BROOMFIELD, Colo., Feb. 22 /PRNewswire-FirstCall/ -- Level 3 Communications, Inc. (Nasdaq: LVLT) announced today that it has terminated its stockholder rights plan, commonly referred to as a "poison pill." "At the time Level 3 was founded, it was common practice for public companies to implement stockholder rights plans," said Jim Crowe, Level 3's chief executive officer. "Over the course of the past year, we have been considering the elimination of the plan in consultation with certain of our institutional investors. After careful consideration, we have concluded that doing so is in the current interest of the company and its stockholders." The stockholder rights plan was implemented by the company's Board of Directors in 1998 and had been scheduled to expire in 2008. Through the Board's action, the expiration date of the plan was accelerated to February 17, 2005. The decision to terminate the plan was not made in connection with any pending business transaction. About Level 3 Communications Level 3 (Nasdaq: LVLT) is an international communications and information services company. The company operates one of the largest Internet backbones in the world, is one of the largest providers of wholesale dial-up service to ISPs in North America and is the primary provider of Internet connectivity for millions of broadband subscribers, through its cable and DSL partners. The company offers a wide range of communications services over its 23,000-mile broadband fiber optic network including Internet Protocol (IP) services, broadband transport and infrastructure services, colocation services, and patented softswitch managed modem and voice services. Its Web address is www.Level3.com. The company offers information services through its subsidiaries, Software Spectrum and (i)Structure. For additional information, visit their respective Web sites at www.softwarespectrum.com and www.i-structure.com. The Level 3 logo is a registered service mark of Level 3 Communications, Inc. in the United States and/or other countries. Level 3 services are offered by wholly owned subsidiaries of Level 3 Communications, Inc. Forward Looking Statement Some of the statements made by Level 3 in this press release are forward-looking in nature. Actual results may differ materially from those projected in forward-looking statements. Level 3 believes that its primary risk factors include, but are not limited to: changes in the overall economy relating to, among other things, the September 11 attacks and subsequent events, substantial capital requirements; development of effective internal processes and systems; the ability to attract and retain high quality employees; technology; the number and size of competitors in its markets; law and regulatory policy; and the mix of products and services offered in the company's target markets. Additional information concerning these and other important factors can be found within Level 3's filings with the Securities and Exchange Commission. Statements in this release should be evaluated in light of these important factors.
SOURCE Level 3 Communications, Inc.