06.13.2003|Corporate

Verizon Communications Announces Plans To Sell Its Equity Stake in Iusacell

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NEW YORK -- Verizon Communications announced today that it plans to sell its 39.4 percent equity stake in Grupo Iusacell into the tender offer to be launched by Movil Access, a Mexican company, following approval of the offer by the Mexican securities commission.

This transaction gives Iusacell the best chance to move forward as a new company under the control of an experienced local entrepreneur and wireless telecom investor.

A Fortune 10 company, Verizon Communications (NYSE:VZ) 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 136.6 million access line equivalents and 33.3 million Verizon Wireless customers. Verizon is the third largest long-distance carrier for U.S. consumers, with 13.2 million long-distance lines, and the company is also the largest directory publisher in the world, as measured by directory titles and circulation. With approximately $67 billion in annual revenues and 227,000 employees, Verizon's global presence extends to the Americas, Europe, Asia and the Pacific. For more information on Verizon, visit www.verizon.com.

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