BROOMFIELD, Colo., July 12, 2011 /PRNewswire/ -- Level 3
Communication, Inc. ("Level 3") (NASDAQ: LVLT) announced today that
Level 3 and Global Crossing Limited ("Global Crossing") (NASDAQ:
GLBC) each received from the U.S. Department of Justice a request
for additional information (commonly referred to as a "second
request") under the Hart-Scott-Rodino Antitrust Improvements Act of
1976 with respect to Level 3's previously announced acquisition of
Global Crossing. Level 3 intends to respond to the request
appropriately.
(Logo:
http://photos.prnewswire.com/prnh/20110523/LA06722LOGO)
Level 3 continues to expect that the transaction will close
before the end of this year, as previously announced.
About Level 3 Communications
Level 3 Communications, Inc. (NASDAQ: LVLT) is a leading
international provider of fiber-based communications services.
Enterprise, content, wholesale and government customers rely on
Level 3 to deliver services with an industry-leading combination of
scalability and value over an end-to-end fiber network. Level 3
offers a portfolio of metro and long-haul services, including
transport, data, Internet, content delivery and voice. For more
information, visit www.Level3.com.
© Level 3 Communications, LLC. All Rights Reserved.
Level 3, Level 3 Communications and the Level 3
Communications Logo are either registered service marks or
service marks of Level 3 Communications, LLC and/or one of its
Affiliates in the United States
and/or other countries. Level 3 services are provided by
wholly owned subsidiaries of Level 3 Communications, Inc. Any
other service names, product names, company names or logos included
herein are the trademarks or service marks of their respective
owners.
Important Information For Investors And
Stockholders
This communication shall not constitute an offer to sell or
the solicitation of an offer to buy any securities or a
solicitation of any vote or approval. The proposed transaction will
be submitted to the stockholders of Level 3 Communications, Inc.
("Level 3") and the stockholders of Global Crossing Limited
("Global Crossing") for their consideration. Level 3 and Global
Crossing have filed with the SEC a registration statement on Form
S-4, that includes a preliminary joint proxy statement of Level 3
and Global Crossing that also constitutes a preliminary prospectus
of Level 3 and may in the future file with the SEC other relevant
documents concerning the proposed transaction. Level 3 and Global
Crossing have each provided the final joint proxy
statement/prospectus to its respective stockholders. Investors and
security holders are urged to read the registration statement and
the joint proxy statement/prospectus and any other relevant
documents filed with the SEC when they become available, as well as
any amendments or supplements to those documents, because they
contain and will contain important information about Level 3,
Global Crossing and the proposed transaction. Investors and
security holders may obtain a free copy of the registration
statement and joint proxy statement/prospectus, as well as other
filings containing information about Level 3 and Global Crossing,
free of charge at the SEC's Web Site at http://www.sec.gov. In
addition, the joint proxy statement/prospectus, the SEC filings
that are incorporated by reference in the joint proxy
statement/prospectus and the other documents filed or to be filed
with the SEC by Level 3 may be obtained free of charge by directing
such request to: Investor Relations, Level 3 Communications, Inc.,
1025 Eldorado Boulevard, Broomfield,
Colorado 80021 or from Level 3's Investor Relations page on
its corporate website at http://www.level3.com and the joint proxy
statement/prospectus, the SEC filings that are incorporated by
reference in the joint proxy statement/prospectus and the other
documents filed or to be filed with the SEC by Global Crossing may
be obtained free of charge by directing such request to: Global
Crossing by telephone at (800) 836-0342 or by submitting a request
by e-mail to glbc@globalcrossing.com or a written request to the
Secretary, Wessex House, 45 Reid Street, Hamilton HM12 Bermuda or from Global Crossing's Investor
Relations page on its corporate website at
http://www.globalcrossing.com.
Level 3, Global Crossing and their respective directors,
executive officers, and certain other members of management and
employees may be deemed to be participants in the solicitation of
proxies in favor of the proposed transaction from the stockholders
of Level 3 and from the stockholders of Global Crossing,
respectively. Information about the directors and executive
officers of Level 3 is set forth in the proxy statement on Schedule
14A for Level 3's 2011 Annual Meeting of Stockholders, which was
filed with the SEC on April 4, 2011
and information about the directors and executive officers of
Global Crossing is set forth in the proxy statement on Schedule 14A
for Global Crossing's 2010 Annual Meeting of Stockholders, which
was filed with the SEC on May 19,
2010. Additional information regarding participants in the
proxy solicitation may be obtained by reading the joint proxy
statement/prospectus regarding the proposed transaction.
Cautionary Notice Regarding Forward-Looking
Statements
This document contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995.
