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, Assistant Vice
Investor Relations President Corporate Communications
(203) 614-5629 (203) 614-5042
aoshiki@czn.com bsmith@czn.com
Citizens Utilities to Purchase 115,000 Telephone Access Lines
from GTE in Illinois
STAMFORD, Conn., December 16, 1999 - Citizens Utilities (NYSE: CZN, CZNPr)
announced today that it has entered into a definitive agreement to purchase
106,850 (year-end 1998) telephone access lines in Illinois from GTE Corporation
(NYSE: GTE) for $303 million in cash. Citizens expects that the acquisition,
which is subject to various state and federal regulatory approvals, will close
in late 2000, at which time the total access lines should number approximately
115,000.
Combined with other access line purchases announced earlier this year,
Citizens will be adding approximately 925,000 access lines in 2000.
Citizens Utilities provides telecommunications services and public
utility services to 1.9 million customers in 22 states. Citizens also owns 82%
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. To fund
its expansion in the telecommunications business, the company will use the
proceeds of its previously announced public utility divestitures. 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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