EXHIBIT 99.1
FOR IMMEDIATE RELEASE
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Contact:
Karin Wacaser
Pegasus Solutions, Inc.
214/523-0129
karin.wacaser@pegs.com
Pegasus Solutions Names Susan K. Cole as CFO,
Succeeding Jerry Galant
DALLAS (May 4, 2001) - Pegasus Solutions, Inc. (Nasdaq: PEGS) today
announced that Susan K. Cole has been named chief financial officer of the
Company, effective May 7, 2001. Ms. Cole most recently was a partner with
PricewaterhouseCoopers LLP, and served as the lead engagement partner on the
Pegasus account. She succeeds Jerry Galant who has decided to resign his
position after five years with the Company. Dallas-based Pegasus Solutions
is a leading provider of hotel industry transaction processing solutions and
electronic commerce services.
"I am proud to have led Pegasus Solutions over the last several years
through a successful IPO and several acquisitions, including the monumental
acquisition of REZsolutions," Galant said. "I've enjoyed helping grow
Pegasus from a small private company to a much larger public company. I
feel like I've achieved success in this endeavor, and now it's time for me
to hand over the reins and seek another opportunity in which I can repeat
this success, preferably at another company that is in its early stages of
growth, as Pegasus was five years ago.
"We have built a remarkable company. I'm leaving with a sense of
accomplishment and confidence that the Company is on track for a successful
year," Mr. Galant said.
Ms. Cole, age 37, has worked closely with Mr. Galant and other senior
management executives at Pegasus over the past two years in her role as the
lead engagement partner in charge of Pegasus' account. She has served as a
partner in PricewaterhouseCoopers LLP's Technology Group for five years.
She has 15 years of public accounting experience, most recently serving as
Audit and Business Advisory Services Partner within PricewaterhouseCoopers
LLP's Technology, Infocom, Communications, and Entertainment and Media
group. She received a bachelor of business administration degree in
accounting from the University of Texas at Austin.
John F. Davis III, Pegasus Solutions' chairman and chief executive officer
said, " I would like to thank Jerry for his dedication and financial
expertise through some extraordinary times. The Board and everyone at
Pegasus appreciates his substantial accomplishments and wishes him success
in his future endeavors.
"We are extremely fortunate to be able to have Susan Cole as Jerry's
replacement. Susan already knows our Company inside and out, and brings
valuable experience from her years in public accounting, particularly in the
technology arena. We expect the transition to be smooth and swift."
Dallas-based Pegasus Solutions, Inc. (www.pegs.com) is a leading global
provider of hotel reservation technologies. Its services include central
reservations systems; electronic distribution services that connect more
than 40,000 hotels to the Internet and to the global distribution systems
(GDS); travel agent commission processing and payment services; the consumer
Internet site TravelWeb.com (www.travelweb.com); customer relationship
management services; the Utell and Golden Tulip Worldwide marketing and
reservation representation services; and soon, a Web-based enterprise
solution with property management applications. Pegasus' customers comprise
more than 100,000 travel agencies around the world, including nine of the 10
largest U.S.-based travel agencies(1); more than 42,000 hotel properties
around the globe, including 18 of the 20 largest hotel companies in the
world based on revenues and total number of guest rooms(2); and hundreds
of Web sites/services have their hotel reservations Powered by Pegasus[TM].
In addition to its corporate headquarters in Dallas, Pegasus has 35 offices
in 22 countries, including regional hubs in Phoenix, London and Singapore.
The company's stock is traded on the Nasdaq National Market under the symbol
PEGS.
This statement contains references to future events and projected results,
including anticipated transactions involving the Company and its service
offerings. There can be no assurance that the referenced future events or
projected results will actually occur or that the future financial
performance of the Company will be as projected. Actual occurrences,
results and performance may differ substantially and materially from those
projected as a result of risks and uncertainties mentioned in this statement
or detailed in the Company's periodic reports and registration statements
filed with the Securities and Exchange Commission including its Form 10-K
for the year ended December 31, 2000.
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(1) Travel Weekly, June 26, 2000, "Top 50 Travel Agencies"
(2) Business Travel News, May 29, 2000, "The Top Hotel Companies"