DENVER, January 14, 2003 ? Qwest Communications and Forest City Stapleton, Inc. today announced an exclusive marketing agreement in which Qwest will be the preferred provider of telecommunications services, including DSL service, to residents in the new, mixed-use neighborhoods currently taking shape at Stapleton.
The agreement brings advanced broadband communications to the single-family homes at one of the nation?s most attractive new urban communities, which is projected to have a total of 30,000 residents when it reaches full build-out in the next 15 years. The high-speed, "always-on," Qwest DSL connection allows customers to surf the Internet at speeds up to 7 megabits per second, or up to 125 times faster than a traditional 56K modem, ensuring that residents of the single-family homes at Stapleton will enjoy all of the benefits of living in a community that is fully wired for the future.
"Qwest is thrilled to provide the Stapleton community with DSL and its many benefits," said Teresa Taylor, executive vice president of product management for Qwest. "These residents will be able to enjoy a technology that can simplify their lives through the convenience of a fast, always-on connection to the Internet."
"Stapleton is a community of neighborhoods that are being created in an environment that encourages 'life-long learning,'" said John Lehigh, chief operating officer of Forest City Stapleton, Inc., master developer of the 4,700-acre former airport property. "The Qwest DSL service at Stapleton is an important component of a telecommunications structure at Stapleton that will provide high-speed linkages with informational resources throughout the world," Mr. Lehigh added.
Qwest's DSL service allows customers to use a single, traditional telephone line for simultaneous voice and access to the Internet. It is designed for small businesses, people with home offices or anyone who wants high-speed access to the Internet and always-on availability to the Internet and e-mail. Qwest DSL supports several Internet service providers. Customers who want to order Qwest DSL can call 1-800-244-1111 (residential customers) or 1-800-603-6000 (small business customers).
Stapleton is rapidly being transformed into the new urban community envisioned by the citizens of Denver who created the internationally acclaimed Stapleton Development Plan. The Quebec Regional Retail Center at Stapleton already is bringing new retail to northeast Denver that includes Home Depot, Wal-Mart, Sam's Club, Just for Feet, Office Depot and a wide variety of additional retail outlets. Within walking distance to the south, there already are 189 homes of a variety of sizes and prices occupied on the site of the former airport's east-west runway where another 240 homes are under construction. Nearby, within walking distance, an innovative Denver Public Schools campus is under construction in preparation for opening in August of next year. The Denver School of Science and Technology, a DPS charter high school, also is scheduled to come to Stapleton in 2004.
About Forest City
Forest City Enterprises, Inc. (NYSE:FCEA) (NYSE:FCEB) is a $4.5 billion NYSE-listed real estate company headquartered in Cleveland, Ohio. The Company is principally engaged in the ownership, development, acquisition and management of commercial and residential real estate throughout the United States. The Company's portfolio includes interests in retail centers, apartment communities, office buildings and hotels. The Company's targeted markets include Boston, Denver, Los Angeles, New York, Philadelphia, Richmond, San Francisco and Washington, D. C.
More information about the redevelopment of Stapleton is available on the web at www.stapletondenver.com or www.fceinc.com.
Qwest Communications International Inc. (NYSE: Q) is a leading provider of voice, video and data services to more than 25 million customers. The company's 53,000-plus employees are 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.
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: the duration and extent of the current economic downturn in our 14-state local service area, including its effect on our customers and suppliers; the effects of our anticipated restatement of historical financial statements including delays in or restrictions on our ability to access the capital markets or other adverse effects to our business and financial position; 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 SEC's current investigation into our accounting policies, practices and procedures; 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 Congress, regulatory authorities, media and others (including any internal analyses) of financial reporting issues and practices or otherwise; the failure of our chief executive and chief financial officers to provide certain certifications relating to certain public filings; 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; our future ability to provide interLATA services within our 14-state local service area; 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 emerging from bankruptcy court protection or otherwise reorganizing their capital structure and competing effectively against us; changes in demand for our products and services; dependence on new product development and 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; and changes in the outcome of future events from the assumed outcome included in our significant accounting policies.
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