DENVER, December 21, 1999 - Qwest Communications International Inc., the broadband Internet communications company, today announced that it will be moving to the New York Stock Exchange (NYSE) on January 3, 2000. The initiative to move from the NASDAQ to the NYSE signals Qwest?s growing position in the global Internet communications marketplace and establishes the Qwest brand name more firmly with investors around the world.
Qwest Chairman and CEO Joseph P. Nacchio will begin the NYSE?s first session of trading in the new millennium by ringing the opening bell. Qwest will trade under the stock symbol "Q"?the first use of the Q letter in the NYSE's 207-year history- and join other leading technology companies.
"As one of the world's most dynamic high-tech companies, we are excited to enter the Year 2000 as a member of the world's most preeminent stock exchange," said Nacchio in announcing the change today. "Our move to the NYSE signals a new era of global growth for our company and our shareholders."
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
"We're thrilled to have Qwest, an information-age leader, join our listed-company family," said NYSE Chairman and CEO Richard A. Grasso. "Having Joe Nacchio ring the first bell of the new millennium is especially appropriate, given Qwest's leadership position in the broadband Internet communications marketplace and the global impact of the rapidly growing internet economy. For the Exchange, Qwest is the quintessential partner for our marketplace, which offers investors more than $4 trillion of the world's best technology enterprises, as we enter a new era in serving the investing public."
Since becoming a publicly traded company in June 1997, Qwest has used new technologies, acquisitions, alliances, joint ventures and investments to build one of the world's leading broadband Internet communications companies. Qwest provides a broad array of Internet-based services with its 24,500-mile North American network connecting nearly 160 cities in the U.S., Canada and Mexico. Cables under the Atlantic Ocean connect the network to Europe, where the company has joined with KPN, the Dutch telecommunications company, in a joint venture to build a 9,100 mile broadband Internet network, connecting 40 cities in western Europe. Qwest is also part owner of the newest digital cables in Europe, TAT 14, which will connect to the KPNQwest network.
In its most recent financial report, Qwest announced for the first time that the company recorded quarterly revenue in excess of one billion dollars. Qwest has met or exceeded consensus analyst earnings estimates for ten consecutive quarters.
Qwest Communications International Inc. is a leader in reliable, scalable and secure broadband Internet-based data, voice and image communications for businesses and consumers.
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.
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