DENVER, June 30, 1999 ? Qwest Communications International Inc. (Nasdaq: QWST) said it is pleased that Frontier Corporation's Board of Directors has instructed its management and advisors to meet with Qwest to explore its acquisition proposal.
Joseph P. Nacchio, Chairman and Chief Executive Officer of Qwest Communications, said, "We are pleased to meet with Frontier's Board and management and to work in a professional and constructive manner towards achieving a business combination that is strategically driven and serves the best interests of the shareholders, customers and employees of both companies. We are confident that after the review process, Frontier's Board will recognize the clear financial and strategic superiority of Qwest's offer over Global Crossing's.
"In the end, we believe that this will be a significant step towards the realization of our shared vision to build a company that will be one of the major players in an increasingly competitive global marketplace," said Nacchio.
Mr. Nacchio added that Qwest management and its advisors stand ready to commence similar negotiations with the Board of Directors of U S WEST, pointing out that Qwest's offer trades at a significant premium above Global Crossing's offer for U S WEST.
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, spans more than 18,500 route miles in the United States, with an additional 315-mile network route to 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.
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. 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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