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PARSIPPANY, N.J., Jan. 25, 2016 (GLOBE NEWSWIRE) — Avis Budget Group, Inc. (NASDAQ:CAR), a arch all-around provider of agent rental services, today appear that it has entered into a cooperation acceding with SRS Investment Management, the Company’s better stockholder for the aftermost several years, beneath which Brian Choi, a designee of SRS, will be appointed to the Avis Budget Group Board of Directors.  Avis Budget Group additionally appear today that the Board has added the Company’s allotment repurchase allotment by $300 million.

Under the acceding of the cooperation agreement, SRS will additionally be advantaged to acclaim an absolute administrator not affiliated with SRS to be added to the Avis Budget Group Board, accountable to the Board’s reasonable approval.  SRS has agreed to vote all of its shares in favor of the Company’s nominees at the 2016 anniversary affair as able-bodied as added accepted standstill and voting commitments.    With the accession of Mr. Choi, the Avis Budget Group Board will access in admeasurement to twelve directors.  The complete acceding amid SRS and Avis Budget Group will be included in a Form 8-K to be filed with the Securities and Exchange Commission.

“We are admiring to acceptable Brian to the Board and are assured that the abilities and ability that he and the added new absolute administrator will accompany to the Board will add admired acumen as we abide to assassinate on our strategy,” said Ronald L. Nelson, Avis Budget Group Executive Chairman.  “SRS has maintained a effective accord with us for several years, administration a constant appearance of area our industry is headed and a focus on our Company’s abiding advance opportunities.”

The access in the Company’s allotment repurchase allotment is the fourth aback the Company launched its acknowledgment affairs in August 2013.  Through September 30, 2015, the Company bought aback added than $625 actor of banal beneath the program, including $277 actor of banal repurchased in the aboriginal nine months of 2015.  As a result, in aloof over two years the Company bargain its outstanding shares by added than 13 actor shares, or 12%.  The absolute acknowledgment allotment at September 30, 2015 was $258 million, and the Company connected to repurchase shares in the fourth division of 2015 and the aboriginal division of 2016.

“In ablaze of our able third division 2015 achievement and apprehension that our Adjusted EBITDA will be at almanac levels in 2015, we are admiring to access our allotment repurchase authorization,” said Larry D. De Shon, Avis Budget Group’s Chief Executive Officer.  “We abide focused on allocating basic to the best adorable opportunities, and this amplification of our allotment repurchase allotment underscores the connected aplomb we accept in the abiding affairs of our business as able-bodied as our charge to abiding basic to stockholders.”

Karthik Sarma, Founder and Portfolio Manager of SRS, said, “Avis Budget Group has an basic role to comedy in the rapidly growing apple of advancement solutions.  I accept this is an agitative time for SRS to strengthen our accord with an industry baton that has a accurate clue almanac of carrying stockholder value.  I am admiring to accept accomplished this acceding as allotment of a effective chat with the Company and I attending advanced to the connected success of Avis Budget Group.”

Under the banal repurchase program, the Company repurchases shares from time to time in accessible bazaar transactions, and may additionally repurchase shares in accelerated banal acknowledgment programs, breakable offers, a adjourned affairs or by added means.  Repurchases may additionally be fabricated beneath a Rule 10b5-1 plan.  The timing and bulk of repurchase affairs will be bent by the Company’s administration based on its appraisal of bazaar conditions, allotment price, acknowledged requirements and added factors.  The affairs may be suspended, adapted or discontinued at any time after above-mentioned notice.

Forward-Looking Statements

Certain statements in this columnist absolution aggregate “forward-looking statements” aural the acceptation of the Private Securities Litigation Reform Act of 1995. Such advanced statements absorb accepted and alien risks, uncertainties and added factors which may account the absolute results, achievement or achievements of the Company to be materially altered from any approaching results, achievement or achievements bidding or adumbrated by such advanced statements. Statements preceded by, followed by or that contrarily accommodate the words “believes,” “expects,” “anticipates,” “intends,” “projects,” “estimates,” “plans,” “may increase,” “may fluctuate,” “will,” “should,” “would,” “may” and “could” or agnate words or expressions are about advanced in attributes and not actual facts. Any statements that accredit to outlook, expectations or added characterizations of approaching events, affairs or results, including all statements accompanying to the cooperation acceding or the timing or bulk of approaching banal repurchases, are additionally advanced statements. Important risks, assumptions and added important factors that could account approaching after-effects to alter materially from those bidding in the advanced statements are defined in Avis Budget Group’s Anniversary Address on Form 10-K for the year concluded December 31, 2014, its Current Address on Form 8-K filed May 6, 2015 and its Quarterly Address on Form 10-Q for the aeon concluded September 30, 2015, included beneath headings such as “Forward-Looking Statements”, “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and After-effects of Operations” and in added filings and accoutrement fabricated by the Company with the Securities and Exchange Commission from time to time. The Company undertakes no obligation to absolution about any revisions to any advanced statements, to address contest or to address the accident of hasty events.

About Avis Budget Group

Avis Budget Group, Inc. is a arch all-around provider of agent rental services, both through its Avis and Budget brands, which accept added than 10,000 rental locations in about 175 countries about the world, and through its Zipcar brand, which is the world’s arch car administration network, with added than 950,000 members. Avis Budget Group operates best of its car rental offices in North America, Europe and Australia directly, and operates primarily through licensees in added genitalia of the world. Avis Budget Group has about 30,000 advisers and is headquartered in Parsippany, N.J. Added advice is accessible at www.avisbudgetgroup.com.

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