CTC Communications Responds to Shareholder Inquiries Regarding the Recent Decline in its Stock Price.Business/Technology Editors WALTHAM, Mass.--(BUSINESS WIRE)--Feb. 8, 2002 CTC CTC - Cornell Theory Center Communications Group Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on NM: CPTL CPTL Compagnie des Pétroles Total Libye (Total SA Group Affiliates) CPTL Center for Trade Policy and Law (Carleton University; Ottawa, Canada) )--today responded to shareholder inquiries regarding the recent decline in the price of the Company's common stock. Robert J. Fabbricatore, Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , stated, "The Company is not aware of any development in its business that would account for the recent decline in its stock price. As previously announced, negotiations have been proceeding with the Company's bank group to revise the covenants contained in the bank loan agreement, to reflect current conditions and the Company's revised business plan. Additionally, negotiations have been proceeding with a principal vendor to provide additional lease financing capital to the Company. We expect that definitive agreements for both will be signed in the near future." About CTC Communications CTC is a rapidly growing "next generation" Integrated Communications Carrier utilizing advanced technology and providing its customers with converged voice, data and Internet services on a broadband, packet-based network. The Company serves medium and larger business customers from Virginia to Maine, which includes the most robust telecommunications region in the world--the Washington D.C. to Boston corridor. CTC was managing more than 565,000 access lines as of September 30, 2001. CTC's IP+ATM packet network and its 450 member sales and service teams, provide contiguous Adjacent or touching. Contrast with fragmentation. See contiguous file. marketing and technology coverage throughout the Northeast and Mid-Atlantic States Mid-At·lan·tic States See Middle Atlantic States. Noun 1. Mid-Atlantic states - a region of the eastern United States comprising New York and New Jersey and Pennsylvania and Delaware and Maryland U.S.A. . The Company, through its dedicated commitment to exceptional customer service, has achieved an industry-leading market share in the Northeast. CTC can be found on the worldwide web at www.ctcnet.com. The statements in this press release that relate to future plans, events or performance are forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. that involve risk and uncertainties that could cause actual results to differ materially from those reflected in the forward-looking statements. There is no assurance that the Company will be successful in completing these agreements with the bank group or the principal vendor to revise the covenants contained in its bank agreement, obtain additional lease financing capital for the Company, or reach satisfactory terms within these agreements. Readers are, accordingly, cautioned not to place undue reliance on these forward-looking statements. Additional information about these risks and uncertainties is set forth in the Company's most recent report on Forms 10-K and 10Q. CTC undertakes no obligation to release publicly the results of any revisions to these forward-looking statements that may be made to reflect results, events or circumstances after the date hereof here·of adv. Of this. hereof Adverb Formal or law of or concerning this Adv. 1. hereof - of or concerning this; "the twigs hereof are physic" . |
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