Citizens Communications Announces Intent to Acquire Outstanding Shares of Electric Lightwave, Inc.Business & Technology Editors STAMFORD, Conn.--(BUSINESS WIRE)--May 16, 2002 Citizens Communications Citizens Communications is the parent company of Frontier Telephone, providing telephone and internet access in 24 states. The company headquarters are located at 3 High Ridge Park in Stamford, Connecticut. Company (NYSE NYSE See: New York Stock Exchange : CZN) today announced that it intends to make a cash tender offer for all of the outstanding publicly-held Class A common shares of Electric Lightwave, 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 : ELIX) that Citizens does not own. Citizens currently has an approximately 85-percent ownership stake in Electric Lightwave, including ownership of 100 percent of Electric Lightwave's Class B common stock. Citizens intends to offer 70 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. to acquire the balance of Electric Lightwave's Class A common stock (approximately 7.8 million shares). If all of the ELI Eli (ē`lī), in the Bible, high priest and judge of Israel, teacher of the boy Samuel. 1. (language) ELI - An early system on the IBM 705 and IBM 650. [Listed in CACM 2(5):16 (May 1959)]. 2. shares not owned by Citizens are tendered the total cost of the tender offer to Citizens would be $5.5 million. Citizens anticipates acquiring any shares not purchased in the tender offer through a "short-form" merger at the same cash price per share as the tender offer. The company expects to commence the tender offer on May 20, 2002. The tender off is scheduled to expire on June 17, 2002. Citizens and ELI are currently conducting an ongoing review of ELI's operations, which is expected to result in a lower cost structure, a significant reduction in the requirement for capital expenditures and a substantial reduction in incremental Additional or increased growth, bulk, quantity, number, or value; enlarged. Incremental cost is additional or increased cost of an item or service apart from its actual cost. funding required from Citizens to support ELI's operations. These changes are not expected to impact ELI's existing customer base, the quality of its network and the ability to provide the highest level of customer service. About Citizens Communications Company Citizens Communications provides wireline communications services to 2.48 million telephone access lines in 24 states. It was the seventh largest local access telephone provider in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. as of December 31, 2001. The company also provides competitive local exchange services in the West through Electric Lightwave, Inc. In addition, the company provides natural gas transmission and distribution and electric transmission and distribution to customers in Arizona, Hawaii and Vermont. The company plans to divest To deprive or take away. Divest is usually used in reference to the relinquishment of authority, power, property, or title. If, for example, an individual is disinherited, he or she is divested of the right to inherit money. these utility operations to focus upon telecommunications Communicating information, including data, text, pictures, voice and video over long distance. See communications. . More information on Citizens can be found at www.czn.net. Notice for Electric Lightwave Stockholders and Interested Parties Investors, Electric Lightwave stockholders, and other interested parties are urged to read the tender offer documents that will be filed with the Securities and Exchange Commission by Citizens because they will contain important information. Tender offer documents will be sent to Electric Lightwave stockholders commencing on Monday, May 20, 2002. In addition, investors will be able to receive such documents free of charge at the SEC's web site, www.sec.gov, or by contacting D.F. King & Co., Inc., the Information Agent for the tender offer, at 77 Water Street, New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , New York 10005 or by telephone at (212) 269-5550. This document contains 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 are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the statements. These and all forward-looking statements (including oral representations) are only predictions or statements of current plans that are constantly under review by the company. All forward-looking statements may differ from actual results because of, but not limited to, changes in the local and overall economy, changes in market conditions for debt and equity securities, the nature and pace of technological changes, the number and effectiveness of competitors in the company's markets, success in overall strategy, changes in legal or regulatory policy, changes in legislation, the company's ability to identify future markets and successfully expand existing ones, the mix of products and services offered in the company's target markets, the effects of acquisitions and dispositions and the ability to effectively integrate businesses acquired. These important factors should be considered in evaluating any statement contained herein and/or made by the company or on its behalf. The foregoing information should be read in conjunction with the company's filings with the U.S. Securities and Exchange Commission including, but not limited to, reports on Forms 10-K and 10-Q. The company does not intend to update or revise these forward-looking statements to reflect the occurrence of future events or circumstances CIRCUMSTANCES, evidence. The particulars which accompany a fact. 2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or . |
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