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[LETTERHEAD OF GALILEO]
NEWS RELEASE
For Further Information: Cliff O'Neal, Corporate Relations
+1 847 518-4925
cliff.o'[email protected]
Andrea Steffy, Corporate Relations
+1 847 518 4973
[email protected]
GALILEO INTERNATIONAL SELECTS J. P. MORGAN TO
EXPLORE STRATEGIC ALTERNATIVES
ROSEMONT, Ill., - November 3, 2000 - Galileo International, Inc. (NYSE: GLC),
today announced that its board of directors has selected J. P. Morgan as its
financial advisor to explore and evaluate possible strategic alternatives
designed to maximize shareholder value. J. P. Morgan has been authorized by the
Galileo board of directors to review several options including, but not limited
to, a leveraged buyout or sale to a strategic buyer. (Photo:
HTTP://WWW.NEWSCOM.COM/CGI-BIN/PRNH/20000208/GALILEO)
On Oct. 20, the company stated that it does not believe the public market is
appropriately valuing the company's financial performance, cash flow generation
and excellent growth prospects. The company also said there is no assurance that
any transaction will be completed.
Galileo International is one of the world's leading providers of electronic
global distribution services for the travel industry. The company provides
travel agencies, corporate travel managers and Internet users with the ability
to book travel by accessing schedule, availability and pricing information.
Galileo e-enables the travel industry, providing industry-leading technology
solutions such as an advanced suite of wireless applications and numerous
Internet initiatives.
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Pg. 2, Galileo International Selects J. P. Morgan to Explore Strategic
Alternatives November 3, 2000
Through its Internet subsidiary, TRIP.com, the mobile business professional can
access premier one-stop online travel services and technology solutions from
Galileo. Building one of the largest TCP/IP global networks through its
subsidiary Quantitude, Galileo is providing advanced telecommunication services
for a variety of customers both in the travel industry and beyond. Headquartered
in Rosemont, Ill., USA, Galileo International has offices worldwide and operates
its state-of-the-art Data Center in Englewood, Colo., USA. To learn more about
Galileo International, visit www.galileo.com.
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Galileo International Statement Regarding Forward-Looking Statements
Statements in this report that are not strictly historical, including statements
as to plans, objectives and future performance, are forward-looking statements
within the meaning of Section 27A of the Securities Act of 1933 and Section 21E
of the Securities Exchange Act of 1934. The company has based these
forward-looking statements on our current expectations and projections about
future events. The company undertakes no obligation to publicly update or revise
any forward-looking statements, whether as a result of new information, future
events or otherwise. These forward-looking statements are subject to risks and
uncertainties that could cause actual events or results to differ materially
from the events or results expressed or implied by the forward-looking
statements. You are cautioned not to place undue reliance on these
forward-looking statements. Risks and uncertainties associated with the
company's forward-looking statements include, but are not limited to: the loss
and inability to replace the bookings generated by one or more of its five
largest travel agency customers; its ability to effectively execute our sales
initiatives in key markets; its sensitivity to general economic conditions and
events that affect airline travel and the airlines that participate in its
Apollo'r' and Galileo'r' systems; circumstances relating to its investment in
technology, including its ability to timely develop and achieve market
acceptance of new products; its ability to successfully expand its operations
and service offerings in new markets, including the on-line travel market; its
ability to manage administrative, technical and operational issues presented by
its expansion plans and acquisitions of other businesses; its ability to deliver
to Galileo and to outside customers a new, Internet protocol-based network as
planned, and for the cost and within the time frame currently estimated; the
results of its international operations and expansion into developing and new
computerized reservation system ("CRS") markets and other distribution channels,
governmental approvals, trade and tariff barriers, and political risks; new or
different legal or regulatory requirements governing the CRS industry; natural
disasters, security breaches or other calamities that may cause significant
damage to its Data Center facility; and its ability to complete the transition
to a new, Internet protocol-based network as planned, and for the cost and
within the time frame currently estimated.
