Denver, February 16, 2001 ? The Board of Directors of Qwest Communications International Inc. (NYSE:Q), the broadband Internet communications company, and its Chairman and CEO Joseph P. Nacchio today announced a planned and structured daily stock sales program for Nacchio to sell the stock issuable upon the exercise of Qwest stock options that expire on June 30, 2003.
Nacchio intends to sell stock that will be issued upon the exercise of 6.1 million options that he was granted in June 1997. These options must be exercised by June 30, 2003. Nacchio intends to sell 11,500 shares daily beginning February 20, 2001 until June 30, 2003, or 6.1 million shares in total. The daily sales price will not affect the number of shares sold on that day.
The Qwest Board asked Nacchio to commit to the program to avoid the bunching of sales during and at the end of the exercise period of the June 1997 options. This program will modify Nacchio?s current practice of exercising options and selling stock during Qwest?s ?trading window? periods following quarterly announcements of Qwest earnings.
Nacchio owns an additional 14 million stock options and 471,000 Qwest shares that are not included in the daily sales program. The 14 million options include five million options that the Qwest Board issued to Nacchio earlier this week. These five million options expire in February 2011 and vest in installments of 2.5 million options in each of August 2004 and 2005. The 14 million options also include nine million options granted in August 1999 that expire in August 2009 and vest in installments of 2.25 million options in each of August 2000, 2001, 2002 and 2003.
Qwest?s average daily trading volume over the last three months is approximately 5.6 million shares.
Qwest Communications International Inc. is a leader in reliable, scalable and secure broadband Internet-based data, voice and image communications for businesses and consumers. The Qwest Macro Capacity(r) Fiber Network, designed with the newest optical networking equipment for speed and efficiency, spans more than 106,000 miles globally. 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 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, volatility of Qwest's stock price, intense competition in the communications services market, changes in demand for Qwest's 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, rapid and significant changes in technology and markets, adverse changes in the regulatory or legislative environment affecting Qwest's business and delays in Qwest's ability to provide interLATA services within its 14-state local service territory, failure to maintain rights of way, and failure to achieve the projected synergies and financial results expected to result from the acquisition of U S WEST timely or at all and difficulties in combining the operations of Qwest and U S WEST. 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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