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PRESS RELEASE RELEASE DATE: JANUARY 4, 1999 For Further Information Contact: Edward How, 703/293/1413 Cendant Corporation to Extend U.S. Inspect Preferred Alliance Agreement FAIRFAX, VA - U.S. Inspect, Inc. announced today that its preferred alliance agreement with Cendant Corporation to market and perform inspection services through Cendant's real estate brands, corporate relocation subsidiary, and timeshare resort condominium subsidiary, will be extended. Under the extended agreement, U.S. Inspect will continue to offer comprehensive inspection services to franchisees of Cendant's real estate brands - CENTURY 21®, Coldwell Banker®, and ERA® - and its relocation inspection services to patrons of Cendant Mobility Services Corporation, Cendant's subsidiary for servicing the relocation needs of Fortune 500 companies and other corporate clients. U.S. Inspect instantly gained direct access to approximately 25 percent of the nation's real estate offices in the country when it entered a six-year agreement with Cendant in December 1997. Following a year of unprecedented growth in the nation's real estate market and relationship building with leading brokers throughout the country, the parties decided last week to extend the agreement through the year 2004. Cendant and U.S. Inspect are expected to finalize the terms of the extension later this month. U.S. Inspect Chairman and Chief Executive Officer Keith S. Fimian said the extension is a further indication of Cendant's confidence in U.S. Inspect as a preferred provider of more than 50 different inspection types, including home inspections, radon testing, and pest inspections. "We take great pleasure knowing that the people at Cendant view the first year of our relationship as just the tip of the iceberg," Fimian said. "We have made dramatic strides this year, laying the groundwork for future success through relationship building efforts with real estate professionals all over the nation. It's exhilarating to work side-by-side with Cendant and play a vital role in the real estate evolution that it is taking shape around us on a daily basis." Cendant Corporation is a global provider of consumer and business services, and operates in three principal segments: Membership, Travel, and Real Estate Services. In real estate, Cendant's CENTURY 21®, Coldwell Banker®, and ERA® brands have more than 12,000 franchised offices with nearly 200,000 brokers and agents worldwide. The Company is the world's largest franchisor of residential real estate brokerage offices. * * * * * * * * * * * * * * U.S. Inspect, Inc. is the nation's leading provider of inspection services. The company operates in three principal segments -- Residential Retail, Corporate Relocation, and Community & Commercial Services - providing customers and clients with nationwide coverage for more than 50 inspection types, including general home, termite, radon, structural, private well and septic systems, pool/hot tub, replacement reserve studies and other specialty inspection services. The U.S. Inspect network is comprised of more than 6,000 employee field consultants and independent supplier contractors who possess the kind of on-site professionalism and technical proficiency sought by homebuyers and sellers, corporate relocation professionals, community and planned unit development professionals, and commercial property owners in communities throughout the country. From headquarter offices in the suburbs of Washington, D.C., U.S. Inspect annually produces more than 100,000 inspection reports for clients involved in all facets of the real estate business. The inspection services company of choice for corporate America, U.S. Inspect counts Cendant Corporation, Cendant Mobility Services, Century 21, Coldwell Banker, ERA, Prudential Real Estate & Relocation, Relocation Resources International, Resort Condominiums International (RCI), RE/MAX International and Weichert among its clients and strategic partners.
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