EX-99.1
2
eliexhib99-1.txt
ELI CLOSING PRESS RELEASE
Exhibit 99.1
Citizens Communications
3 High Ridge Park
Stamford, CT 06905
203.614.5600
Web site: www.czn.net
--------------------------------------------------------------------------------
FOR IMMEDIATE RELEASE
Contact:
Michael Bromley
Investor Relations
203-614-5218
mbromley@czn.com
Citizens Communications Closes Sale of Electric Lightwave
Stamford, Conn., August 1, 2006 - Citizens Communications Company (NYSE:CZN)
today announced that it closed on the sale of its subsidiary, Electric
Lightwave, LLC ("ELI"), to Integra Telecom Holdings, Inc. ("Integra") for
aggregate consideration of approximately $247 million, consisting of $243
million in cash plus the assumption by Integra of $4 million in capital lease
obligations, subject to customary adjustments pursuant to the terms of the sale
agreement. Citizens expects to recognize a pre-tax gain on the sale of ELI of
approximately $125 million.
About Citizens Communications Company
Citizens Communications Company (NYSE: CZN) is a full-service communications
provider and one of the largest local exchange telephone companies in the
country. Under the Frontier brand name, the company offers telephone, television
and internet services, as well as bundled offerings, ESPN360 streaming video,
security solutions and specialized bundles for small businesses and home
offices. Additional information about Frontier's products and services is
available at www.frontier.myway.com and www.frontieronline.com. For more
information about Citizens Communications, visit www.czn.net.
This document contains forward-looking statements that are subject to risks and
uncertainties that could cause actual results to differ materially from those
expressed or implied in the statements. These and all forward-looking statements
(including oral representations) are only predictions or statements of current
plans that are constantly under review by the company. All forward-looking
statements may differ from actual results. The foregoing information should be
read in conjunction with the company's filings with the U.S. Securities and
Exchange Commission including, but not limited to, reports on Forms 10-K and
10-Q. The company does not intend to update or revise these forward-looking
statements to reflect the occurrence of future events or circumstances.
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EX - 99 . 1 2 eliexhib99 - 1 . txt ELI CLOSING PRESS RELEASE Exhibit 99 . 1 Citizens Communications 3 High Ridge Park Stamford , CT 06905 203 . 614 . 5600 Web site : www.czn.net -------------------------------------------------------------------------------- FOR IMMEDIATE RELEASE Contact : Michael Bromley Investor Relations 203 - 614 - 5218 mbromley@czn.com Citizens Communications Closes Sale of Electric Lightwave Stamford , Conn . , August 1 , 2006 - Citizens Communications Company ( NYSE : CZN ) today announced that it closed on the sale of its subsidiary , Electric Lightwave , LLC ( " ELI " ) , to Integra Telecom Holdings , Inc . ( " Integra " ) for aggregate consideration of approximately $ 247 million , consisting of $ 243 million in cash plus the assumption by Integra of $ 4 million in capital lease obligations , subject to customary adjustments pursuant to the terms of the sale agreement . Citizens expects to recognize a pre - tax gain on the sale of ELI of approximately $ 125 million . About Citizens Communications Company Citizens Communications Company ( NYSE : CZN ) is a full - service communications provider and one of the largest local exchange telephone companies in the country . Under the Frontier brand name , the company offers telephone , television and internet services , as well as bundled offerings , ESPN360 streaming video , security solutions and specialized bundles for small businesses and home offices . Additional information about Frontier 's products and services is available at www.frontier.myway.com and www.frontieronline.com . For more information about Citizens Communications , visit www.czn.net . This document contains forward - looking statements that are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the statements . These and all forward - looking statements ( including oral representations ) are only predictions or statements of current plans that are constantly under review by the company . All forward - looking statements may differ from actual results . The foregoing information should be read in conjunction with the company 's filings with the U . S . Securities and Exchange Commission including , but not limited to , reports on Forms 10 - K and 10 - Q . The company does not intend to update or revise these forward - looking statements to reflect the occurrence of future events or circumstances . # # #