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
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.