Choice Board Authorizes Additional Five Million Share Repurchase.Business Editors SILVER SPRING, Md.--(BUSINESS WIRE)--Oct. 28, 2002 Choice Hotels International, Inc. (NYSE NYSE See: New York Stock Exchange :CHH CHH Cartilage Hair Hypoplasia CHH Crustacean Hyperglycemic Hormone CHH Carter Holt Harvey Limited (Australia & New Zealand) CHH Chuan Hup Holdings Limited (Singapore) CHH Certified Hardware Hosineer ) today announced that its Board of Directors has authorized an increase under the Company's existing stock repurchase Stock repurchase A firm's repurchase of outstanding shares of its common stock. program to repurchase up to an additional five million shares of its outstanding common stock. Choice expects to repurchase shares from time to time in the open market and through negotiated private transactions, subject to market conditions and limitations within the Company's credit facilities credit facilities npl → facilidades fpl de crédito credit facilities npl → facilités fpl de paiement credit facilities . Since the repurchase program was announced in June 1998, Choice has repurchased approximately 26.4 million shares. The repurchase shares will be held in treasury and may be used by Choice for general corporate purposes, including future acquisitions and the Company's stock-based employee and director benefit plans. Currently Choice has approximately 37.1 million shares of common stock outstanding. Choice Hotels International is one of the world's largest lodging franchisors, marketing more than 5,000 hotels open or under development in 46 countries under the Comfort Inn, Comfort Suites, Quality, Clarion, Sleep Inn, Econo Lodge Econo Lodge is an economy motel chain based in the United States. Econo Lodge is the second largest brand in the Choice Hotels system. It is one of the best known names of its category and provides affordable rooms to budget travelers. , MainStay Suites Mainstay Suites is a brand of mid-priced extended stay hotels franchised by Choice Hotels International. Mainstay Suites hotels provide comfortable and affordable accommodations to extended stay travelers as well as provide many amenities to its guests. and Rodeway Inn Rodeway Inn is an upper-priced economy chain of motels in the United States and Canada. Rodeway Inn is a brand of the Choice Hotels group. There are over 150 locations in North America. brand names. Certain matters discussed in this press release may constitute forward-looking statements within the meaning of the federal securities law. Such statements are based on management's beliefs, assumptions and expectations, which in turn are based on information currently available to management. Actual performance and results could differ from those expressed in or contemplated by the forward-looking statements due to a number of risks, uncertainties and other factors, many of which are beyond Choice's ability to predict or control. For further information on factors that could impact Choice and the statements contained therein, we refer you to the filings made by Choice with the Securities and Exchange Commission, including its registration statement on Form S-4 and report on Form 10-Q Form 10-Q See 10-Q. for the period ended September 30, 2001. Additional corporate information may be found on the Choice Hotels' Internet site, which may be accessed at www.choicehotels.com. Choice Hotels, Choice Hotels International Comfort Inn, Comfort Suites, Quality, Clarion, Sleep Inn, Econo Lodge, MainStay Suites, Rodeway Inn, Choice Privileges, EA$Y CHOICE and ChoiceBuys.com and The Power of Being There. Go are proprietary trademarks and service marks of Choice Hotels International. Choice Hotels also owns and uses common law marks, including Profit Manager. (c)2002 Choice Hotels International, Inc. All rights |
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