01.11.2007 11:00:00
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Citizens Communications Completes Acquisition of Global Valley Networks
Citizens Communications Company (NYSE: CZN) today announced that it has
completed the acquisition of Global Valley Networks Inc. ("GVN”)
and GVN Services ("GVS”)
through the purchase from Country Road Communications LLC of 100% of the
outstanding common stock of Evans Telephone Holdings, Inc., the parent
of GVN and GVS. The acquired markets are located in California and will
be combined with the Citizens Communications West Region operations. The
brand name that Citizens uses in all of its markets, Frontier
Communications Solutions, will be leveraged in these newly-acquired
markets.
The transaction was announced July 5, 2007. The purchase price of $62
million in cash, subject to adjustment, was financed with cash on hand.
"We are excited about this acquisition; it is
accretive to our free cash flow and offers opportunities for revenue
growth and synergies,” said Maggie
Wilderotter, Chairman and CEO of Citizens Communications.
About Citizens Communications Company
Citizens Communications Company (NYSE: CZN) operates under the brand
name of Frontier Communications Solutions and offers telephone,
television and Internet services in 24 states. More information is
available at www.czn.com, www.frontieronline.com
and www.frontier.myway.com
Cautionary Statement Regarding Forward-Looking Statements
This press release contains forward-looking statements that are made
pursuant to the safe harbor provisions of The Private Securities
Litigation Reform Act of 1995. These statements are made on the basis of
management’s views and assumptions regarding
future events and business performance. Words such as "believe,” "anticipate,” "expect”
and similar expressions are intended to identify forward-looking
statements. Forward-looking statements (including oral representations)
involve risks and uncertainties that may cause actual results to differ
materially from any future results, performance or achievements
expressed or implied by such statements. The foregoing information
should be read in conjunction with Citizens’
filings with the U.S. Securities and Exchange Commission including, but
not limited to, reports on Forms 10-K and 10-Q. Citizens does not intend
to update or revise these forward-looking statements to reflect the
occurrence of future events or circumstances.
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