Jacksonville, Fla. -- (October 10, 2006) -- Fidelity National Financial, Inc. (NYSE:FNF), a Fortune 500 provider of outsourced products and services to a variety of industries, today announced that William P. Foley, II, Alan L. Stinson and Brent B. Bickett have exercised the required FNF stock options pursuant to the terms of the option letter agreement under the Securities Exchange and Distribution Agreement ("SEDA") related to the distribution of Fidelity National Title Group, Inc. (NYSE:FNT) common stock to FNF shareholders and the merger of FNF with and into Fidelity National Information Services, Inc. (NYSE:FIS).
Under the terms of the option letter agreement under the SEDA, Messrs. Foley, Stinson and Bickett exercised options that were both vested and "in-the-money" representing a total of 4,368,093 shares of FNF common stock. As a result of net exercises, Messrs. Foley, Stinson and Bickett increased their ownership in FNF by 1,867,392 shares. FNF's September 30, 2006 common stock share count would be increased, on a pro forma basis, to approximately 179,136,140 shares.
Fidelity National Financial, Inc. (NYSE:FNF), number 248 on the Fortune 500, is a provider of outsourced products and services to a variety of industries. Through its majority-owned, publicly traded subsidiary, Fidelity National Title Group, Inc. (NYSE:FNT), FNF is one of the nation's largest title insurance companies, with nearly 29 percent national market share. Through its majority-owned, publicly traded subsidiary, Fidelity National Information Services, Inc. (NYSE:FIS), FNF provides an industry leading suite of data processing, payment and risk management services to financial institutions and retailers. Through its wholly-owned subsidiaries, FNF is also a leading provider of specialty insurance products, including flood insurance, homeowners insurance and home warranty insurance. Through its minority-owned subsidiary, Sedgwick CMS, FNF is a leading provider of outsourced insurance claims management services to large corporate and public sector entities. More information about the FNF family of companies can be found at www.fnf.com, www.fntg.com, www.fidelityinfoservices.com and www.sedgwickcms.com.
This press release contains forward-looking statements that involve a number of risks and uncertainties. Statements that are not historical facts, including statements about our beliefs and expectations, are forward-looking statements. Forward-looking statements are based on management's beliefs, as well as assumptions made by, and information currently available to, management. Because such statements are based on expectations as to future economic performance and are not statements of fact, actual results may differ materially from those projected. We undertake no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. The risks and uncertainties which forward-looking statements are subject to include, but are not limited to: changes in general economic, business and political conditions, including changes in the financial markets; adverse changes in the level of real estate activity, which may be caused by, among other things, high or increasing interest rates, a limited supply of mortgage funding or a weak U. S. economy; the potential inability of FNF or FIS to find suitable acquisition candidates, acquisitions in lines of business that will not necessarily be limited to FNF's traditional areas of focus, or difficulties of FNF or FIS in integrating acquisitions; FNF's dependence on operating subsidiaries as a source of cash flow; significant competition that FNF's operating subsidiaries face; FNF's business concentration in the State of California, the source of over 20% of FNT's title insurance premiums; compliance with extensive government regulation of FNF's operating subsidiaries; the risk that the recent merger between FIS and Certegy Inc. may fail to achieve beneficial synergies or that it may take longer than expected to do so; the effects of substantial leverage at FIS, which may limit the funds available to make acquisitions and invest in its business; the risks of reduction in revenue from the elimination of existing and potential FIS customers due to consolidation in the banking, retail and financial services industries; failures to adapt the services of FIS to changes in technology or in the marketplace; the possibility that the announced reorganization will not be completed, will be completed in a different form or with different effects on stockholders than described or will not be successful in achieving the goals targeted; the satisfaction of any remaining conditions to the announced reorganization; and other risks detailed in the "Statement Regarding Forward-Looking Information," "Risk Factors" and other sections of the Form 10-K of FNF, FNT and FIS and other filings with the Securities and Exchange Commission.
SOURCE: Fidelity National Financial, Inc
CONTACT: Daniel Kennedy Murphy, Senior Vice President, Finance and Investor Relations, 904-854-8120, email@example.com
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