Press Release: Cendant Corporation
August 2, 2001
NEW YORK, NY -- Cendant Corporation (NYSE: CD) yesterday reiterated that it expects its acquisition of Galileo
International, Inc. (NYSE: GLC) to be completed in the third quarter of 2001 as previously announced.
Cendant's Chairman, President and CEO, Henry R. Silverman stated: ``The transaction has cleared the U.S. regulatory
process and we are confident we can respond promptly to any European Commission (EC) inquiries. Furthermore, we
expect that any investigation by the Justice Department will have no impact on the timing of the Galileo transaction.
Lastly, in response to competitor concerns, we continue to emphasize that we will not bias Galileo, or utilize
information obtained through ownership of a GDS, to favor any Cendant brand.''
According to the Company, the EC requested information pertaining to the relationship between Cendant's Avis unit
and Avis Europe plc (London: AVE), a separate, independently-owned company. Cendant expects the EC to declare the
notification to it complete when that information is furnished within the next few days. The one-month review period
by the EC is also expected to be reinstated at that time.
Statements about future results made in this release constitute forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995. These statements are based on current expectations and the
current economic environment. The Company cautions that these statements are not guarantees of future performance.
Actual results may differ materially from those expressed or implied in the forward-looking statements. 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 Form 10-K/A and Galileo International, Inc.'s Form 10-K for
the year ended December 31, 2000, including the timing of the consummation of the Galileo acquisition which is
expected to close in the third quarter of 2001.
Such forward-looking statements include projections. Such projections were not prepared in accordance with published
guidelines of the American Institute of Certified Public Accountants or the SEC regarding projections and forecasts,
nor have such projections been audited, examined or otherwise reviewed by independent auditors of Cendant or its
affiliates. In addition, such projections are based upon many estimates and are inherently subject to significant
economic and competitive uncertainties and contingencies, many of which are beyond the control of management of
Cendant and its affiliates. Accordingly, actual results may be materially higher or lower than those projected.
The inclusion of such projections herein should not be regarded as a representation by Cendant or its affiliates
that the projections will prove to be correct.
Cendant Corporation is primarily a provider of travel and residential real estate services. With approximately
57,000 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 the Company's
Web site at http://www.Cendant.com or by calling 877-4INFO-CD (877-446-3623).
SOURCE: Cendant Corporation