William F. Pike Joins Priceline.com As Vice President, Financial Planning & Analysis And Investor Relations
NORWALK, Conn.--(BUSINESS WIRE)--April 4, 2000--Priceline.com (Nasdaq: PCLN), the Internet pricing system, announced today that it has named William F. Pike to the newly created position of vice president, financial planning and analysis and investor relations.
Mr. Pike, 40, was formerly director of investor relations for Citigroup. He will report to Heidi Miller, priceline.com's senior executive vice president, strategic planning and administration, and chief financial officer.
At priceline.com, Mr. Pike will be responsible for the Company's financial planning, analysis and reporting. He also will manage priceline.com's investor relations activities with institutional and individual investors.
"Bill Pike brings to priceline.com more than 18 years of experience in strategic planning, controller's office operations, public accounting and investor relations," said Ms. Miller. "His deep knowledge of financial planning and analysis, as well as his reputation in the investment community, will benefit priceline.com significantly as we continue to diversify and grow our businesses."
Before joining Travelers Group in 1994, Mr. Pike was manager of accounting and budgeting for the U.S. division of Mutual Risk Management, an alternative-risk property casualty insurer. Prior to that, he worked at Shearson Lehman Brothers in business analysis and at KMPG Peat Marwick as an auditor in the financial services division.
Priceline.com is the patented Internet pricing system that enables consumers to achieve significant savings by naming their own price for goods and services. Priceline.com takes consumer offers and then presents them to sellers who can fill as much of that guaranteed demand as they wish at price points determined by buyers. Priceline.com's "virtual" business model allows for rapid scaling using the Internet.
Because the Company electronically collects consumer demand, it can fill this demand directly with sellers or by using proprietary databases. Priceline.com does not maintain or warehouse inventories in any of its product lines.
Priceline.com is currently selling multiple services to its sellers across three distinct product categories: a travel service that offers leisure airline tickets, hotel rooms and rental cars, a personal finance service that offers home refinancing and home equity loans, and an automotive service that offers new cars. Priceline.com has announced that it will also offer new services for long-distance telephone calling and credit cards.
Priceline.com also licensed its business model to two privately held companies - Priceline WebHouse Club, which offers name-your-own-price retail goods, beginning with groceries, and Priceline Perfect YardSale, a local-market selling service for used household items. In return for granting licenses to the WebHouse Club and Perfect YardSale, priceline.com receives royalties and has also received warrants allowing it to purchase an equity stake in the companies under certain contingent conditions. Prior to the exercise of those warrants, the results of WebHouse Club and Perfect YardSale operations will not be included in priceline.com's financial statements.
For press information, contact:
Brian Ek at priceline.com 203-299-8167 (firstname.lastname@example.org)
Mike Darcy at priceline.com 203-299-8168 (email@example.com)
This press release may contain forward-looking statements that 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.
Brian Ek, 203-299-8167 (firstname.lastname@example.org) or Mike Darcy, 203-299-8168 (email@example.com)