Level 3 Communications Announces Filing of Selling Stockholder Shelf Registration Statement
February 3, 1999 06:28 PM
OMAHA, Neb., Feb. 3 /PRNewswire/ -- Level 3 Communications, Inc. LVLT today announced that in order to satisfy certain registration rights held by the former stockholders of XCOM Technologies, Inc. and GeoNet Communications, Inc. -- arising in connection with the recent filing of the company's "universal" shelf registration statement with the Securities and Exchange Commission in December 1998 -- the company has filed a registration statement with the SEC relating to 4,517,540 shares of common stock. The company acquired XCOM Technologies in April 1998 and GeoNet Communications in September 1998.
Upon effectiveness of this registration statement, the selling stockholders may sell these shares from time to time in a manner described in the registration statement. The company will not receive any of the proceeds of the sale of shares of common stock by the selling stockholders.
The registration statement relating to the above securities has been filed with the Securities and Exchange Commission, but has not yet become effective. Such securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of such securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.
About Level 3 Communications
Level 3 Communications, Inc., is a communications and information services company that is building the first international network optimized for Internet Protocol technology. The Level 3 Network will combine both local and long distance networks, connecting customers end-to-end across the U.S. and in Europe and Asia. The company expects to complete the U.S. intercity portion of the network during the first quarter of 2001. In the interim, Level 3 has signed agreements to lease a national network over which it began to offer services in the third quarter of 1998. Level 3 will provide a full range of communications services including local, long distance, international and Internet services. Level 3's common stock is traded on The Nasdaq National Market under the symbol LVLT. Its World Wide Web address is www.Level3.com.
The statements made by Level 3 in this press release may be forward-looking in nature. Actual results may differ materially from those projected in forward-looking statements. Level 3 believes that its primary risk factors include, but are not limited to: substantial capital requirements, development of effective internal processes and systems; the ability to attract and retain high quality employees; changes in the overall economy; technology; the number and size of competitors in its markets; law and regulatory policy; and the mix of products and services offered in the company's target markets. 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 release should be evaluated in light of these important factors.
SOURCE Level 3 Communications, Inc.
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