Verizon-MCI Merger Receives Overwhelming Majority of Shareholder Vote
October 06 2005 - 12:11PM
PR Newswire (US)
Today's Decision Adds Momentum for Closure of Transaction NEW YORK
and ASHBURN, Va., Oct. 6 /PRNewswire-FirstCall/ -- MCI, Inc.
(NASDAQ:MCIP) and Verizon Communications Inc. (NYSE:VZ) announced
that MCI shareholders who voted today approved the combination of
the two companies by an overwhelming margin. This action represents
significant progress in completing the merger. The companies are in
the process of obtaining the remaining federal, state and
international approvals. Today's vote adds to the momentum for
final closure of the transaction in late 2005 or early 2006.
"Today's vote brings us an important step closer to completing the
MCI transaction," said Verizon Chairman and CEO Ivan Seidenberg.
"We look forward to creating a company that is better able to
compete in today's large-business and government marketplace,
invest in critical infrastructure and offer the nation's most
advanced broadband platform with next-generation multimedia
services." "This vote of support by our shareholders represents a
key milestone in the merger approval process," said Michael D.
Capellas, MCI president and chief executive officer. "The combined
company will have the strength and assets necessary to be a
competitive force in today's transforming communications
marketplace." The combination, part of the continuing evolution of
the industry driven by customers and technology, will capitalize on
the complementary strengths of each company and create one of the
world's leading providers of communications services. The merger
will enable Verizon to better compete for and serve large- business
and government customers with a full range of services, including
wireless and sophisticated Internet Protocol-based services. It
will benefit consumers and businesses by creating a supplier with
the financial strength to maintain and improve MCI's extensive
Internet backbone network. With more than $71 billion in annual
revenues, Verizon Communications Inc. (NYSE:VZ) is one of the
world's leading providers of communications services. Verizon has a
diverse work force of more than 214,000 in four business units:
Domestic Telecom provides customers based in 28 states with
wireline and other telecommunications services, including
broadband. Verizon Wireless owns and operates the nation's most
reliable wireless network, serving 47.4 million voice and data
customers across the United States. Information Services operates
directory publishing businesses and provides electronic commerce
services. International includes wireline and wireless operations
and investments, primarily in the Americas and Europe. For more
information, visit http://www.verizon.com/. MCI, Inc. (NASDAQ:MCIP)
is a leading global communications provider, delivering innovative,
cost-effective, advanced communications connectivity to businesses,
governments and consumers. With one of the most expansive global IP
backbones and wholly-owned data networks, MCI develops the
converged communications products and services that are the
foundation for commerce and communications in today's market. For
more information, go to http://www.mci.com/. VERIZON'S ONLINE NEWS
CENTER: Verizon news releases, executive speeches and biographies,
media contacts, high quality video and images, and other
information are available at Verizon's News Center on the World
Wide Web at http://www.verizon.com/news. To receive news releases
by e-mail, visit the News Center and register for customized
automatic delivery of Verizon news releases. NOTE: This press
release contains statements about expected future events and
financial results that are forward-looking and subject to risks and
uncertainties. For those statements, we claim the protection of the
safe harbor for forward-looking statements contained in the Private
Securities Litigation Reform Act of 1995. The following important
factors could affect future results and could cause those results
to differ materially from those expressed in the forward-looking
statements: a significant change in the timing of, or the
imposition of any government conditions to, the closing of the
transaction; actual and contingent liabilities; and the extent and
timing of our ability to obtain revenue enhancements and cost
savings following the transaction. Additional factors that may
affect the future results of Verizon and MCI are set forth in their
respective filings with the Securities and Exchange Commission,
which are available at investor.verizon.com/SEC/ and
http://www.mci.com/about/investor_relations/sec/. DATASOURCE:
Verizon Communications Inc. CONTACT: Peter Thonis, Verizon
Communications, +1-212-395-0500, or ; or Brad Burns, MCI,
+1-800-644-NEWS, or Web site: http://www.verizon.com/
http://www.mci.com/ Company News On-Call:
http://www.prnewswire.com/comp/094251.html
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