FRO up 1 1/2 @ 33 at 11:30EST. Check out the article. CEO Joe Clayton is making the moves.
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Tuesday March 24, 10:50 am Eastern Time
Company Press Release
SOURCE: Frontier Corporation
Frontier and Level 3 Sign Landmark $165 Million Data Network
Agreement
Lease Agreement Gives Level 3 National Long Distance Network Initially Connecting 15 Cities;
Validates Frontier's IP Network Strategy
ROCHESTER, N.Y. and OMAHA, Neb., March 24 /PRNewswire/ -- Level 3 Communications, Inc. and Frontier
Corporation (NYSE: FRO - news) today announced an agreement enabling Level 3 to lease capacity on Frontier's 13,000
mile SONET fiber optic, IP-capable network for a period of up to five years. Valued at approximately $165 million, the leased
network will initially encompass 8,300 route miles of OC-12 network capacity, connecting 15 of the nation's largest cities.
''We are extremely pleased to be working with Frontier, an industry leader in data and network communications services,'' said
James Q. Crowe, president and CEO of Level 3 Communications. ''While we are building our own IP-based network, this
lease arrangement will give us a network over which we can begin providing service to business customers in several cities
during the third quarter of 1998.'' Crowe noted that the agreement gives Level 3 the option to increase network capacity, if
needed.
''With Level 3, we are providing network capacity to a company that believes in our vision of IP-based networks, which will
supply voice, fax and data applications to millions of customers,'' said Joseph P. Clayton, president and CEO of Frontier
Corporation. ''This agreement leverages our world-class network and data expertise by implementing a leading-edge data and
Internet strategy.''
Level 3 is committed to using state-of-the-art IP technology to provide communications services to business customers. This
network decision supports an effort to stimulate growth and to provide a scaleable architecture that is more easily adapted than
older, legacy systems employed by other telecommunications carriers.
Frontier Corporation is one of the leading providers of integrated telecommunications services -- including long distance, local
telephone, wireless, Internet and data applications -- to business customers nationwide. With Frontier's state-of-the-art,
self-healing nationwide fiber optic network, customers will enjoy faster transmission speeds, greater bandwidth capacity and
unrivaled reliability. Frontier's services are available from one source, on one bill, with one point of customer contact. For more
information, visit the Frontier web site at frontiercorp.com.
Level 3 Communications, Inc. is a telecommunications and information services company that has announced its plans to build
and operate an advanced fiber optic network across the U.S. based on Internet technology. Level 3 will focus primarily on the
business market using its network to provide a full range of communications services -- including local, long distance and state
transmission, as well as other enhanced services and Internet access services. Plans also call for the company to expand
internationally. Level 3's World Wide Web address is l3.com.
The statements made in this press release, other than historical financial results, may be forward-looking in nature. Actual results
may differ materially from those projected in forward-looking statements. Frontier believes that its primary risk factors include,
but are not limited to: changes in the overall economy; technology; the number and size of competitors in our markets; law and
regulatory policy; and the mix of products and services offered in our target markets. Additional information concerning these
and other potential important factors can be found within Frontier's SEC Filings. You should evaluate any statements in light of
these important factors.
You can receive a faxed copy of any Frontier Corporation press release dating back to March 1997, free of charge, 24 hours
a day. Call 1-800-758-5804, extension 762302. An automated system will provide you with instructions. |
