Kauai Island Utility Cooperative Agrees to Acquire Kauai Electric from Citizens Communications for $215 Million.
STAMFORD, Conn.--(BUSINESS WIRE)--March 6, 2002
Citizens Communications Company (NYSE:CZN, CZB) announced today that it has entered into a definitive agreement to sell Kauai Electric to Kauai Island Utility Cooperative (KIUC) for $215 million.
The transaction, which is subject to regulatory approvals, is expected to close within 12 months. Kauai Electric provides electric transmission and distribution services to 31,000 customers on Kauai, Hawaii. The sale of Kauai Electric is part of Citizens' announced plan to become a pure-play telecommunications company and to divest its utility operations. About Citizens Communications
Citizens Communications serves 2.5 million access lines in 24 states. Citizens owns 85 percent of Electric Lightwave, Inc. (NASDAQ:ELIX), a facilities-based, integrated communications provider that offers a broad range of services to telecommunications-intensive businesses throughout the United States. 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 buy 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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|Date:||Mar 6, 2002|
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