Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Technology Stocks : America On-Line (AOL) -- Ignore unavailable to you. Want to Upgrade?

To: 10K a day who wrote (40649)	1/18/2001 4:37:22 PM
From: Jim Lamb	Read Replies (1) \| Respond to of 41369

AOL Time Warner Launches $5 Billion Share Repurchase Program Company Will File $10 Billion Shelf Registration NEW YORK--(BUSINESS WIRE)--Jan. 18, 2001-- Actions Underscore Board's Belief in Underlying Value of Company and its Business Opportunities At its first meeting here today, the Board of Directors of AOL Time Warner announced it has approved a series of measures reflecting its belief in the underlying value of the Company and its potential business opportunities moving forward. These include a program to repurchase up to $5 billion of the Company's common stock in the open market over the next two years and a shelf registration for $10 billion. The Company believes that these actions will give AOL Time Warner greater financial flexibility to take advantage of opportunities in the marketplace, to increase return on capital and to build shareholder value. Commenting on the stock buy-back program, Gerald M. Levin, chief executive officer of AOL Time Warner, said: ``We said we would hit the ground running and that is exactly what we are doing. We have a clear road map for creating dynamic value for our shareholders and the stock repurchase program we are announcing today is part of our commitment to improving the return on our invested capital. Thanks to the strong growth prospects for our company, we're able not only to continue to invest in our world-class businesses, but to use a portion of our growing financial capacity to buy back stock at a time when we believe our shares are undervalued.'' The program to repurchase up to $5 billion of the Company's common stock in the open market will begin in February. These repurchases will be made from time to time over the next two years depending on market conditions. The Company also will file with the Securities and Exchange Commission within the next several days a universal shelf registration statement for $10 billion in aggregate initial offering price covering the issuance of debt securities, common stock, series common stock, preferred stock and warrants to purchase debt and equity securities. Proceeds from any offerings will be used for general corporate purposes including investments, capital expenditures, repayment of debt and financing acquisitions. AOL Time Warner (NYSE:AOL - news) is the world's first Internet-powered media and communications company, whose industry-leading businesses include interactive services, cable systems, publishing, music, cable networks and filmed entertainment. Caution Concerning Forward-Looking Statements This document includes certain ``forward-looking statements'' within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations and are naturally subject to uncertainty and changes in circumstances. Actual results may vary materially from the expectations contained herein due to changes in economic, business, competitive, technological and/or regulatory factors and factors affecting the integration of the businesses of Time Warner Inc. and America Online, Inc. More detailed information about those factors is set forth in filings by AOL Time Warner, Time Warner and America Online with the Securities and Exchange Commission, including AOL Time Warner's registration statement on Form S-4, Time Warner's most recent quarterly report on Form 10-Q and America Online's most recent annual report on Form 10-K. AOL Time Warner 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.