Exhibit 99.1
COMPANY LOGO Citizens Utilities
3 High Ridge Park
Stamford, CT 06905
203.614.5600
Web site: www.czn.net
FOR IMMEDIATE RELEASE
Contacts:
Financial Community: Media:
Alan H. Oshiki, Assistant Vice President Brigid M. Smith,
and Assistant Treasurer Assistant Vice President
(203) 614-5629 Corporate Communications
aoshiki@czn.com (203) 614-5042
bsmith@czn.com
Citizens Utilities Signs Definitive Agreement to Purchase Approximately 60,000
Telephone Access Lines from GTE in Nebraska
STAMFORD, Conn., September 21, 1999 - Citizens Utilities (NYSE: CZN, CZNPr)
announced today that it has entered into a definitive agreement to purchase
58,723 telephone access lines in Nebraska from GTE Corporation (NYSE: GTE) for
$204 million in cash. Citizens expects that the acquisition, which is subject to
various state and federal regulatory approvals, will be completed in 2000, at
which time the total access lines should number approximately 60,000.
Citizens agreed in May and June of this year to purchase 187,000 and
530,000 access lines from GTE and U S WEST respectively in 10 states, including
Nebraska. Citizens will have over 70,000 access lines in Nebraska after the
transactions close.
Citizens Utilities provides telecommunications services and public
services including gas distribution, electric distribution, water distribution
and wastewater treatment services to approximately 1.9 million customers in 22
states. Citizens also owns 83% of Electric Lightwave, Inc. (NASDAQ: ELIX), a
facilities-based, integrated communications provider that offers a broad range
of services to telecommunications-intensive businesses throughout the United
States. More information about Citizens can be found at 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 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 because of, but not limited to, changes in the local
and overall economy, changes in market conditions for debt and equity
securities, the nature and pace of technological changes, the number and
effectiveness of competitors in the company's markets, success in overall
strategy, weather conditions, changes in legal or regulatory policy, changes in
legislation, the company's ability to identify future markets and successfully
expand existing ones and the mix of products and services offered in the
company's target markets. These important factors should be considered in
evaluating any statement contained herein and/or made by the company or on its
behalf. 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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