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Galileo International [LOGO OF GALILEO
9700 West Higgins Road, INTERNATIONAL]
Suite 400
Rosemont, Illinois 60018
Telephone (847) 518-4000
Facsimile (847) 518-4917
NEWS RELEASE
FOR FURTHER INFORMATION: Tammy Bobbitt
Investor Relations
+1 847 518 4771
Andrea Steffy
Corporate Relations
+1 847 518 4973
GALILEO INTERNATIONAL TO EXPLORE STRATEGIC ALTERNATIVES
TO MAXIMIZE SHAREHOLDER VALUE
ROSEMONT, IL, OCTOBER 20, 2000 - GALILEO INTERNATIONAL, INC., (NYSE: GLC),
announced today that its board of directors has authorized management to explore
strategic alternatives for the company designed to maximize shareholder value.
Such alternatives include, but are not limited to, a leveraged buyout or sale to
a strategic buyer. The company said that there is no assurance that any
transaction will be completed. The board has begun the search for a financial
advisor to explore and evaluate possible alternatives, and anticipates naming
one shortly. (Photo: http://www.newscom.com/cgi-bin/prnh/20000208/GALILEO)
"Galileo International has always been focused on enhancing shareholder value,"
said James E. Barlett, chairman, president and CEO. "We do not believe that the
public market is appropriately valuing our consistent financial performance,
cash flow generation and excellent growth prospects. Our board of directors has
agreed that it is in the best interest of shareholders that we evaluate all
options in order to deliver increased shareholder value."
The company does not intend to make any further information available regarding
the progress of this strategic initiative except in accordance with applicable
securities laws.
MORE
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Page 2, Galileo to Explore Strategic Alternatives to Maximize Shareholder Value
October 20, 2000
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. 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 corporate 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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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. We have based these forward-looking
statements on our current expectations and projections about future events. We
undertake 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 our forward-looking statements include, but
are not limited to: the loss and inability to replace the bookings generated by
one or more of our five largest travel agency customers; our ability to
effectively execute our sales initiatives in key markets; our sensitivity to
general economic conditions and events that affect airline travel and the
airlines that participate in our Apollo'r' and Galileo'r' systems; circumstances
relating to our investment in technology, including our ability to timely
develop and achieve market acceptance of new products; our ability to
successfully expand our operations and service offerings in new markets,
including the on-line travel market; our ability to manage administrative,
technical and operational issues presented by our expansion plans and
acquisitions of other businesses; our 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 our
international operations and expansion into developing and new computerized
reservation system ("CRS") markets and other travel distribution channels,
governmental approvals, trade and tariff barriers, and political risks; new or
different legal or regulatory requirements governing the CRS industry; and
natural disasters or other calamities that may cause significant damage to our
Data Center facility.
