Exhibit 99.2
[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 Sandra Curlander
720-888-6184 720-888-2501
Jennifer Daumler
720-888-3356
Level 3 Holds 2005 Annual Meeting of Stockholders
OMAHA, Nebraska, May 17, 2005 - Level 3 Communications, Inc. (Nasdaq:LVLT) held
its 2005 Annual Meeting of Stockholders today in Omaha, Nebraska.
At the meeting, stockholders re-elected James O. Ellis, Jr., Richard R. Jaros
and Albert C. Yates as Class II directors of the board. Each will serve a
three-year term expiring at the annual meeting in 2008.
"Jim Ellis and Al Yates have already made significant contributions to the
company since joining our board in February," said Walter Scott Jr., chairman of
Level 3. "Both have had distinguished careers in diverse fields, and the
leadership, integrity and breadth of experience they bring to the board will be
invaluable as we move forward."
Stockholders also approved a proposal granting the Board of Directors
discretionary authority to amend the company's certificate of incorporation to
effect a reverse stock split at one of four possible ratios: 1-for-5, 1-for-10,
1-for-15, and 1-for-20. The board's authorization to implement the split is
effective through May 17, 2006.
"We're pleased that stockholders approved management's proposal to authorize a
future reverse stock split," said James Q. Crowe, Level 3's chief executive
officer. "Though we have no imminent plans to conduct such a reverse split, we
believe having the flexibility to do so is in the best interest of the company
and its stockholders."
Also at the meeting, the stockholders approved the filing by the company of an
amended and restated certificate of incorporation.
Detailed descriptions of the proposals approved at today's meeting are available
in the company's proxy statement, which is available on the company's Web site
at www.Level3.com
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 23,000-mile
broadband fiber optic network including Internet Protocol (IP) services,
broadband transport and infrastructure services, colocation services, and
patented softswitch managed modem and voice services. Its Web address is
www.Level3.com.
The company offers information services through its subsidiaries, Software
Spectrum and (i)Structure. For additional information, visit their respective
Web sites at www.softwarespectrum.com and www.i-structure.com.
The Level 3 logo is a registered service mark of Level 3 Communications, Inc. in
the United States and/or other countries. Level 3 services are offered by wholly
owned subsidiaries of Level 3 Communications, Inc.
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: developing new products and services that meet
customer demands and generate acceptable margins; increasing the volume of
traffic on Level 3's network; overcoming the softness in the economy given its
disproportionate effect on the telecommunications industry; integrating
strategic acquisitions; attracting and retaining qualified management and other
personnel; successfully completing commercial testing of new technology and
information systems to support new products and services, including voice
transmission services; ability to meet all of the terms and conditions of our
debt obligations; overcoming Software Spectrum's reliance on financial
incentives, volume discounts and marketing funds from software publishers;
reducing downward pressure of Software Spectrum's margins as a result of the use
of volume licensing and maintenance agreements; and reducing rate of price
compression on certain of the Company's existing transport and IP services.
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.