Completel Appoints J. Lyle Patrick Chief Financial Officer.
Completel announced today the appointment of J. Lyle Patrick as Chief Financial Officer. The appointment will be effective as of November 1st, 2001. Mr. Patrick was previously McLeodUSA's Group Vice President and Chief Financial Officer from 1998 to the present, raising $4.6 billion in funding for the firm during his tenure, while McLeodUSA grew to over one million access lines in 25 states. Prior to joining McLeodUSA in 1997, Mr. Patrick held various financial positions at Consolidated Communications Inc. and was a partner at Andersen.
Mr. Patrick takes over the CFO position from David Lacey, who has guided Completel successfully since its March 2000 IPO from start up to a leading position as a European local fiber broadband services provider. Mr. Lacey will oversee the transition period of his responsibilities to Mr. Patrick over the coming quarter.
Tim Samples, Completel's CEO, welcomes Mr. Patrick to Completel and commented, "Lyle brings a wealth of experience from McLeodUSA where he was instrumental in consolidating its position within the CLEC market. I would like to thank David, on behalf of management and the Board, for helping take Completel through the first and challenging leg of its development. I look forward to carrying Completel, with the support of Lyle, to the next level of competitive leadership within its selected markets."
Completel Europe NV (ParisBourse: CTL; Nasdaq CLTL).
Completel is a facilities-based provider of fiber optic local access telecommunications and Internet services to business end-users, carriers and ISPs in France and Germany.
The forecasts and other information in this press release, constitute "forward-looking statements" within the meaning of Section 21E of the U.S. Securities Exchange Act. These forward-looking statements are identified by their use of such words as "believe," "should," "will," "expects," "plan," "target," "forecast," "sign," and similar expressions. Such statements are based on the current expectations and assumptions of the management of Completel only, and Completel does not undertake to publicly update or revise these statements, whether as a result of new information, future events or otherwise. These forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause Completel's actual future results, performance and achievements to differ materially from those forecasted or suggested in this press release. With respect to revenue forecasts, these factors include, but are not limited to: (a) decline in demand for Completel's telecommunications services; (b) pricing pressures from Completel's direct competitors as well as from providers of alternative services; (c) failures, shutdowns or service disturbances with respect to Completel's networks; and (d) worsening carrier and hosting market weakness. In addition to these risks, financial forecasts and other forward-looking information in this press release are subject to such risks as: (a) unforeseen delays or increased expenditures incurred in the construction of Completel's networks and IDCs; (b) Completel's inability to develop and maintain efficient operations support; (c) regulatory developments in Europe adverse to Completel or difficulties of Completel in maintaining necessary telecommunications licenses or other governmental approvals; (d) Completel's inability to obtain, from banks or the capital markets, financing on satisfactory terms; and (e) the impact of new business opportunities requiring significant up-front investment by Completel. For a more detailed discussion of such risks affecting the company, please refer to Completel's prospectuses and 10-K, 10-Q and 8-K reports filed with the U.S. Securities and Exchange Commission.
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