Paris and New York,
August 14, 2002 -The Board of Directors of Vivendi Universal [NYSE:
V; Paris Bourse: EX FP], chaired by Chairman and CEO Jean-René
Fourtou, met on August 13, 2002:
1. The Board examined
the preliminary non-audited financial statements for the first half of 2002.
2. The Board took note of the progress made on the plan to set up a 3 billion
euro credit facility with the company's banking partners.
3. Based on the proposal by the Chairman and Chief Executive Officer, the
Board approved the initial decision taken on the plan to dispose of at least
10 billion euros worth of assets, including 5 billion euros in the next nine
months. The Board voted to sell Houghton Mifflin and has entrusted the Chairman
to carry out this plan. On September 25, the Board will review in detail the
company's strategy to optimize all of its assets.
4. The Board authorized the cancellation of 20,865,167 treasury shares linked
to certain stock option plans. A call option program will be put in place
in order to cover potential option exercises.
5. The Chairman and Chief Executive Officer presented the Board with new management
principles for the organization of the holding company, Vivendi Universal
group, and announced the appointment of a new Chief Operating Officer, Jean-Bernard
Lévy. Eric Licoys accepted to continue heading certain strategic dossiers
for the company in the position of advisor to the Chairman. The Board thanked
Mr. Licoys for the important work he has carried out.
###
Important Disclaimer:
This press release contains "forward-looking statements" as that
term is defined in the Private Securities Litigation Reform Act of 1995. Such
forward-looking statements are not guarantees of future performance. Actual
results may differ materially from the forward-looking statements as a result
of a number of risks and uncertainties, many of which are outside our control,
including but not limited to: the risk that Vivendi Universal will be unable
to obtain the referenced bank financing; that Vivendi Universal will be unable
to dispose of the referenced assets on commercially acceptable terms or within
the referenced time period; that recently acquired operations will not be
integrated successfully; that the synergies expected to be created as a result
of recent acquisitions will not materialize; that Vivendi Universal will be
unable to further identify, develop and achieve success for new products,
services and technologies; that Vivendi Universal will face increased competition
and that the effect on pricing, spending, third-party relationships and revenues
of such competition will limit or reduce Vivendi Universal's revenue and/or
income; that Vivendi Universal will be unable to establish and maintain relationships
with commerce, advertising, marketing, technology, and content providers;
and that Vivendi Universal will be unable to obtain or retain, upon acceptable
terms, the licenses and permits necessary to operate and expand its businesses;
as well as the risks described in the documents Vivendi Universal has filed
with the U.S. Securities and Exchange Commission and with the French Commission
des Opérations de Bourse. Investors and security holders are urged
to read those documents at the Commission's web site at www.sec.gov. Those
documents may also be obtained free of charge from Vivendi Universal.
| CONTACTS
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