Exhibit 99.1
(LOGO)
1025 Eldorado Boulevard
Broomfield, Colorado 80021
www.Level3.com
NEWS RELEASE
Level 3 contacts:
Media: Josh Howell Investors: Robin Grey
720-888-2517 720-888-2518
Arthur Hodges
720-888-6184
Level 3 Announces Executive Appointments
Sunit S. Patel to Join Level 3; Will Become Group Vice President
And Chief Financial Officer
Sureel Choksi to Chair New Services Initiative
And Assume Operational Role
BROOMFIELD, Colo., March 13, 2003 - Level 3 Communications, Inc. (Nasdaq: LVLT)
announced today that Sunit S. Patel has joined the company as group vice
president. It is anticipated that Mr. Patel will succeed Sureel Choksi as Chief
Financial Officer of Level 3 in May 2003, following the 2003 Annual Meeting of
Stockholders.
Mr. Patel was formerly chief financial officer of Looking Glass Networks Inc., a
facilities-based provider of metropolitan telecommunication transport services.
Prior to co-founding Looking Glass, Mr. Patel was Treasurer of MCI WorldCom,
WorldCom and MFS Communications from 1994 to March 2000. He has extensive
experience in financial planning, capital raising, capital allocation,
budgeting, management reporting systems, risk management, and mergers and
acquisitions.
"Level 3 has emerged as a clear leader in the communications industry following
the market difficulties of the past few years," Mr. Patel said. "As a result of
the actions the company has taken over the past 24 months, Level 3 is in a
strong financial position. I
look forward to helping the company continue its success as it builds on the
leadership position it has already established."
"Sunit brings extensive telecommunications industry experience to this position,
and I look forward to once again having the opportunity to work closely with
him, as in our prior days together at MFS Communications," said James Q. Crowe,
chief executive officer of Level 3.
Choksi to Chair New Services Initiative
"As we discussed during our earnings conference call in February, Level 3 has
achieved the milestones required to position the company as a financially strong
business partner to our customers," said Crowe. "It was in large part due to the
efforts of Sureel Choksi that we were able to achieve these milestones.
"Because of the success of our financial initiatives, we are now positioned to
increase our focus on new services and growing high margin revenues," said
Crowe. "This effort is aimed at capitalizing on a singular opportunity to
establish our company as the premier provider of innovative communication
services to a global group of financially stable customers."
"Given the importance of this effort, I have asked Sureel to chair a group of
senior executives charged with improving our ability to develop and deploy new
services which leverage our significant technical and organizational advantages.
We expect to announce the results of this important initiative at or before the
time at which Sureel formally passes his responsibilities to Sunit Patel. We
will also announce Sureel's new operational role and responsibilities at that
time," said Crowe.
"I have enjoyed my experience serving as Level 3's CFO," said Sureel Choksi. "At
the same time, I am excited by the prospect of taking on an operational role and
contributing to Level 3's efforts to grow our business. I've known Sunit Patel
for a number of years and am pleased that he is joining Level 3. I look forward
to working closely with him to ensure a smooth transition."
Company Reaffirms Previous Financial Projections
On February 4, 2003, the company provided financial projections for the first
quarter and full year 2003. In conjunction with today's announcement, Sureel
Choksi reaffirmed the company's previous projections. "We are reaffirming the
projections that we made in our last quarterly release and remain on track to
achieve positive free cash flow during the second quarter of 2004."
About Level 3 Communications
Level 3 (Nasdaq:LVLT) is an international communications and information
services company. The company operates one of the largest Internet backbones in
the world, is one of the largest providers of wholesale dial-up service to ISPs
in North America and is the primary provider of Internet connectivity for
millions of broadband subscribers, through its cable and DSL partners. The
company offers a wide range of communications
services over its 20,000-mile broadband fiber optic network including Internet
Protocol (IP) services, broadband transport, colocation services, and patented
Softswitch-based managed modem and voice services. Its Web address is
www.Level3.com.
The company offers managed IP and information services through its subsidiaries,
Genuity Managed Services, (i)Structure and Software Spectrum. For additional
information, visit their respective web sites at www.genuity.com,
www.softwarespectrum.com, and www.i-structure.com.
Forward Looking Statement
Some of the statements made by Level 3 in this press release are forward-looking
in nature. Actual results may differ materially from those projected in
forward-looking statements. Level 3 believes that its primary risk factors
include, but are not limited to: changes in the overall economy relating to,
among other things, the September 11 attacks and subsequent events, the
challenges of integration, substantial capital requirements; development of
effective internal processes and systems; the ability to attract and retain high
quality employees; technology; the number and size of competitors in its
markets; law and regulatory policy; and the mix of products and services offered
in the company's target markets. 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 release should be
evaluated in light of these important factors.
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