New York, January 3, 2000 ? Qwest Communications International Inc. (NYSE: Q), the broadband Internet communications company, formally joined the New York Stock Exchange (NYSE) today as only the 24th company with a single letter as its ticker symbol and the first company in more than 200 years of exchange history to use the letter Q.
Qwest Chairman and CEO Joe Nacchio rang the opening bell at the NYSE today to begin the first trading day of the new century. Qwest's move from the NASDAQ exchange, where it was listed since its initial public offering in 1997, to the NYSE represents one of the largest transfers ever in terms of revenue, market value and shares outstanding.
"It is an honor to receive a single letter listing on the world's preeminent stock exchange ? a distinction reserved for large cap, high-growth companies and recognition of Qwest's leadership position in the broadband Internet communications marketplace," said Nacchio.
Nacchio said Qwest, one of the world's fastest growing broadband Internet companies, is making the move to the NYSE for several reasons, including:
- Qwest will be directly associated with other leading large-cap, high-growth companies (460 of the Standard & Poor's 500 are listed on the NYSE)
- Qwest expects less share price volatility for shareholders and greater depth of trading in its shares
- The NYSE will partner with Qwest to enhance visibility through customized programs targeted at key constituencies
- Qwest will also have wider access to and greater visibility with international investors and capital markets
- Qwest will achieve greater investor visibility through participation in NYSE's media and advertising campaign planned for next year as the NYSE expands an aggressive effort to attract new listings
- Qwest's listing on the NYSE demonstrates it has met consistent financial performance standards, while bringing its technological prowess to bolstering the exchange's expanding technology platform for service to investors
- The NYSE provides one-stop, timely and complete access to trading information through a centralized market operation
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 24,500 miles in North America. In addition, KPNQwest (Nasdaq: KQIP), Qwest's European joint venture with KPN, the Dutch telecommunications company, is building and will operate a high-capacity European fiber optic, Internet-based network that will span 9,150 miles when it is completed in 2001.
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 SEC, 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, Qwest's ability to achieve Year 2000 compliance, adverse changes in the regulatory or legislative environment, and failure to complete the merger with U S WEST and achieve projected synergies and financial results timely or at all. 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.
The Qwest logo is a registered trademark of Qwest Communications International Inc. in the U.S. and certain other countries.
Qwest Media Contact