence of unanticipated events unless required by law.
Source: Cendant Corporation