Verizon Comments on Rulings by Venezuela's National Securities Commission on CANTV Proposed Repurchase Offer
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NEW YORK -- Verizon Communications today commented on last Friday's rulings by the Venezuelan National Securities
Commission (CNV) approving CANTV's proposed 15 percent share repurchase. CANTV's shareholders will vote on the program
and on a proposed special dividend at a special meeting in Caracas on Wednesday.
"We applaud the CNV for approving CANTV's proposed repurchase program," said Michael T. Masin, vice chairman
and president of Verizon. "The CNV ruling will result in shareholders having a clear choice between the AES offer --
which the CANTV Board of Directors has unanimously rejected -- and CANTV's own share repurchase and special dividend
The CNV also issued a ruling concerning VenWorld Telecom C.A.'s participation in CANTV's proposed share repurchase plan.
Verizon intends to comply with the ruling and will discuss its implementation with the CNV. Verizon owns approximately
75 percent of VenWorld.
Investors and security holders are urged to read the solicitation/recommendation statement on Schedule 14D-9 filed with
the Securities Exchange Commission by Verizon Communications Inc. on October 10, 2001 and subsequent filings amending and
supplementing the solicitation/recommendation statement on Schedule 14D-9, because they contain important information.
Verizon filed this statement in accordance with SEC requirements that any shareholder of a company subject to a tender
offer who makes a solicitation or recommendation regarding that offer file the solicitation and recommendation with the
SEC. Verizon beneficially owns, directly and through its affiliates, including through VenWorld Telecom, C.A., shares of
CANTV, employees of Verizon and its subsidiaries serve as executive officers and directors of CANTV and Verizon and its
subsidiaries are parties with CANTV to a services agreement and similar agreements and arrangements, all as discussed on
Verizon's solicitation/recommendation statement on 14D-9. Investors and security holders may obtain a free copy of the
solicitation/recommendation statement on Schedule 14D-9 and other documents filed by Verizon (when they are available) at
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are the largest providers of wireline and wireless communications in the United States, with 125 million access line
equivalents and more than 28 million wireless customers. Verizon is also the largest directory publisher in the world.
A Fortune 10 company with about 260,000 employees and approximately $65 billion in annual revenues, Verizon's global
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