Choice Hotels International Announces Increase Under Stock Repurchase Program.SILVER SPRING, Md.--(BUSINESS WIRE)--June 25, 1998--Choice Hotels International (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 ), the world's second largest lodging franchisor, Thursday 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 seven million shares of its outstanding common stock. Said Stewart Bainum, Jr., Choice's chairman, and interim CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. since the recent resignation of former company president and CEO William R. Floyd: "The board's decision to repurchase additional shares of the company's stock underscores our commitment to Choice as a positive long-term investment with solid growth prospects. "We view Choice as a leading innovator in franchising with a strong future." Choice expects to repurchase shares from time to time in the open market, 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 which include limitations on leverage and minimum net worth. The Company has already repurchased 1,597,000 shares under the repurchase program during 1998. The repurchased 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. The repurchase program may be discontinued and resumed at any time, as market conditions warrant. Currently, Choice has approximately 58.8 million shares of common stock outstanding. Choice Hotels International has 4,412 hotels open and under development representing 372,839 rooms in 33 countries under the brand names Quality, Comfort, Clarion, Sleep Inn, 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. , 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. and MainStay Suites. CONTACT: Choice Hotels Donald H. Dempsey, executive VP/CFO, 301/979-5003 or Michael J. DeSantis, senior VP, general counsel and secretary, 301/979-6237 |
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