OMAHA, Neb., May 17, 2005 – Level 3 Communications, Inc. (Nasdaq:LVLT) held its 2005 Annual Meeting of Stockholders today in Omaha, Nebraska.
At the meeting, stockholders re-elected James O. Ellis, Jr., Richard R. Jaros and Albert C. Yates as Class II directors of the board. Each will serve a three-year term expiring at the annual meeting in 2008.
“Jim Ellis and Al Yates have already made significant contributions to the company since joining our board in February,” said Walter Scott Jr., chairman of Level 3. “Both have had distinguished careers in diverse fields, and the leadership, integrity and breadth of experience they bring to the board will be invaluable as we move forward.”
Stockholders also approved a proposal granting the Board of Directors discretionary authority to amend the company’s certificate of incorporation to effect a reverse stock split at one of four possible ratios: 1-for-5,
1-for-10, 1-for-15, and 1-for-20. The board’s authorization to implement the split is effective through May 17, 2006.
“We’re pleased that stockholders approved management’s proposal to authorize a future reverse stock split,” said James Q. Crowe, Level 3’s chief executive officer. “Though we have no imminent plans to conduct such a reverse split, we believe having the flexibility to do so is in the best interest of the company and its stockholders.”
Also at the meeting, the stockholders approved the filing by the company of an amended and restated certificate of incorporation.
Detailed descriptions of the proposals approved at today’s meeting are available in the company’s proxy statement, which is available on the company’s Web site at www.Level3.com.
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.
