CUC International Inc. Completes acquisition of Advance Ross Corporation

Business Wire, Jan 11, 1996

STAMFORD, Conn.--(BUSINESS WIRE)--January 11, 1996--CUC International Inc. (NYSE:CU) announced today that it has completed its previously announced merger with Advance Ross Corporation (NASDAQ:AROS). Advance Ross is now a wholly owned subsidiary of CUC International Inc. Headquartered in Chicago, Illinois, Advance Ross' primary business is processing value-added tax refunds (or VATs) to travelers in 20 European countries.

Pursuant to the merger, each outstanding share of Advance Ross Common Stock has been converted into 5/6 of a share of CUC Common Stock, and each outstanding share of Advance Ross 5% Cumulative Preferred Stock has been converted into .8245 of a share of CUC Common Stock. In each case, cash will be paid in lieu of fractional shares.

Walter A. Forbes, chairman and chief executive officer of CUC International, commented "The completion of the Advance Ross acquisition marks an important strategic move for CUC. With access to Advance Ross' distribution channel and its strong relationships with over 90,000 retailers throughout Europe, we are confident this acquisition will strengthen our international opportunities."

Harve A. Ferrill, chairman and chief executive officer of Advance Ross, stated, "The merger of our company with CUC is an exciting event for our shareholders. We are proud of Advance Ross' success in building its business and shareholder value. We look forward to Advance Ross becoming a valuable part of the highly successful CUC organization."

CUC International Inc. is a leading membership-services company, currently providing nearly 40 million consumers with access to a variety of services including home shopping, travel, insurance, auto, dining, home improvement, lifestyle clubs, checking account enhancements and discount coupon programs.

CONTACT: Laura A. Plevyak

(203) 965-5114