12.04.2005 19:03:00
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Qwest Statement Regarding the S-4 Filing by MCI and Verizon
Business Editors/Telecommunications Writers
DENVER--(BUSINESS WIRE)--April 12, 2005--In response to Verizon's filing of its S-4 statement with the SEC today, Qwest Communications International Inc. (NYSE: Q) issued the following statement:
"No proxy filing can explain away the wide discrepancy between the shareholder value Qwest offered and Verizon's lower offer.
"The letter in today's S-4 filing from Mr. Capellas, on behalf of the MCI Board of Directors, clearly states that MCI has unanimously adopted the merger agreement. This pronouncement should send a clear message to MCI share owners -- Mr. Capellas and the MCI Board 'unanimously' support the creation of two classes of share owners and that $23.10 is what share owners are entitled to. This declaration by MCI ignores the facts that Qwest offered MCI $27.50 and that Verizon has cut a side deal that will pay one share owner approximately 20 percent more than any other share owner.
"Shareholders should seriously question the motivation and rationale of such a recommendation.
"We continue to listen to share owners and their frustrations with the events of this past weekend as we evaluate our options."
About Qwest
Qwest Communications International Inc. (NYSE: Q) is a leading provider of voice, video and data services. With more than 40,000 employees, Qwest is committed to the "Spirit of Service" and providing world-class services that exceed customers' expectations for quality, value and reliability. For more information, please visit the Qwest Web site at www.qwest.com.
Forward-Looking Statement Note
This release may contain projections and other forward-looking statements that involve risks and uncertainties. These statements may differ materially from actual future events or results. Readers are referred to the documents filed by us with the Securities and Exchange Commission, specifically the most recent reports which identify important risk factors that could cause actual results to differ from those contained in the forward-looking statements, including but not limited to: access line losses due to increased competition, including from technology substitution of our access lines with wireless and cable alternatives; our substantial indebtedness, and our inability to complete any efforts to de-lever our balance sheet through asset sales or other transactions; any adverse outcome of the current investigation by the U.S. Attorney's office in Denver into certain matters relating to us; adverse results of increased review and scrutiny by regulatory authorities, media and others (including any internal analyses) of financial reporting issues and practices or otherwise; rapid and significant changes in technology and markets; any adverse developments in commercial disputes or legal proceedings, including any adverse outcome of current or future legal proceedings related to matters that are the subject of governmental investigations, and, to the extent not covered by insurance, if any, our inability to satisfy any resulting obligations from funds available to us, if any; potential fluctuations in quarterly results; volatility of our stock price; intense competition in the markets in which we compete including the likelihood of certain of our competitors consolidating with other providers or otherwise reorganizing their capital structure to more effectively compete against us; changes in demand for our products and services; acceleration of the deployment of advanced new services, such as broadband data, wireless and video services, which could require substantial expenditure of financial and other resources in excess of contemplated levels; higher than anticipated employee levels, capital expenditures and operating expenses; adverse changes in the regulatory or legislative environment affecting our business; changes in the outcome of future events from the assumed outcome included in our significant accounting policies; our ability to utilize net operating losses in projected amounts; our inability to provide any assurance as to whether we will be successful in our effort to acquire MCI, Inc.; and whether in the event of an acquisition we realize synergies in the amounts, at the times and at the related costs projected and whether regulatory approvals will be received within the timeframe projected and that such approvals will not be materially adverse to the projected operations of the combined company following the merger.
The information contained in this release is a statement of Qwest's present intention, belief or expectation and is based upon, among other things, the existing regulatory environment, industry conditions, market conditions and prices, the economy in general and Qwest's assumptions. Qwest may change its intention, belief or expectation, at any time and without notice, based upon any changes in such factors, in Qwest's assumptions or otherwise. The cautionary statements contained or referred to in this release should be considered in connection with any subsequent written or oral forward-looking statements that Qwest or persons acting on its behalf may issue. This release may include analysts' estimates and other information prepared by third parties for which Qwest assumes no responsibility.
Qwest undertakes no obligation to review or confirm analysts' expectations or estimates or to release publicly any revisions to any forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
By including any information in this release, Qwest does not necessarily acknowledge that disclosure of such information is required by applicable law or that the information is material.
The Qwest logo is a registered trademark of Qwest Communications International Inc. in the U.S. and certain other countries.
--30--PT/dx*
CONTACT: Qwest Communications International Inc. Media Contact: Tyler Gronbach, 303-992-2155 Tyler.gronbach@qwest.com or Investor Contact: Stephanie Comfort, 800-567-7296 IR@qwest.com
KEYWORD: COLORADO INDUSTRY KEYWORD: HARDWARE COMPUTERS/ELECTRONICS TELECOMMUNICATIONS NETWORKING MERGERS/ACQ SOURCE: Qwest Communications International Inc.
Copyright Business Wire 2005
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