Denver, October 30, 2000 — Qwest Communications International Inc. (NYSE:Q), the broadband Internet communications company, and the Communications Workers of America (CWA) today announced a two-year contract extension subject to membership ratification. The extension will be in effect until midnight August 16, 2003.
"We are pleased to have reached this agreement with the leadership of the CWA and we look forward to approval from the membership as soon as possible," said Joseph P. Nacchio, Qwest chairman and CEO.
"We are strongly recommending this extended contract to our membership," said John Thompson, Vice President of the CWA's District Seven. "It provides first class pension and wage increases for CWA members."
The existing contract was ratified and signed in September 1998 after a three-week work stoppage. It was to expire at midnight on August 16, 2001. Prior to its acquisition by Qwest earlier this year, U S WEST sought and the CWA declined to approve an extension of the existing contract.
Current union employees will receive wage and pension increases on the following schedule:
- A 3.5 percent wage increase effective August 19, 2001;
- A 5 percent wage increase effective August 18, 2002;
- A 6 percent pension increase effective July 1, 2002;
- A 10 percent pension increase effective July 1, 2003.
Qwest Communications International Inc. (NYSE: Q) is a leader in reliable, scalable and secure broadband Internet-based data, voice and image communications for businesses and consumers. The Qwest Macro Capacity® Fiber Network, designed with the newest optical networking equipment for speed and efficiency, spans more than 104,000 miles globally. For more information, please visit the Qwest web site at www.qwest.com.
This release may contain 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 Qwest 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 potential fluctuations in quarterly results, dependence on new product development, rapid technological and market change, failure to maintain rights of way, financial risk management and future growth subject to risks, adverse changes in the regulatory or legislative environment, and failure to achieve the synergies and financial results expected from the acquisition of U S WEST, Inc. 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.
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