Verizon to Complete Sale of Texas and New Mexico Properties to Valor Telecom

IRVING, Texas - Verizon Communications, the national telecommunications company formed by the merger of GTE and Bell Atlantic, expects to complete the sale of approximately 424,000 telephone lines in Texas and New Mexico to Valor Telecom on Aug. 31. The sales agreement was announced in September 1999.

The sales agreement was announced in May 1999. This transaction is part of the company's previously announced initiative to sell approximately 1.6 million telephone lines in the United States. Proceeds from the sale will be used to invest in other strategic initiatives.

Verizon will continue to own and operate approximately 1.7 million access lines in Texas, remaining the second-largest provider of local telecommunications services in the state. In New Mexico, Verizon is completely exiting the local telecommunications business. The transaction does not affect Verizon's current offerings of long-distance, Internet and print directory services in the two states.

Upon closing, Valor Telecom - headquartered in Irving, Texas - will provide local services to 326,000 access lines in 197 Texas exchanges and to 97,000 access lines in 36 New Mexico exchanges. All current customer accounts and local services will automatically transfer to Valor, and all 423 Verizon Communications employees serving the affected Texas and New Mexico exchanges will become employees of Valor Telecom.

The Texas exchanges purchased by Valor Telecom include Abernathy, Adrian, Amherst, Andrews, Annona, Anton, Aspermont, Austonio, Avalon, Avery, Avinger, Bagwell, Baird, Balmorhea, Beckville, Bedias, Benjamin, Blackwell, Blooming Grove, Bogata, Bon Wier, Booker, Bovina, Boys Ranch, Broaddus, Bronson, Brownfield, Buffalo, Burkeville, Burlington, Bynum, Cactus, Centerville, Channing, Chilton, Clarendon, Clarksville, Claude, Clyde, Colmesneil, Coyanosa, Crawford, Crockett, Crosbyton, Cross Plains, Cushing, Daingerfield, Dalhart, Darrouzett, Dawson, Dekalb, Denver City, Deport, Detroit, Dimmitt, Dodson, Douglassville, Dumas, Elkhart, Estelline, Fabens, Fairfield, Fairmount, Follett, Forsan, Fort Hancock, Frankel City, Franklin, Friona, Fritch, Frost, Gary, Glen Rose, Grapeland, Groom, Groveton, Happy, Hart, Hartley, Haskell, Hedley, Hemphill, Higgins, Hilltop Lakes, Holliday, Hooks, Hubbard, Hughes Springs, Huntington, Hurlwood, Idalou, Imperial, Iola, Irene, Joaquin, Kamay, Karnack, Kennard, Knox City, Lakeview,
Lamesa, Leona, Levelland, Linden, Littlefield, Lone Star, Loraine, Lorenzo, Lott, Lovelady, Malone, Marietta, Marquez, Maud, May, Meadow, Megargel, Memphis, Mentone, Merkel, Miami, Milam, Milford, Mobeetie, Moran, Morgan, Morton, Mount Calm, Munday, Naples, Nazareth, Negley, New Boston, Newton, Normangee, North Zulch, Oakwood, Orla, Panhandle, Pecos (two exchanges), Pennington, Perryton, Petersburg, Pineland, Post, Purdon, Putnam, Ralls, Redwater, Reklaw, Richland, Riesel, Rising Star, Rochester, Rogers, Ropesville, Rosebud, Rule, Sanford, Seagraves, Seymour, Shallowater, Sierra Blanca, Simms, Slocum, Smyer, Spade, Spearman, Stratford, Streetman, Sundown, Sunray, Tahoka, Tenaha, Texarkana (exchanges in Texas and Arkansas), Throckmorton, Toyah, Trent, Trinity Main, Tulia, Uncertain, Valentine, Van Horn, Vega, Walnut Springs, Weinert, Wellington, Wheeler, White Deer, Whiteface, Whitharral, Whitney, Wildorado, Wilson, Wolfforth, and Zavalla.

The New Mexico exchanges purchased by Valor Telecom include Abiquiu, Alto, Caballo Reservoir, Canjilon, Capitan, Carlsbad, Carlsbad Caverns, Chama, Chimayo, Cuba, Dixon, Dulce, El Rito, Elephant Butte, Espanola, Eunice, Gallina, Hillsboro, Hobbs, Jal, Jemez Springs, Lindrith, Loving, Lovington, Lybrook, Ojo Caliente, Ruidoso, Ruidoso Downs, Ruidoso, San Ysidro, Tierra Amarilla, Truchas, Truth Or Consequences, Vallecitos, Velarde, and White Mountain.

Additionally, in New Mexico, Valor Telecom will continue to operate and provide services to approximately 650 customer access lines that Mescalero Apache Telecom, Inc., had previously agreed to purchase from Verizon. These customers are located in Mescalero and portions of Alto and Ruidoso, and will be served by Valor Telecom until the sale of those lines to Mescalero Apache Telecom is completed in early 2001.

Following the sale, customers in Texas and New Mexico should call Valor Telecom's new, toll-free numbers for assistance. The Valor Telecom numbers are:

• Sales, service, billing: 877-520-5220
• Repair services: 877-520-5210
• TTY: 877-520-5260

Verizon Communications (NYSE:VZ), formed by the merger of Bell Atlantic and GTE, is one of the world's leading providers of communications services. Verizon companies are the largest providers of wireline and wireless communications in the United States, with more than 100 million access line equivalents and 25.6 million wireless customers. A Fortune 10 company with more than 260,000 employees and approximately $60 billion in 1999 revenues, Verizon's global presence extends to 40 countries in the Americas, Europe, Asia and the Pacific. For more information on Verizon, visit www.verizon.com.