Exhibit 99
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News Release
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Contact: Peter Thonis, 617-873-3512 (After 6 p.m., 617-237-4163)
August 15, 1997
SUMMARY: GTE completes acquisition of BBN.
STAMFORD, CONN. -- GTE Corp. today announced that it has completed its
acquisition of BBN Corporation, which has become a wholly owned subsidiary of
GTE.
The acquisition was completed following a meeting today of BBN
stockholders, as required by Massachusetts law, at which the BBN stockholders,
including GTE, approved the merger of a GTE subsidiary with BBN. At the time of
the meeting, GTE owned shares representing approximately 94 percent of the
voting power of the outstanding BBN stock. In the merger, each BBN share not
owned by GTE was converted into the right to receive $29 in cash, without
interest.
The acquisition of BBN is a key component of GTE's data strategy, one
of a series of steps GTE is taking to be a market-leading national provider of
voice, video and data services. BBN is part of GTE Internetworking, the business
unit responsible for the implementation of GTE's data strategy. George H.
Conrades, CEO and president of BBN, also was named corporate executive vice
president and president of GTE Internetworking on July 9.
Background on BBN and GTE
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BBN (www.bbn.com) is one of the nation's leading providers of Internet
access and valued-added services of businesses. It offers Fortune 1000 companies
a complete set of managed Internet services, including high-speed and dial-up
access, systems development and electronic-commerce support, network security,
and Web hosting services. BBN also provides internetworking innovation and
funded research and development for government and commercial customers. BBN's
Internet customers include many of the world's top information technology,
manufacturing and financial services companies.
With revenues of more than $21 billion in 1996, GTE (www.gte.com) is
one of the largest publicly held telecommunications companies in the world. In
the United States, GTE offers local and wireless service in 29 states and
long-distance service in all 50 states. GTE was the first among its peers to
offer "one-stop shopping" for local, long-distance and Internet access services.
Outside the United States, where GTE has operated for more than 40 years, the
company services approximately 7 million customers. GTE is also a leader in
government and defense communications systems and equipment, directories and
telecommunications-based information services, and aircraft passenger
telecommunications.
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