SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): June 17, 1999
priceline.com Incorporated
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(Exact name of registrant as specified in its charter)
Delaware 0-25581 06-1528493
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(State or other Jurisdiction (Commission (IRS Employer
of Incorporation) File Number) Identification No.)
Five High Ridge Park, Stamford, Connecticut 06905
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(Address of principal office) (zip code)
(203) 705-3000
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Registrant's telephone number, including area code
N/A
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(Former name or former address, if changed since last report)
ITEM 5. OTHER EVENTS.
On June 17, 1999, priceline.com Incorporated, a Delaware corporation
("priceline.com"), announced the hire of Daniel H. Schulman as its new
President and Chief Operating Officer. Mr. Schulman is the former
President of AT&T's $22 billion Consumer Markets Division. Mr. Schulman's
employment with priceline.com commenced on June 14, 1999; although, with
priceline.com's permission, he is also serving at AT&T through
approximately July 1, 1999 to assure an orderly transition of his affairs
there. Mr. Schulman will assume his full duties as President and Chief
Operating Officer on July 1, 1999 and will report directly to
priceline.com's Chairman and Chief Executive Officer, Richard S Braddock.
The information set forth above is qualified in its entirety by
reference to a press release issued by priceline.com on June 17, 1999, a
copy of which is attached hereto as Exhibit 99.1 and incorporated herein
by reference.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND
EXHIBITS.
(c) Exhibits.
99.1 Press Release issued by priceline.com on June 17, 1999.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
PRICELINE.COM INCORPORATED
By: /s/ Paul E. Francis
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Name: Paul E. Francis
Title: Chief Financial Officer
Date: June 22, 1999
EXHIBIT INDEX
Exhibit No. Description
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99.1 Press Release issued by priceline.com on June 17, 1999.
PRICELINE.COM NAMES DANIEL H. SCHULMAN,
FORMER PRESIDENT OF AT&T'S CONSUMER MARKETS DIVISION,
AS ITS NEW PRESIDENT AND CHIEF OPERATING OFFICER
STAMFORD, Conn., June 17, 1999 . . . Priceline.com (Nasdaq: PCLN), the
patented Internet pricing system, today named Daniel H. Schulman as its new
President and Chief Operating Officer. Mr. Schulman, 41, was most recently
the President of AT&T's $22 billion Consumer Markets Division. He will
report to priceline.com's Chairman and CEO Richard S. Braddock, a former
President of Citibank. Mr. Schulman will have broad responsibility for all
of priceline.com's operations, technology, marketing and product
development.
Mr. Schulman joins priceline.com after a highly successful 18-year career
with AT&T where he was the youngest member of the company's most senior
executive body, the AT&T Operations Group. As President of its Consumer
Markets Division he led AT&T's core consumer long-distance business and
reshaped the business unit to deliver customized communications services to
distinct customer segments. Mr. Schulman came to Consumer Markets after
building AT&T WorldNet service into the largest and fastest-growing
Internet service provider in the country. Mr. Schulman also served as
chief of marketing for AT&T's $24 billion Business Markets Group where he
led the integration of wireless, e-commerce and local services into
innovative bundles.
At priceline.com, Mr. Schulman succeeds Jesse M. Fink, who returns to
Walker Digital, the intellectual property laboratory that invented
priceline.com's patented pricing system.
"Priceline.com has successfully made the transition from an entrepreneurial
start-up to a substantial high-growth company serving millions of customers
annually," said Mr. Braddock. "Our goal is to become one of America's
blue-chip e-commerce companies. Dan will be a key member of the management
team that will continue to aggressively expand our current product and
service lines and move us forcefully and effectively to exploit the
business opportunities in front of us."
"Now that we have built the foundation of a revolutionary business, Dan
will leverage his experience building high-growth businesses to expand our
product line horizontally and vertically," Mr. Braddock continued. "In
just the last quarter, our customer base grew by more than 500,000, and we
are looking to Dan to continue our growth and enhance our customer support.
With his level of accomplishment and experience, he brings the kind of
managerial depth that will be a key success factor for Net-based businesses
which want to reach the mass-market level in scope, quality and customer
service."
"Joining an established e-commerce leader at this early stage is a once-in-
a-lifetime opportunity," said Mr. Schulman. "I'm looking forward to
working with this first-class group of executives and employees and
building on the enormous successes they have achieved thus far."
"Dan's joining the priceline.com management team highlights our commitment
to merging the ingenuity of an Internet start-up with the management depth
of a Fortune 500 company," said Jay S. Walker, priceline.com's founder and
Vice Chairman. "Together, Dan and Rick bring the right mix to
priceline.com."
ABOUT PRICELINE.COM
Priceline.com is an Internet pricing system that enables consumers to name
their own price for a variety of goods and services. Consumers can make as
many price requests as they wish through the system at no charge.
Priceline.com takes those price requests and shares them with multiple
brand-name sellers, who can fill as many of those requests as they want at
price points determined by the buyers.
Priceline.com is one of the Internet's truly "virtual" businesses. The
company takes all of its price requests directly to sellers for
fulfillment, which means priceline.com doesn't hold or handle any
inventory, and thus has no need for brick-and-mortar warehouses or large
order-fulfillment staffs.
Currently, priceline.com is organized along three business lines: travel
services which offers leisure airline tickets and hotel rooms, financial
services which offers home mortgages, refinancing and home equity loans and
automotive services which offers new cars on a test basis in the New York
area.
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For press information, contact:
Brian Ek at priceline.com 203-705-3026 ([email protected])
Michael Darcy at priceline.com 203-705-3331 ([email protected])
Jennifer Carr at Connors Communications 212-807-7500 ([email protected])
This press release may contain forward-looking statements which are made
pursuant to the safe-harbor provisions of the Private Securities Litigation
Reform Act of 1995. Expressions of future goals and similar expressions
including, without limitation, "may," "will," "believes," "should,"
"could," "hope," "expects," "expected," "does not currently expect,"
"anticipates," "predicts," "potential," and "forecast," reflecting
something other than historical fact are intended to identify forward-
looking statements, but are not the exclusive means of identifying such
statements. These forward-looking statements involve a number of risks and
uncertainties, including the timely development and market acceptance of
products and technologies and other factors described in the Company's
filing with the Securities and Exchange Commission. The actual results may
differ materially from any forward-looking statements due to such risks and
uncertainties. The Company undertakes no obligations to revise or update
any forward-looking statements in order to reflect events or circumstances
that may arise after the date of this release.
