DENVER, March 5, 2000 ?Qwest Communications International Inc., the broadband Internet communications company, confirmed this evening that there have been discussions with a major telecommunications company regarding a possible acquisition of Qwest and of U S WEST, Inc.
Qwest said that U S WEST has been made aware that such discussions have occurred. Qwest has no intention of entering into a transaction with the major telecommunications company unless U S WEST reaches an agreement with that company for the acquisition of U S WEST on terms acceptable to it.
Philip Anschutz, the principal shareholder of Qwest, said that he would be supportive of transactions with the major telecommunications company.
Joseph P. Nacchio, Qwest chairman and CEO, said, "The merger agreement with U S WEST is still in place and Qwest is continuing to take the steps required under the agreement to close the U S WEST merger."
No assurance can be given that any agreements will be reached. Anschutz and Qwest said they do not intend to make any further statements unless and until definitive agreements are entered into or discussions are terminated.
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 25,500 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 11,800 miles when it is completed in 2001. 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 maintain rights of way, 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. 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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