Citizens Communications Receives Approval of Sale of Louisiana Gas Assets.Business Editors STAMFORD, Conn.--(BUSINESS WIRE)--April 23, 2001 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. (NYSE NYSE See: New York Stock Exchange :CZN) and Atmos Energy Atmos Energy (NYSE: ATO), headquartered in Dallas, Texas, is the largest distributor of natural gas in the United States, serving 3.1 million customers nationwide. Atmos acquired TXU's natural gas and pipeline holdings in 2004. Corporation (NYSE:ATO ATO Australian Taxation Office ATO Ambito Territoriale Ottimale (Italy) ATO Alpha Tau Omega ATO Air Traffic Organization (FAA) ATO Arab Towns Organization ATO Air Tasking Order ATO Assemble To Order ) have received approval from the Louisiana Public Service Commission Louisiana Public Service Commission (LPSC) is an independent regulatory agency serving the public of Louisiana by managing its public utilities and motor carriers. It is the successor to the Railroad Commission of Louisiana. for Citizens to transfer the assets of Louisiana CODE, OF LOUISIANA. In 1822, Peter Derbigny, Edward Livingston, and Moreau Lislet, were selected by the legislature to revise and amend the civil code, and to add to it such laws still in force as were not included therein. Gas Service Company and LGS LGS Laser Guide Star LGS Lennox-Gastaut Syndrome LGS Leaky Gut Syndrome LGS Langer-Giedion Syndrome LGS Light Gauge Steel (steel frame construction system) LGS Looking Glass Studios (game development company) Natural Gas Company to Atmos for a purchase price of $365 million. Louisiana Gas Service Company serves approximately 279,000 residential and commercial natural gas distribution customers. LGS Natural Gas Company is an intrastate pipeline company that provides natural gas transportation service to industrial customers in portions of Louisiana. The closing of the transaction is expected by June 30, 2001. The sale of Citizens' assets in Louisiana is pursuant to the company's announced plan to divest its public utility assets and to focus upon rural telecommunications. In 1999 and 2000, Citizens entered into definitive agreements to purchase more than 2 million telephone access lines from Verizon, Qwest and Global Crossing's Frontier Corp. These transactions will be substantially complete by the end of this year and bring the number of lines that the company serves to more than 3 million. Citizens has agreed to sell its water and wastewater treatment operations to American Water Works, Inc. This transaction is expected to be completed prior to year's end. Currently, the company also has an agreement to sell one of its electric operations. Discussions concerning the divestiture The breakup of AT&T. By federal court order, AT&T divested itself on January 1, 1984 of its 23 operating companies, which became known as the Regional Bell Operating Companies (RBOCs). of the company's remaining electric and gas operations are on-going. About Citizens Communications Citizens Communications serves 1.4 million access lines in 17 states and is acquiring an additional 1.7 million access lines. Citizens owns 85 percent 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), a facilities-based, integrated communications provider that offers a broad range of services to telecommunications-intensive businesses throughout 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. . More information about Citizens can be found at www.czn.net. This document contains forward-looking statements 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. |
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