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 Valerie Finberg
720-888-2292 720-888-2501
Level 3 Holds 2007 Annual Meeting of Stockholders
BROOMFIELD, Colo., May 24, 2007 -- Level 3 Communications, Inc. (NASDAQ: LVLT)
held its 2007 Annual Meeting of Stockholders today in Broomfield, Colorado.
At the meeting, the company's stockholders:
o Approved granting the company's Board of Directors discretionary
authority to amend the company's restated certificate of incorporation
in the future 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. The
company's Board of Directors has taken no action with respect to a
reverse stock split at this time.
o Re-elected Walter Scott, Jr., James Q. Crowe, and Robert E. Julian as
Class I directors of the company, and Arun Netravali, John T. Reed and
Michael B. Yanney as Class III directors of the company. All directors
will serve a one-year term until the 2008 Annual Meeting of
Stockholders.
o Approved a stockholder proposal urging the company to take all steps
necessary, in compliance with applicable law, to remove the
supermajority vote requirements in its amended and restated certificate
of incorporation and by-laws, including but not limited to, the
supermajority vote requirements necessary to amend the company's
by-laws.
About Level 3 Communications
Level 3 Communications, Inc (NASDAQ: LVLT), an international communications
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, and content delivery 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 Communications," "Level 3" and the Level 3 Communications logo are
registered service marks of Level 3 Communications, LLC. in the United States
and/or other countries. Any other product and company names herein may be
trademarks of their respective owners. Level 3 services are provided by wholly
owned subsidiaries of Level 3 Communications, Inc.
Forward-Looking Statement
Some of the statements that we make in this press release are forward looking in
nature. These forward looking statements are not a guarantee of performance and
are subject to a number of uncertainties and other factors, many of which are
outside our control, which could cause actual events to differ materially from
those expressed or implied by the statements. The most important factors that
could prevent us from achieving our stated goals include, but are not limited to
our ability to: successfully integrate acquisitions; increase the volume of
traffic on our network; defend our intellectual property and proprietary rights;
develop new products and services that meet customer demands and generate
acceptable margins; successfully complete commercial testing of new technology
and information systems to support new products and services; attract and retain
qualified management and other personnel; and meet all of the terms and
conditions of our debt obligations. 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 press release should be
evaluated in light of these important factors.
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