Denver, May 24, 1999. ? Qwest Communications International Inc. (Nasdaq: QWST), the Internet communications company, said today that its previously announced two-for-one stock split will become effective at the close of business today. Those who own stock prior to the conclusion of trading today will qualify for the split.
"In less than two years, Qwest's stock price has grown more than 700 percent, reflecting the tremendous level of confidence the market has with our business plan and our ability to execute upon that plan," said Joseph P. Nacchio, Qwest chairman and CEO. "This strong performance has also resulted from our efforts to gain widespread support from our customers of the leading-edge broadband and Internet-based communication services we are now delivering over the Qwest network."
This is the second time that Qwest announced a stock split for shareowners since the company went public in June of 1997. During that period the company's market capitalization has increased from $2 billion to more than $30 billion.
Qwest Communications International Inc. (Nasdaq: QWST) is a leader in reliable and secure broadband Internet-based data, voice and image communications for businesses and consumers. Headquartered in Denver, Qwest has more than 8,500 employees working in North America, Europe and Mexico. The Qwest Macro Capacity® Fiber Network, designed with the newest optical networking, will span more than 18,500 route miles in the United States when it is completed by mid-1999, and an additional 315-mile network route that will be completed by the end of the year. In addition, Qwest and KPN, the Dutch telecommunications company, have formed a venture to build and operate a high-capacity European fiber optic, Internet Protocol-based network that has 2,100 miles and will span 9,100 miles when it is completed in 2001. Qwest also has nearly completed a 1,400-mile network in Mexico. 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 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 complete the network on schedule and on budget, financial risk management and future growth subject to risks, Qwest's ability to achieve Year 2000 compliance, and adverse changes in the regulatory or legislative environment. 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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