Compaq Board Reaffirms Support for Merger
HOUSTON, November 7, 2001
The Compaq Board of Directors met Wednesday and reaffirmed its strong support for the proposed merger of Compaq Computer Corporation (NYSE: CPQ) and Hewlett-Packard Company (NYSE: HWP). The combination of these two great companies will create an even stronger market and technology leader. The Board is more convinced than ever that the merger serves the best interests of shareholders, customers, partners and employees.
Lawrence T. Babbio, Jr., vice chairman and president, Verizon Communications Inc.
Michael. D. Capellas, chairman and chief executive officer, Compaq Computer Corp.
Judith L. Craven
George H. Heilmeier, chairman emeritus, Telcordia Technologies
Kenneth L. Lay, chairman and chief executive officer, ENRON Corp.
Sanford M. Litvack, of counsel, Dewey Ballantine L.L.P.
Thomas J. Perkins, general partner, Kleiner Perkins Caufield & Byers
Lucille S. Salhany, co-president and chief executive officer, Life FX Networks, Inc.
Founded in 1982, Compaq Computer Corporation ("Compaq") is a leading global provider of enterprise technology and solutions. Compaq designs, develops, manufactures and markets hardware, software, solutions and services, including industry-leading enterprise storage and computing solutions, fault-tolerant business-critical solutions, communication products, and desktop and portable personal computers that are sold in more than 200 countries. Information on Compaq and its products and services is available at http://www.compaq.com.
Compaq and the Compaq logo are trademarks of Compaq Information Technologies Group, L.P. Product names mentioned herein may be trademarks and/or registered trademarks of their respective companies.
This news release may contain forward-looking statements that involve risks, uncertainties and assumptions. All statements other than statements of historical fact are statements that could be deemed forward-looking statements. Risks, uncertainties and assumptions include the possibility that the Hewlett-Packard/Compaq merger does not close or that the companies may be required to modify aspects of the transaction to achieve regulatory approval or that prior to the closing of the proposed merger, the businesses of the companies suffer due to uncertainty; the market for the sale of certain products and services may not develop as expected; that development of these products and services may not proceed as planned; that Compaq and Hewlett-Packard are unable to transition customers, successfully execute their integration strategies, or achieve planned synergies; other risks that are described from time to time in Compaq and Hewlett-Packard's Securities and Exchange Commission reports (including but not limited to Compaq's annual report on Form 10-K for the year ended December 31, 2000, HP's annual report on Form 10-K for the year ended October 31, 2000, and subsequently filed reports). If any of these risks or uncertainties materializes or any of these assumptions proves incorrect, Compaq's results could differ materially from Compaq's expectations in these statements. Compaq assumes no obligation and does not intend to update these forward-looking statements.