Citizens Utilities holds annual meeting of shareholders.STAMFORD, Conn.--(BUSINESS WIRE)--May 22, 1997-- Board of Directors declares second-quarter stock dividend and announces plan to combine Series A and Series B common stock Citizens Utilities (NYSE NYSE See: New York Stock Exchange : CZNA, CZNB) held its annual shareholders meeting yesterday in Bolton Landing, New York Bolton Landing, New York is a small lakeside community in the Adirondacks. It is ten miles north of Lake George Village on the west side of Lake George which is 32 miles long. The closest city in the nearby area is Glens Falls to the south. . Presiding over the meeting was Leonard Tow, chairman and chief executive officer. The meeting included a report on the company's financial results for the first quarter of 1997 and an extensive discussion of management's plans to improve shareholder value. At the meeting, all directors were reelected. In addition, the following items were discussed: Second-Quarter Stock Dividend Dr. Tow announced that the Board of Directors declared a 1.6% second-quarter stock dividend on the company's Series A and Series B common stock, payable June 30 to shareholders of record on June 2. Combination of Series A and Series B Common Stock Dr. Tow stated that the Board of Directors, pursuant to authority granted by Citizens' Certificate of Incorporation certificate of incorporation n. some states issue a certificate to prove a corporation's existence upon the filing of Articles of Incorporation. In most states the Articles are sufficient proof. , voted to combine the company's Series A and Series B common stock into a single common stock. "For many years, there was a purpose for two series of common stock," said Dr. Tow. "However, since both series now pay stock dividends that are non-taxable upon receipt and are identical in all respects, the need for two series no longer exists. Having a single common stock that pays a tax-deferred stock dividend will eliminate confusion among potential investors about which class to purchase." "We anticipate that the mechanics of combining the Series A and Series B common stock into a single class of common stock will be completed this summer," said Dr. Tow. "Shareholders will receive additional information about this event as soon as preparations are complete." Corporate Branding Corporate branding is the practice of using a company's name as a product brand name. It is an attempt to leverage corporate brand equity to create product brand recognition. It is a type of family branding or umbrella brand. At the annual meeting, Citizens introduced a new logo designed to convey a spirited, young, strong communications- based company. The logo's sterling silver color represents Citizens' financial security. "This brand is being developed in concert with new brandmarks for 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. , Citizens Public Services and Citizens' Electric Lightwave, Inc. to graphically reflect our strategy and our fundamental strength," said Dr. Tow. New Products and Services Shareholders attending the meeting were able to view the latest in technology offered by Citizens Communications, including digital direct satellite television service, conference calling, paging, cellular, and Internet access. Citizens Utilities (NYSE: CZNA, CZNB) provides telecommunications and public utility services to approximately 1.6 million customers in 22 states. Citizens Communications operates an integrated distribution network over which it provides local, long distance, paging, cellular, network sales and other communications products and services. Citizens also has investments in Centennial Cellular Corp. (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 : CYCL) and Hungarian Telephone and Cable Hungarian Telephone and Cable Corp. (HTCC) (AMEX:HTC) is a telecommunications company based in Seattle, Washington, USA. It provides a variety of telecommunications services in Hungary through its subsidiaries, Hungarotel Tavkozlesi Rt. and Pantel Tavkozlesi Kft. Corp. (ASE (Adaptive Server Enterprise) A relational DBMS from Sybase that runs on Windows NT/2000, Linux and a variety of Unix platforms. ASE is a comprehensive and robust data management product with a long history dating back to the late 1980s. :HTC HTC HTML (Hyper Text Markup Language) Component HTC High Tech Computer Corp (Taiwan, China) HTC Hennepin Technical College (Minnesota) HTC High-Throughput Computing ) and owns Electric Lightwave, Inc., a leading competitive provider of telecommunications services for business and long-distance carriers in the western United States Noun 1. western United States - the region of the United States lying to the west of the Mississippi River West Santa Fe Trail - a trail that extends from Missouri to New Mexico; an important route for settlers moving west in the 19th century . Additional information about Citizens is available on the Internet at http://www.czn.net . CONTACT: Brigid M. Smith (203) 329-5042 bsmith@czn.com or Arthur D. Dague (203) 329-5094 adague@czn.com |
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