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GTE-LED CONSORTIUM CLOSES PURCHASE ON 40 PERCENT OF VENEZUELA'S NATIONAL TELEPHONE COMPANY; NAMES NEW CANTV PRESIDENT

 GTE-LED CONSORTIUM CLOSES PURCHASE ON 40 PERCENT OF
 VENEZUELA'S NATIONAL TELEPHONE COMPANY; NAMES NEW CANTV PRESIDENT
 CARACUS, Venezuela, Dec. 3 /PRNewswire/ -- In a special ceremony held here today, a GTE-led international consortium signed the papers completing the purchase of a 40 percent share of CANTV, the national telephone company of Venezuela.
 With the completion of this action today, the consortium assumes immediate operational responsibility for the formerly government-run telephone company. As previously announced, the GTE-led consortium submitted the winning bid of US$1.885 billion on Nov. 15.
 Guillermo Amore, GTE Telephone Operations vice president- international, representing the consortium, said: "The transition process and work to improve operations will begin immediately. As a first step today, GTE Corp. Vice President and Controller Bruce Haddad was named president of CANTV. He will be working with the consortium to develop both short- and long-term plans to dramatically improve Venezuela's telephone service. Haddad brings a wealth of knowledge and experience in telecommunications, and will work to ensure our improvement plans get done quickly and efficiently."
 "The GTE-led consortium has already begun the process of improving CANTV's operations," said Amore. "There are 27 major projects under way, headed by consortium transition managers, that will focus on improving service for customers. The projects range from deployment of an early trouble-detection system to head off customer-service problems, to installing major fiber rings that will improve the capacity and quality of the telephone network. Over the next 10 years, the GTE consortium-led company plans significant investment to the network, including the expansion of digital switching and almost tripling the number of current access lines in service."
 GTE (NYSE: GTE) is a worldwide leader in telecommunications, with combined revenues and sales in 1990 of $21.4 billion and net income of $1.7 billion. It is the largest U.S.-based local-telephone company, providing local phone service to more than 20 million access lines in portions of 40 states and three other countries, including GTE's share of access lines in Venezuela; as well as the second-largest cellular- service provider in the United States. GTE has approximately 195,000 employees worldwide (including the 20,000 CANTV employees).
 -0- 12/3/91
 /CONTACT: Harvey W. Greisman, 203-965-2903, or after 6 p.m., 203-226-7661, or John Wallace, 214-718-4015, or after 6 p.m., 817-329-1329, or in Washington, Julia Spicer, 202-463-5206, or after 6 p.m., 202-797-0715, all of GTE/
 (GTE) CO: GTE Corp. ST: Connecticut IN: TLS SU:


CK -- NY044 -- 8752 12/03/91 12:18 EST
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Publication:PR Newswire
Date:Dec 3, 1991
Words:416
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