DENVER - February 24, 1998 (Nasdaq: QWST) Qwest will split its common stock on a 2-for-1 basis effective with trading tomorrow, February 25, 1998, as previously announced.
"The stock split reflects the confidence of the board of directors in the direction and progress of our company in becoming a leader in providing multimedia communications," said Joseph P. Nacchio, president and CEO of Qwest.
The stock split is effected through a one-for-one stock dividend to be distributed by ChaseMellon Shareholder Services, the transfer agent, at the close of business today, February 24, 1998. Anyone who buys the stock up to, and including today, will receive the additional share distribution. Anyone who sells the stock up to, and including today, will not receive the distribution.
Subject to market factors, the opening price on February 25, 1998 will theoretically be one-half the closing price on February 24, 1998. After the split, twice as many shares of Qwest common stock will be outstanding (approximately 206.7 million shares), so that a shareholder will have the same percentage ownership of Qwest.
The Qwest Macro CapacitySM Network
Qwest's planned domestic 16,285 mile network will serve over 125 cities, which represent approximately 80 percent of the data and voice traffic originating in the United States, upon its scheduled completion in the second quarter of 1999. Currently, more than 3,600 miles are activated from Los Angeles to Columbus, Ohio. Qwest is also extending its network 1,400 miles into Mexico with completion slated for late third quarter 1998.
The Qwest Macro Capacity Fiber network is designed with a highly reliable and secure bi-directional, line switching OC-192 SONET ring architecture. Upon completion, the network will offer a self-healing system that provides the ultimate security and reliability by allowing instantaneous rerouting in the event of a fiber cut.
Qwest Communications International Inc. (NASDAQ:QWST) is a multimedia communications company building a high-capacity, fiber optic network for the 21st century. With its cutting-edge technology, Qwest will deliver high-quality data, video and voice connectivity securely and reliably to businesses, consumers and other communications service providers.
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 on Form 10-Q, 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, volatility of stock price, financial risk management and future growth subject to risks.
QwestLinked is a trademark, and the Qwest logo is a registered trademark of Qwest Communications International Inc. in the U.S. and certain other countries.
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