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
Chris Hardman Sandra Curlander
720-888-2292 720-888-2501
Level 3 Holds 2006 Annual Meeting of Stockholders
BROOMFIELD, Colo., May 15, 2006 -- Level 3 Communications, Inc. (Nasdaq: LVLT)
held its 2006 Annual Meeting of Stockholders today in Broomfield, Colorado.
At the meeting, the company's stockholders:
o Approved increasing the number of authorized shares of Level 3's common
stock from 1.5 billion to 2.25 billion;
o Granted the Board of Directors discretionary authority to amend the
company's restated certificate of incorporation to implement a reverse
stock split at one of four possible ratios: 1-for-5, 1-for-10, 1-for-15,
and 1-for-20.
o Extended the term of Level 3's 1995 Stock Plan by five years to September
25, 2010;
o Approved an amendment to Level 3 restated certificate of incorporation to
declassify the Board of Directors; and
o Re-elected Arun Netravali, John T. Reed and Michael B. Yanney as directors
of the company. As a result of the approved proposal to declassify the
board, each director will serve a one-year term until the 2007 Annual
Meeting of Stockholders.
Detailed descriptions of the proposals approved at today's meeting are available
in Level 3's proxy statement and related additional solicitation materials,
which are available on the company's Web site at www.Level3.com.
About Level 3 Communications
Level 3 (Nasdaq: LVLT), an international communications and information services
company, operates one of the largest Internet backbones in the world. Through
its customers, Level 3 is the primary provider of Internet connectivity for
millions of broadband subscribers. The company provides a comprehensive suite of
services over its broadband fiber optic network including Internet Protocol (IP)
services, broadband transport and infrastructure services, colocation services,
voice services and voice over IP services. These services provide building
blocks that enable Level 3's customers to meet their growing demands for
advanced communications solutions. The company's Web address is www.Level3.com.
Level 3 offers information services through its subsidiary, Software Spectrum,
and fiber-optic and satellite video delivery and advertising distribution
solutions through its subsidiary, Vyvx. For additional information, visit their
respective Web sites at www.softwarespectrum.com and www.vyvx.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 provided by a
wholly owned subsidiary 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: increasing the volume of traffic on Level 3's
network; developing new products and services that meet customer demands and
generate acceptable margins; successfully completing commercial testing of new
technology and information systems to support new products and services,
including voice transmission services; stabilizing or reducing the rate of price
compression on certain of our communications services; integrating strategic
acquisitions; attracting and retaining qualified management and other personnel;
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; and reducing downward
pressure of Software Spectrum's margins as a result of the use of volume
licensing and maintenance agreements. 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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