Paris
and New York, August 30, 2002 - Vivendi Universal [Paris Bourse: EX FP;
NYSE: V] has sold today Vodafone its 50% share of Vizzavi. Following the transaction,
Vivendi Universal has received 142.7 million euros.
Vivendi
Universal will no longer finance Vizzavi's development for the 2002-2003 financial
year, thus saving 171 million euros.
The sale
of Vizzavi forms part of the plan to dispose of non-core assets and to reduce
cash drains on the Vivendi Universal group.
Vivendi
Universal is taking over 100% of Vizzavi France. Vizzavi France will now operate
independently, but will continue to benefit from Vizzavi's technical support
and R&D. In addition, the commercial cooperation between Vizzavi France
and SFR will be strengthened.
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 new financing will not adequately satisfy
all immediate or medium-term obligations; the risk that the level of debt
reduction expected to be achieved as a result of certain restructurings or
asset disposals will not materialize; the risk that Vivendi Universal will
be unable to further identify, develop and achieve success for new products,
services and technologies; the risk 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; changes in currency exchange rates; changes in global
and local business and economic conditions; 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 SEC's web site at www.sec.gov. Those documents may also be obtained free
of charge from Vivendi Universal. Vivendi Universal undertakes no obligation
to publicly update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise
