| Citizens Utilities Begins Public Services Divestiture
BUSINESS WIRE(1999년 11월24일)
[STAMFORD, Conn.] Citizens Utilities (NYSE: CZN, CZNPr) announced today that it has authorized the release of an offering memorandum to prospective purchasers of its water and wastewater operations, Citizens Water Resources. In addition, Citizens intends to sell its electric and gas operations, Citizens Energy Services. The company will soon authorize the release of a separate offering memorandum relating to Citizens Energy Services.
Citizens has retained Morgan Stanley Dean Witter as financial advisor to assist with the divestiture process. Parties interested in Citizens Water Resources should contact Lyle D. Miller of Morgan Stanley at 212/761-4273.
Citizens intends to use the proceeds from the sale of its public services businesses to fund recently announced telephone access line acquisitions.
Citizens Utilities provides telecommunications services and public services including gas distribution, electric distribution, water distribution and wastewater treatment services to approximately 1.9 million customers in 22 states. Citizens also owns 83% of Electric Lightwave, Inc., a facilities-based, integrated communications provider that offers a broad range of services to telecommunications-intensive businesses throughout the United States.
This document contains forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the statements. These and all forward-looking statements are only predictions or statements of current plans that are constantly under review by the company.
All forward-looking statements may differ from actual results because of, but not limited to, changes in the local and overall economy, changes in market conditions for debt and equity securities, the nature and pace of technological changes, the number and effectiveness of competitors in the company's markets, success in overall strategy, weather conditions, changes in legal or regulatory policy, changes in legislation, the company's ability to identify future markets and successfully expand existing ones and the mix of products and services offered in the company's target markets.
These important factors should be considered in evaluating any statement contained herein and/or made by the company or on its behalf. The foregoing information should be read in conjunction with the company's filings with the U.S. Securities and Exchange Commission including, but not limited to, reports on Forms 10-K and 10-Q. The company does not intend to update or revise these forward-looking statements to reflect the occurrence of future events or circumstances.
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