DENVER, June 29, 2006 - Qwest Communications International, Inc. (NYSE:Q) today announced it signed a five-year multimillion dollar deal with U.S. Bancorp (NYSE:USB) for Qwest QWave. Qwest QWave is an optical wavelength private-line product that utilizes dense wave division multiplexing (DWDM) technology at speeds up to 10 gigabits per second (Gbps).
Qwest QWave can provide banks, financial institutions, government organizations and enterprise customers all across the United States with greater control, route diversity, visibility and service management of their broadband services. The service can also provide a viable alternative where dark fiber is unavailable.
"We are very pleased with the performance of our Qwest QWave high-capacity network and the service from an experienced next-generation provider like Qwest," said Senior Vice President of Network Services for U.S. Bancorp David Grabski. "The Qwest team found the right solution for our business and the product that best supports our applications and our business plan."
U.S. Bancorp is using bank-owned SONET multiplexers to create a nationwide optical backbone connecting their major communications centers. The Qwest service will connect five U.S. Bancorp locations on a secure and fast 10 Gbps optical network.
"U.S. Bancorp has been a Qwest customer for years, and we are excited to now provide next-generation technology services to more U.S. Bancorp locations throughout the United States," said Tom Richards, Qwest executive vice president of business markets group. "The Qwest services will allow U.S. Bancorp to add applications and new sites to the network as well as upgrade circuits as their business grows, and Qwest is proud to be a part of that growth."
Minneapolis-based U.S. Bancorp, with $210 billion in assets, is the sixth largest financial holding company in the United States. The company operates 2,430 banking offices and 4,941 ATMs, and provides a comprehensive line of banking, brokerage, insurance, investment, mortgage, and trust and payment services products to consumers, businesses and institutions. U.S. Bancorp is the parent company of U.S. Bank. Visit U.S. Bancorp on the web at usbank.com.
Qwest Communications International Inc. (NYSE: Q), through its operating subsidiaries, is a leading provider of high-speed Internet, data, video and voice services. With nearly 40,000 employees, Qwest is committed to the "Spirit of Service" and providing world-class services that exceed customers' expectations for quality, value and reliability. For more information, please visit the Qwest Web site at www.qwest.com.
This release may contain projections and other 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 us with the Securities and Exchange Commission, 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 but not limited to: access line losses due to increased competition, including from technology substitution of our access lines with wireless and cable alternatives; our substantial indebtedness, and our inability to complete any efforts to de-lever our balance sheet through asset sales or other transactions; any adverse outcome of the SEC's current investigation into our accounting policies, practices and procedures and certain transactions; any adverse outcome of the current investigation by the U.S. Attorney's office in Denver into certain matters relating to us; adverse results of increased review and scrutiny by Congress, regulatory authorities, media and others (including any internal analyses) of financial reporting issues and practices or otherwise; rapid and significant changes in technology and markets; any adverse developments in commercial disputes or legal proceedings, including any adverse outcome of current or future legal proceedings related to matters that are the subject of governmental investigations, and, to the extent not covered by insurance, if any, our inability to satisfy any resulting obligations from funds available to us, if any; potential fluctuations in quarterly results; volatility of our stock price; intense competition in the markets in which we compete including the likelihood of certain of our competitors emerging from bankruptcy court protection or otherwise reorganizing their capital structure and competing effectively against us; changes in demand for our products and services; acceleration of the deployment of advanced new services, such as broadband data, wireless and video services, which could require substantial expenditure of financial and other resources in excess of contemplated levels; higher than anticipated employee levels, capital expenditures and operating expenses; adverse changes in the regulatory or legislative environment affecting our business; and changes in the outcome of future events from the assumed outcome included in our significant accounting policies.
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