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PRESS RELEASE RELEASE DATE: JANUARY 12, 1998 For Further Information Contact: Edward How, 703/293/1413 U.S. Inspect Enters Preferred Alliance Agreement With Cendant Corporation FAIRFAX, VA - U.S. Inspect, Inc. today announced that it has entered into a six-year preferred alliance agreement with Cendant Corporation to market inspection services through Cendant's real estate brands, corporate relocation subsidiary, and timeshare resort condominium subsidiary. Under the six-year agreement, U.S. Inspect will offer comprehensive inspection services to franchisees of Cendant's real estate brands - CENTURY 21®, Coldwell Banker®, and ERA® - while continuing to expand the inspection services offered to patrons of Cendant Mobility Services Corporation, Cendant's subsidiary for servicing the relocation needs of Fortune 500 companies and other corporate clients. The agreement also calls for Cendant to recommend U.S. Inspect's inspection services to the resort property owners and developers affiliated with Cendant's international vacation timeshare exchange service, Resort Condominiums International, LLC. Cendant expects its real estate franchises to benefit as real estate professionals and their clients gain "one-stop shop" access to a broad array of inspection services. U.S. Inspect performs more than 50 different inspection types, including home inspections, radon testing, and pest inspections. "This agreement will give our franchises another tool in meeting the growing demands of the homebuying public," said Richard A. Smith, Chairman and CEO of Cendant's Real Estate Division. "More than ever, consumers are demanding convenience and value at their fingertips. We are excited about this relationship because we know it will deliver value to the Cendant family of real estate brands." U.S. Inspect Chairman and Chief Executive Officer Keith S. Fimian said the alliance agreement solidifies U.S. Inspect's standing as the nation's premier inspection services company. "This alliance is representative of what can happen when a company sets out to establish a leadership position through excellence, innovation, and integrity," Fimian said. "U.S. Inspect has changed the landscape of the inspection industry through an unparalleled commitment to delivering accurate, quality inspections and providing responsive, professional service. We are the standard against which other inspection companies are measured and this expansion of our relationship with Cendant is yet another example of the confidence that businesses and individuals alike have in our abilities." 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 11,600 franchised offices with nearly 200,000 brokers and agents worldwide. The Company is the world's largest franchisor of hotels and residential real estate brokerage offices. Matthew T. Murphy, Director of Operations, U.S. Inspect, expects the alliance to bring an increase in business opportunities to the many subcontractor consultants that comprise U.S. Inspect's diverse supplier network. Murphy also expects a growing interest in working with U.S. Inspect among professional consultants who are not in the U.S. Inspect network. "It's a good time to be a professional building consultant," said Murphy. "The real estate market is robust and consumer demand for inspections is on the rise. I am very optimistic about growth in the inspection industry and growth for U.S. Inspect." * * * * * * * * * * * * * * 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.
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