LEVEL 3 COMMUNICATIONS NAMES PHILIP B. FLETCHER TO BOARD OF DIRECTORS
OMAHA, NEBRASKA, March 9, 1999 – Level 3 Communications, Inc. (Nasdaq:LVLT) today announced that Philip B. Fletcher has been named to the Board of Directors, effective February 25, 1999, thereby filling a vacancy. Mr. Fletcher brings the number of directors to l0. Mr. Fletcher's initial term as a director will expire at the 2001 annual meeting of stockholders.
Mr. Fletcher served as Chairman and CEO of ConAgra, Inc. (NYSE:CAG), until he retired as CEO in September 1997 and as Chairman in September 1998. He continues to serve on the ConAgra Board of Directors and is chairman of its executive committee. Based in Omaha, ConAgra is an international diversified food company with annual sales of approximately $24 billion. Among ConAgra's products are such brands as Healthy Choice, Armour, Banquet, Butterball, Hunt's, Wesson, Van Camp's and Fleischmann's. The company is a food industry leader with earnings per share growth at a compound rate of 15% the past 18 years.
"I am especially pleased that Phil Fletcher is joining the Board of Level 3. I have known and admired Phil for a number of years and look forward to working closely with him on the Board as we move forward," said Walter Scott, Jr., Chairman of Level 3. "His leadership as Chairman and CEO of ConAgra is widely regarded as key to that corporation's success. His experience and judgement will be a valuable addition to Level 3."
"Level 3 is positioning itself to capitalize on a remarkable market opportunity," said Mr. Fletcher. "I am looking forward to serving on the Board of such an entrepreneurial company with such an exciting future."
About Level 3 Communications
Level 3 Communications, Inc. (NASDAQ: LVLT), an international communications company, operates one of the largest Internet backbones in the world, connecting 180 markets in 18 countries. The company serves a broad range of wholesale, enterprise and content customers with a comprehensive suite of services including: Internet Protocol (IP) services, broadband transport and infrastructure services, colocation services, voice and voice over IP services, content delivery and media distribution services. These services provide the building blocks to enable Level 3’s customers to meet their growing demands for advanced communications solutions. The company’s Web address is www.Level3.com.
"Level 3 Communications,” "Level 3," the red 3D brackets and the Level 3 Communications logo are registered service marks of Level 3 Communications, LLC 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, product or company names recited herein may be trademarks or service marks of their respective owners.
Forward-Looking Statement
Some of the statements that we make 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 our control, which could cause actual events to differ materially from those expressed or implied by the statements. The most important factors that could prevent us from achieving our stated goals include, but are not limited to our ability to: successfully integrate acquisitions; increase the volume of traffic on our network; defend our intellectual property and proprietary rights; develop new products and services that meet customer demands and generate acceptable margins; successfully complete commercial testing of new technology and information systems to support new products and services; attract and retain qualified management and other personnel; and meet all of the terms and conditions of our 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.
