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Technology Stocks : Vodafone-Airtouch (NYSE: VOD) -- Ignore unavailable to you. Want to Upgrade?

To: Roy F who wrote (1300)	10/22/1998 9:55:00 AM
From: Roy F	Read Replies (1) \| Respond to of 3175

AirTouch Invests $115 Million inStock Buyback; Company Casts Vote Of Confidence In Its Future October 22, 1998 08:09 AM SAN FRANCISCO--(BUSINESS WIRE)--Oct. 22, 1998--Demonstrating confidence in the future success of its business, AirTouch Communications ATI today reported that since June 1998 the company has invested $115 million to repurchase shares of its common stock. The open market transactions are part of a $1 billion repurchase plan authorized last year. "Our businesses are generating strong operating cash flows," said Sam Ginn, AirTouch chairman and chief executive officer. "Add to that our investment grade credit ratings and access to low-cost debt, and we have the flexibility to invest where we can generate the best returns for our stockholders. This time AirTouch was our top pick." In a press release today, AirTouch reported its best third quarter ever, adding, on a total company proportionate basis, over one million global customers and generating 40 percent operating cash flow margins. Despite increasing competition and global economic turmoil, the company said it is on track to meet its 1998 outlook. Ginn added, "By buying back our own stock, we send a clear message that we are optimistic about the future of the wireless industry and AirTouch. In the process, we cast our lot with that of our stockholders and our employee owners. Wireless meets a basic human need for mobility and despite recent economic turbulence in many parts of the world, the industry and AirTouch remain strong." Underscoring Ginn's confidence, the U.S. wireless industry continues to experience record customer growth. During the 12 month period ending June 30, 1998, the industry gained 12.1 million new customers, increasing the penetration of the U.S. population from 18 percent to 23 percent. During the same period, wireless penetration increased in Western Europe from 11 to 18 percent and in Japan from 24 percent to 32 percent. AirTouch Communications, based in San Francisco, is the largest wireless company in the world. AirTouch owns interests in cellular, paging, and personal communications services in the United States, Belgium, Egypt, Germany, India, Italy, Japan, Poland, Portugal, Romania, South Korea, Spain, and Sweden, as well as an interest in the Globalstar satellite system. Based on its ownership share of its global ventures, the company serves over 16 million proportionate customers (over 35 million total venture customers). "Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Except for the historical information presented, the matters discussed in this release are forward-looking statements and are subject to risks and uncertainties that could cause actual results to differ materially. Such factors include: a change in economic conditions in the various markets served by the Company's operations which would adversely affect the level of demand for wireless services; intensified competitive activity requiring reduced pricing and/or new product offerings or resulting in an increased rate of customers terminating service (churn), slower customer growth as customers choose to receive service from other providers, and higher customer selling costs; declining average revenue per customer due to an increasing proportion of consumer customers and declining rates; growth in customers and usage driving increased investment in network capacity; the level of fraudulent activity; the impact of new business opportunities requiring significant up-front investments; the impact on capital spending from the deployment of new technologies; the possibility that technologies will not perform according to expectations or that vendor performance will not meet requirements; and higher than anticipated costs associated with correcting the Year 2000 problem. These and other factors related to the business are described in the Company's SEC filings, including in its 10-K under "Investment Considerations" and the quarterly reports on Form 10-Q. For a fax copy of this or other AirTouch press releases, please call 800/344-7531 or visit the AirTouch web site at www.airtouch.com.