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Colony Capital And DIRECTV To Significantly Improve LodgeNet Service Via Unique Strategic Partnership

Special Note Regarding Forward-Looking Statements Certain statements in this press release constitute "forward-looking statements," including, without limitation, statements regarding the Company's investment agreement with the Colony Syndicate and the Company's proposed recapitalization, the Company's ability to continue operations during the pendency of the bankruptcy case, and the effect of actions of the Bankruptcy Court on the Company's assets and operations.

Such forward-looking statements are subject to risks, uncertainties and other factors that could cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, the Company's ability to comply with the terms of the investment agreement with the Colony Syndicate, including the conditions to closing, which require, among other things, that the Company maintain a certain minimum amount of liquidity, maintain certain material contracts, and obtain the Bankruptcy Court's approval of its Chapter 11 plan of reorganization; the Company's ability to obtain Bankruptcy Court approval with respect to its motions in the Chapter 11 proceedings; risks associated with third party motions in the Chapter 11 proceedings, which may interfere with the Company's ability to consummate its plan of reorganization; the potential adverse effects of the Chapter 11 proceedings on the Company's business, customer relationships, liquidity or results of operations; continued compliance with conditions for funding under the debtor-in-possession financing facility; the ability to execute the Company's business and restructuring plan to achieve desired cost savings and additional capital to improve liquidity; and other factors detailed, from time to time, in our filings with the Securities and Exchange Commission. For any of the foregoing reasons, our anticipated results may not meet our expectations. These forward-looking statements speak only as of the date of this press release. We expressly disclaim any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in our expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.

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