eLong Announces Equity Grants to CEO and Senior Management
BEIJING, Sept. 18, 2013
BEIJING, Sept. 18, 2013 /PRNewswire/ – eLong, Inc. (NASDAQ: LONG), today
announced grants of approximately 6.3 million restricted share units
(currently equivalent to approximately 3.15 million eLong American Depository
Shares) to its chief executive officer and other members of its senior
management. The grants are intended to further increase the alignment of
eLong's senior management team with eLong's shareholders while they continue
to drive eLong's performance as a leader in China's mobile and online travel
(Logo: http://photos.prnewswire.com/prnh/20041118/ELONGLOGO )
Guangfu Cui, eLong's Chief Executive Officer and Board member, will receive
approximately 4 million restricted share units, with other members of eLong's
senior management receiving the balance. In both cases, half of the restricted
share units will vest in equal annual increments over a five-year period, and
half will vest in three equal increments if eLong achieves certain operational
and financial performance targets. Vesting for each recipient is also subject
to continued employment with eLong through each applicable vesting date. Upon
vesting, eLong will deliver one ordinary share for each restricted share unit.
Currently, each eLong American Depository Share represents two ordinary
"We consider Guangfu and his team true partners in building the eLong brand in
the highly competitive Chinese travel sector.This is a team that has
delivered by gaining share versus its biggest competitor since the first
quarter of 2010, and remains on track to continue growing and gaining share
going forward," said Dara Khosrowshahi, Chief Executive Officer of Expedia,
Inc. "These grants reflect our partnership and help us ensure the team remains
aligned with shareholders and focused on the enormous long-term opportunity
that China represents."
In connection with the grants, eLong's Board of Directors also amended the
2009 Share and Annual Incentive Plan increasing the total number of authorized
shares from 12 million to 17 million.
Safe Harbor Statement
Statements in this press release concerning eLong's future business, operating
results and financial condition are "forward-looking" statements within the
meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E
of the Securities Exchange Act of 1934, as amended, and as defined in the
Private Securities Litigation Reform Act of 1995. Words such as "anticipate,"
"believe," "estimate," "expect," "forecast," "intend," "may," "plan,"
"project," "predict," "future," "is/are likely to," "should" and "will" and
similar expressions as they relate to eLong are intended to identify such
forward-looking statements, but are not the exclusive means of doing so. These
forward-looking statements are based upon current views and expectations with
respect to future events and are not a guarantee of future performance.
Forward-looking statements include, but are not limited to, statements about
our anticipated growth strategies, our future business development, results of
operations and financial condition, our ability to control costs and/or
maintain profitability, our ability to attract customers and leverage our
brand, and trends and competition in the travel industry in China and
globally. Furthermore, these statements are, by their nature, subject to a
number of risks and uncertainties that could cause our actual performance and
results to differ materially from those discussed in the forward-looking
statements. Factors that could affect our actual results and cause our actual
results to differ materially from those referred in any forward-looking
statement include, but are not limited to, declines or disruptions in the
travel industry, international financial, political or economic crises, a
slowdown in the PRC economy, an outbreak of bird flu or other disease, eLong's
reliance on maintaining good relationships with, and stable air and hotel
inventory from, hotel suppliers and airline ticket suppliers, and on
establishing new relationships with suppliers on similar terms, our reliance
on the TravelSky GDS system for our air business and Baidu (and its subsidiary
Qunar) and Qihoo for our search engine marketing, the risk that eLong will not
be able to increase its brand recognition, the possibility that eLong will be
unable to continue timely compliance with the Sarbanes-Oxley Act or other
regulatory requirements, the risk that eLong will not be successful in
competing against new and existing competitors, the risk that our
infrastructure and technology are damaged, fail or become obsolete, risks
associated with Expedia, Inc.'s majority ownership interest and Tencent's
shareholding in eLong, risks relating to eLong's investment in other
businesses and assets, fluctuations in the value of the Renminbi, inflation in
China, changes in eLong's management team and other personnel, risks relating
to uncertainties in the PRC legal system, including but not limited to, risks
relating to our affiliated Chinese operating entities and risks relating to
the application of preferential tax policies, and other risks mentioned in
eLong's filings with the U.S. Securities and Exchange Commission, including
eLong's Annual Report on Form 20-F.
If one or more of these risks or uncertainties occur, or if our underlying
assumptions prove to be incorrect, actual events or results may vary
significantly from those implied or projected by the forward
looking-statements. Investors should not rely upon forward-looking statements
as predictions of future events. Except as required by law, we undertake no
obligation to update or revise publicly any forward-looking statements,
whether as a result of new information, future events or otherwise. All
forward-looking statements contained in this press release are qualified by
reference to this cautionary statement.
About eLong, Inc.
eLong, Inc. is a leader in mobile and online hotel reservations in China
offering consumers a leading hotel network of approximately 220,000 bookable
domestic and international properties in 200 countries worldwide. eLong uses
innovative technology to enable travelers to make informed hotel and air
ticket booking decisions through its convenient website and mobile (iPhone,
iPad, Android, and Windows Phone) applications and easy to use tools such as
destination guides, photos, virtual tours, maps and user reviews. eLong
provides 24-hour customer support and the ability to fulfill domestic and
international air ticket reservations across China. eLong's largest
shareholders are Expedia, Inc. (NASDAQ: EXPE) and Tencent Holdings Ltd. (HKSE:
0700). eLong operates websites including www.elong.com and www.elong.net.
For further information, please contact:
SOURCE eLong, Inc.
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