BROOMFIELD, Colo. and
FLORHAM PARK, N.J., Aug. 4, 2011 /PRNewswire/ -- Level 3
Communications, Inc. (NASDAQ: LVLT) and Global Crossing
Limited (NASDAQ: GLBC) today announced that, at separate special
meetings, stockholders of both companies voted to approve Level 3's
proposed acquisition of Global Crossing. At the Global Crossing
shareholders' meeting, 99.8 percent of the Global Crossing shares
voting at the meeting were voted in favor of the adoption of the
agreement between Global Crossing and Level 3. At the Level 3
stockholders' meeting, 99.6 percent of the Level 3 shares voting at
the meeting were voted in favor of the issuance of shares of Level
3 common stock to Global Crossing shareholders, and 85.2 percent of
the Level 3 shares outstanding were voted in favor of the proposal
to approve the adoption of the Level 3 charter amendment.
(Logo:
http://photos.prnewswire.com/prnh/20110523/LA06722LOGO)
"We are very pleased that stockholders of both companies have
given their support to this transaction," said James Q. Crowe, CEO of Level 3. "We believe that
the combination of our two companies will create immediate and
long-term value for our stockholders and customers. We continue to
work to obtain the requisite regulatory approvals needed to close
the transaction and begin the process of integrating the companies
to realize the synergies and opportunities expected from the
transaction."
The companies continue to expect the transaction to close before
the end of 2011.
About Level 3 Communications
Level 3 Communications, Inc. (NASDAQ: LVLT) is a leading
international provider of fiber-based communications services.
Enterprise, content, wholesale and government customers rely on
Level 3 to deliver services with an industry-leading combination of
scalability and value over an end-to-end fiber network. Level 3
offers a portfolio of metro and long-haul services, including
transport, data, Internet, content delivery and voice. For more
information, visit www.Level3.com.
© Level 3 Communications, LLC. All Rights Reserved.
Level 3, Level 3 Communications and the Level 3
Communications Logo are either registered service marks or
service marks of Level 3 Communications, LLC and/or one of its
Affiliates in the United States
and/or other countries. Level 3 services are provided by
wholly owned subsidiaries of Level 3 Communications, Inc. Any
other service names, product names, company names or logos included
herein are the trademarks or service marks of their respective
owners.
Forward-Looking Statement
Some of the statements made in this press release are forward
looking in nature. These statements are based on management's
current expectations or beliefs. These forward looking statements
are not a guarantee of performance and are subject to a number of
uncertainties and other factors, many of which are outside Level
3's control, which could cause actual events to differ materially
from those expressed or implied by the statements. The most
important factors that could prevent Level 3 from achieving its
stated goals include, but are not limited to: the current
uncertainty in the global financial markets and the global economy;
a discontinuation of the development and expansion of the Internet
as a communications medium and marketplace for the distribution and
consumption of data and video; and disruptions in the financial
markets that could affect Level 3's ability to obtain additional
financing. Additional factors include, but are not limited
to, the company's ability to: increase and maintain the
volume of traffic on its network; develop effective business
support systems; manage system and network failures or disruptions;
develop new services that meet customer demands and generate
acceptable margins; defend intellectual property and proprietary
rights; adapt to rapid technological changes that lead to further
competition; attract and retain qualified management and other
personnel; successfully integrate acquisitions; and meet all of the
terms and conditions of debt obligations. Additional information
concerning these and other important factors can be found within
Level 3's filings with the Securities and Exchange Commission.
Statements in this press release should be evaluated in light of
these important factors. Level 3 is under no obligation to, and
expressly disclaims any such obligation to, update or alter its
forward-looking statements, whether as a result of new information,
future events, or otherwise.
About Global Crossing Limited
Global Crossing (NASDAQ: GLBC) is a leading global IP, Ethernet,
data center and video solutions provider with the world's first
integrated global IP-based network. The company offers a full
range of data, voice, collaboration, broadcast and media services
delivered with superior customer service.
Global Crossing provides services to enterprises (including
approximately 40 percent of the Fortune 500); government
departments and agencies; and 700 carriers, mobile operators and
ISPs. It delivers converged IP services to more than 700
cities in more than 70 countries, and has 17 world-class data
centers in major business centers around the globe.
