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Level 3 Holds 2006 Annual Meeting of Stockholders

 

BROOMFIELD, Colo., May 15, 2006 — Level 3 Communications, Inc. (Nasdaq: LVLT) held its 2006 Annual Meeting of Stockholders today in Broomfield, Colorado.

At the meeting, the company’s stockholders:

  • Approved increasing the number of authorized shares of Level 3’s common stock from 1.5 billion to 2.25 billion; 
  • Granted the Board of Directors discretionary authority to amend the company’s restated certificate of incorporation to implement a reverse stock split at one of four possible ratios: 1-for-5, 1-for-10, 1-for-15, and 1-for-20. 
  • Extended the term of Level 3’s 1995 Stock Plan by five years to September 25, 2010; 
  • Approved an amendment to Level 3 restated certificate of incorporation to declassify the Board of Directors; and
  • Re-elected Arun Netravali, John T. Reed and Michael B. Yanney as directors of the company. As a result of the approved proposal to declassify the board, each director will serve a one-year term until the 2007 Annual Meeting of Stockholders.

Detailed descriptions of the proposals approved at today’s meeting are available in Level 3’s proxy statement and related additional solicitation materials, which are 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.