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To: Kurthend who wrote (4584)	1/4/1999 8:19:00 AM
From: Straight Up	Read Replies (1) \| Respond to of 10081

PR on Qwest Monday January 4, 7:20 am Eastern Time Company Press Release Qwest Completes Acquisition of Icon CMT Corp. Merger Will Boost Relationship With Microsoft DENVER--(BUSINESS WIRE)--Jan. 4, 1999--Qwest Communications International Inc. announced today the completion of its acquisition of Icon CMT Corp. [Nasdaq:ICMT - news], a leading Internet solutions provider. The merger boosts Qwest's relationship with Microsoft Corp., and marks a strategic milestone for Qwest's leadership developing broadband multimedia services. Last month Qwest and Microsoft said that, beginning in the second quarter of 1999, they would deliver next-generation Internet-based broadband services to businesses to help maximize network resources, reduce costs, generate new sources of revenue and optimize the management of computing operations. The addition of Icon's sales channels, data centers and more than 400 IT professional staff will provide the additional resources necessary to support the development, integration and maintenance of advanced hosting services -- including dedicated electronic commerce, Web application hosting, streaming media, managed software services and virtual private networking. ''Icon's solid reputation of helping businesses deploy Web-based applications compliments our efforts to drive the development of broadband applications and accelerate growth in the adoption of end-to-end Internet-based solutions,'' said Joseph P. Nacchio, president and CEO of Qwest. Each outstanding share of Icon common stock will be exchanged for .3200 shares of Qwest common stock and cash in lieu of fractional shares. The exchange rate for each Icon share was determined by dividing $12 by $43.9693 -- the average of the daily volume weighted average of trading prices for Qwest common stock for the 15 consecutive trading day period ending on December 28, 1998. Scott Baxter, Icon's CEO, will join Qwest and serve as president of Qwest Internet Solutions, a business unit, reporting to Lewis O. Wilks, president of Qwest's Internet and Multimedia Markets. About Qwest Qwest Communications International Inc. (NASDAQ:QWST - news) is a leader in reliable and secure broadband Internet-based data, voice and image communications for businesses and consumers. Headquartered in Denver, Qwest has more than 8,000 employees and 80 sales offices in North America, Europe and Mexico. The Qwest Macro Capacity(SM) Fiber Network, designed with the newest optical networking, will span more than 18,500 route miles in the United States when it is completed in mid-1999. In addition, Qwest and KPN, the Dutch telecommunications company, have a venture to build and operate a high-capacity European fiber optic, Internet Protocol-based network in Europe that has 2,100 miles today and will span 9,100 miles when it is completed in 2002. Qwest also has completed a 1,500-mile network in Mexico.