Please visit www.globalcrossing.com for more information about
Global Crossing.
Website Access to Company Information
Global Crossing maintains a corporate website at
www.globalcrossing.com, and you can find additional information
about the company through the Investors pages on that website at
http://investors.globalcrossing.com. Global Crossing utilizes
its website as a channel of distribution of important information
about the company. Global Crossing routinely posts financial
and other important information regarding the company and its
business, financial condition and operations on the Investors web
pages.
Visitors to the Investors web pages can view and print copies of
Global Crossing's SEC filings, including periodic and current
reports on Forms 10-K, 10-Q, 8-K, and in respect of GCUK's Forms
20-F and 6-K, as soon as reasonably practicable after those filings
are made with the SEC. Copies of the charters for each of the
standing committees of Global Crossing's Board of Directors, its
Corporate Governance Guidelines, Ethics Policy, press releases and
analysts presentations are all available through the Investors web
pages.
Please note that the information contained on any of Global
Crossing's websites is not incorporated by reference in, or
considered to be a part of, any document unless expressly
incorporated by reference therein.
This press release contains statements about expected future
events and financial results that are forward looking and subject
to risks and uncertainties that could cause the actual results to
differ materially, including: the failure to occur of any condition
to the closing of the acquisition of Global Crossing by Level 3 and
uncertainties as to the timing of the closing; the failure to
achieve or any delay in achieving expected synergies and other
financial benefits from the acquisition; changes in Global
Crossing's risk profile resulting from the acquisition; limitations
on Global Crossing's financial and operational flexibility that
arise under the covenants in the amalgamation agreement that could
restrict it from taking advantage of opportunities to strategically
enhance its business or improve its capital structure; delays or
reductions in purchases from Global Crossing by customers because
of their perceived uncertainty about its ability to meet their
needs after closing of the acquisition; disruptions in Global
Crossing's business due to current and prospective employees
experiencing uncertainty about their future roles with the company
and the diversion of their time and attention from ongoing business
operations; Global Crossing's history of substantial operating
losses and the fact that, in the near term, funds from operations
will not satisfy cash requirements; the availability of future
borrowings in an amount sufficient to pay Global Crossing's
indebtedness and to fund its other liquidity needs; legal and
contractual restrictions on the inter-company transfer of funds by
Global Crossing's subsidiaries; Global Crossing's ability to
continue to connect its network to incumbent carriers' networks or
maintain Internet peering arrangements on favorable terms; the
consequences of any inadvertent violation of Global Crossing's
Network Security Agreement with the U.S. Government; increased
competition and pricing pressures resulting from technology
advances and regulatory changes; competitive disadvantages relative
to competitors with superior resources; political, legal and other
risks due to Global Crossing's substantial international
operations; risks associated with movements in foreign currency
exchange rates; risks related to restrictions on the conversion of
the Venezuelan bolivar into U.S. dollars and to the resultant
buildup of a material excess bolivar cash balance, which is carried
on Global Crossing's books at the official exchange rate,
attributing to the bolivar a value that is significantly greater
than the value that would prevail on an open market; potential
weaknesses in internal controls of acquired businesses, and
difficulties in integrating internal controls of those businesses
with Global Crossing's own internal controls; exposure to
contingent liabilities; and other risks referenced from time to
time in Global Crossing's filings with the Securities and Exchange
Commission. Global Crossing undertakes no duty to update
information contained in this press release or in other public
disclosures at any time.
Contact
Information
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Level 3 Media:
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Level 3
Investors:
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Monica Martinez
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Mark Stoutenberg
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720-888-3991
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720-888-2518
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Monica.Martinez@Level3.com
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Mark.Stoutenberg@Level3.com
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Global Crossing
Media:
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Global Crossing
Analysts/Investors:
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Michael Schneider
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Mark Gottlieb
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+ 1 973 937 0146
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+ 1 800 836 0342
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Michael.Schneider@globalcrossing.com
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glbc@globalcrossing.com
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SOURCE Level 3 Communications, Inc.