Electric Lightwave, Inc. Commences Initial Public Offering.VANCOUVER, Wash.--(BUSINESS WIRE)--Nov. 4, 1997--Electric Lightwave, Inc., a wholly owned subsidiary 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 Citizens Utilities, announced today that it has commenced a $175-million initial public offering. According to Robert J. DeSantis, Electric Lightwave's chief financial officer, the company is offering approximately 10 million shares of Electric Lightwave Class A Common Stock. Approximately 8 million shares are expected to be offered in the United States and 2 million internationally. Mr. DeSantis said that Electric Lightwave has applied for listing the Class A Common Stock on the 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 National Market under the symbol "ELIX." The offering is being lead-managed by Lehman Brothers and co-managed by Merrill Lynch & Co., Morgan Stanley Dean Witter and Deutsche Morgan Grenfell, both in the U.S. and internationally. David Sharkey, Electric Lightwave's president and chief operating officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. , stated, "This initial equity offering represents a significant milestone in the continuing rapid growth of Electric Lightwave. As a facilities-based competitive local exchange carrier, Electric Lightwave provides a complete portfolio of communications services in five major cities and surrounding market clusters 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 . The company's expansion strategy includes the build-out of its existing cities and market clusters, the construction of new market clusters, and the interconnection of all of them." Mr. Sharkey added, "The net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). of this offering will be used to fund the capital requirements Capital requirements Financing required for the operation of a business, composed of long-term and working capital plus fixed assets. of this expansion." Based in Vancouver, Washington, Electric Lightwave operates all-digital, fiber-optic SONET-based networks over which it provides state-of-the-art voice and data communications services to business customers throughout five major cities and surrounding market clusters in the western United States: Portland, Oregon; Seattle, Washington; Salt Lake City, Utah For ships of the United States Navy of the same name, see . Salt Lake City is the capital and the most populous city of the U.S. state of Utah. The name of the city is often shortened to Salt Lake, or its initials, S.L.C. ; Sacramento, California; and Phoenix, Arizona. Electric Lightwave, a wholly owned subsidiary of Citizens Utilities (NYSE NYSE See: New York Stock Exchange : CZN, CZNPr), offers local and long distance telephone services, videoconferencing, prepaid calling cards, and data and Internet access services. Citizens Utilities provides communications, natural gas, electric, and water and wastewater treatment services to approximately 1.7 million customers in 20 states. CONTACT: Arthur Dague or Brigid Smith or John Unverferth 203/614-5094 203/614-5042 360/816-3217 adague@czn.com bsmith@czn.com junverfe@eli.net |
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