Covad Communications Files Registration Statement for Offering of Secondary Shares.SANTA CLARA Santa Clara, city, Cuba Santa Clara (sän`tä klä`rä), city (1994 est. pop. 217,000), capital of Villa Clara prov., central Cuba. , Calif.--(BUSINESS WIRE)--May 19, 1999-- Covad Communications Group, Inc. (Nasdaq:COVD COVD College of Optometrists in Vision Development COVD Covad Communications Group (stock symbol) ) today announced that it has filed a registration statement with the Securities and Exchange Commission for its previously announced secondary offering of 7,500,000 split adjusted shares. The shares offered are held primarily by holders of the Company's warrants issued in connection with its senior note offering in March 1998. In addition, approximately 1,125,000 split adjusted shares will be subject to an underwriters' over-allotment option. Bear, Stearns & Co. Inc, Morgan Stanley Dean Witter, BT Alex. Brown Incorporated, Credit Suisse First Boston Credit Suisse First Boston was originally the trading name of the Financière Crédit Suisse-First Boston, a London-based 50-50 investment banking joint venture formed in 1978 between the First Boston Corporation and Credit Suisse. Corporation, Donaldson, Lufkin & Jenrette Securities Corporation and Wit Capital Corporation are the managing underwriters of this offering. The registration statement has been filed with the Securities and Exchange Commission, but has not yet become effective. These shares may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these shares in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state. When available, a copy of the preliminary prospectus Preliminary Prospectus A first draft registration statement filed by a firm prior to proceeding with an initial public offering of securities. The document, filed with the Securities & Exchange Commission, is intended to provide pertinent information to prospective shareholders may be obtained from the prospectus department of Bear, Stearns & Co. Inc., 245 Park Avenue, 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 10167 (212/272-2000), Morgan Stanley Dean Witter, 1585 Broadway, New York, NY 10036 212/761-4000, BT Alex. Brown Incorporated, One South Street, Baltimore, Maryland 21202 (410/895-2700), Credit Suisse First Boston Corporation, Eleven Madison Avenue, Prospectus Department, New York, NY 10010-3629 212/325-2580, Donaldson, Lufkin & Jenrette Securities Corporation, 277 Park Avenue, New York, New York 10172 (212/892-3000), and Wit Capital Corporation, 826 Broadway, 6th Floor, New York, NY 10003 212/253-4400. About Covad Covad Communications Company is a leading high-speed Internet and network access provider offering DSL DSL in full Digital Subscriber Line Broadband digital communications connection that operates over standard copper telephone wires. It requires a DSL modem, which splits transmissions into two frequency bands: the lower frequencies for voice (ordinary services through Internet Service Providers Internet service provider (ISP) Company that provides Internet connections and services to individuals and organizations. For a monthly fee, ISPs provide computer users with a connection to their site (see data transmission), as well as a log-in name and password. to small and medium businesses and consumers, and sold directly to large enterprise customers. Covad's service is on-line in eleven regions currently encompassing 26 metropolitan statistical areas. Service is available in the San Francisco Bay Area “Bay Area” redirects here. For other uses, see Bay Area (disambiguation). The San Francisco Bay Area, colloquially known as the Bay Area or The Bay , Los Angeles, Seattle, Sacramento, New York, Boston, the Washington, D.C./Baltimore corridor, Chicago, Philadelphia and San Diego metropolitan areas. Covad has announced plans to deploy its networks in a total of 22 regions, encompassing 51 MSAs nationwide. Covad Communications Company and its affiliates doing business as Covad Communications Company, are wholly owned subsidiaries Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of Covad Communications Group, Inc. (Nasdaq:COVD). Corporate headquarters is located at 2330 Central Expressway, Santa Clara, CA, 95050. Telephone: 408/844-7500 or 1-888-GO-COVAD; Fax: 408/844-7501. Web Site: www.covad.com. Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. Statement under the Private Securities Litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. Reform Act of 1995: The statements contained in this release which are not historical facts may be deemed to contain forward-looking statements, including but not limited to deployment of the Company's network in new and existing regions and completion of the secondary offering. Actual results may differ materially from those anticipated in any forward-looking statements as a result of certain risks and uncertainties, including, without limitation, the market conditions for the sale of the Company's securities, dependence on growth in demand for DSL-based services, availability of collocation space and facilities, ability to manage and scale operations, and other risks and uncertainties detailed in the Company's Securities and Exchange Commission filings. The Company disclaims any obligation to update information contained in any forward-looking statement. |
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