These forward-looking statements include, but are not limited to,
(i) statements about the benefits of the acquisition of Global
Crossing by Level 3, including financial and operating results and
synergy benefits that may be realized from the acquisition and the
timeframe for realizing those benefits; Level 3's and Global
Crossing's plans, objectives, expectations and intentions and other
statements contained in this communication that are not historical
facts; and (ii) other statements identified by words such as
"expects," "anticipates," "intends," "plans," "believes," "seeks,"
"estimates" or words of similar meaning.
These forward-looking statements are based upon management's
current beliefs or expectations and are inherently subject to
significant business, economic and competitive uncertainties and
contingencies and third-party approvals, many of which are beyond
our control. The following factors, among others, could cause
actual results to differ materially from those expressed or implied
in the forward-looking statements: (1) the occurrence of any event,
change or other circumstances that could give rise to the
termination of the Agreement and Plan of Amalgamation among Level
3, Global Crossing and Apollo Amalgamation Sub, Ltd. (the
"Amalgamation Agreement"); (2) the inability to complete the
transactions contemplated by the Amalgamation Agreement due to the
failure to obtain the required stockholder approvals, (3) the
inability to satisfy the other conditions specified in the
Amalgamation Agreement, including without limitation the receipt of
necessary governmental or regulatory approvals required to complete
the transactions contemplated by the Amalgamation Agreement; (4)
the inability to successfully integrate the businesses of Level 3
and Global Crossing or to integrate the businesses within the
anticipated timeframe; (5) the risk that the proposed transactions
disrupt current plans and operations, increase operating costs and
the potential difficulties in customer loss and employee retention
as a result of the announcement and consummation of such
transactions; (6) the ability to recognize the anticipated benefits
of the combination of Level 3 and Global Crossing, including the
realization of revenue and cost synergy benefits and to recognize
such benefits within the anticipated timeframe; (7) the outcome of
any legal proceedings that may be instituted against Level 3,
Global Crossing or others following announcement of the
Amalgamation Agreement and transactions contemplated therein; and
(8) the possibility that Level 3 or Global Crossing may be
adversely affected by other economic, business, and/or competitive
factors.
Other important factors that may affect Level 3's and the
combined business' results of operations and financial condition
include, but are not limited to: the current uncertainty in the
global financial markets and the global economy; a discontinuation
of the development and expansion of the Internet as a
communications medium and marketplace for the distribution and
consumption of data and video; disruptions in the financial markets
that could affect Level 3's ability to obtain additional financing,
and the company's ability to: increase and maintain the volume of
traffic on its network; develop effective business support systems;
manage system and network failures or disruptions; develop new
services that meet customer demands and generate acceptable
margins; defend intellectual property and proprietary rights; adapt
to rapid technological changes that lead to further competition;
attract and retain qualified management and other personnel;
successfully integrate acquisitions; and meet all of the terms and
conditions of debt obligations.
Additional information concerning these and other important
factors can be found within Level 3's and Global Crossing's
respective filings with the SEC, which discuss the foregoing risks
as well as other important risk factors that could contribute to
such differences or otherwise affect our business, results of
operations and financial condition. Statements in this
communication should be evaluated in light of these important
factors. The forward-looking statements in this communication speak
only as of the date they are made. Except for the ongoing
obligations of Level 3 and Global Crossing to disclose material
information under the federal securities laws, neither Level 3 nor
Global Crossing undertakes any obligation to, and expressly
disclaim any such obligation to, update or alter any
forward-looking statement to reflect new information, circumstances
or events that occur after the date such forward-looking statement
is made unless required by law.
Forward-Looking Statement
Some of the statements made in this press release are forward
looking in nature. These statements are based on management's
current expectations or beliefs. These forward looking statements
are not a guarantee of performance and are subject to a number of
uncertainties and other factors, many of which are outside Level
3's control, which could cause actual events to differ materially
from those expressed or implied by the statements. The most
important factors that could prevent Level 3 from achieving its
stated goals include, but are not limited to: the current
uncertainty in the global financial markets and the global economy;
a discontinuation of the development and expansion of the Internet
as a communications medium and marketplace for the distribution and
consumption of data and video; and disruptions in the financial
markets that could affect Level 3's ability to obtain additional
financing. Additional factors include, but are not limited
to, the company's ability to: increase and maintain the
volume of traffic on its network; develop effective business
support systems; manage system and network failures or disruptions;
develop new services that meet customer demands and generate
acceptable margins; defend intellectual property and proprietary
rights; adapt to rapid technological changes that lead to further
competition; attract and retain qualified management and other
personnel; successfully integrate acquisitions; and meet all of the
terms and conditions of debt obligations. 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 press release should be evaluated in light of
these important factors. Level 3 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.
Contact
Information
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Media:
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Investors:
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Monica Martinez
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Mark Stoutenberg
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720-888-3991
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720-888-2518
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Monica.Martinez@Level3.com
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Mark.Stoutenberg@Level3.com
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SOURCE Level 3 Communications, Inc.