STAMFORD Conn., Nov 1, 2002 (BUSINESS WIRE) -- Citizens Communications
(NYSE:CZN) today announced the completion of the sale of its Kauai Electric
division to the Kauai Island Utility Cooperative. The purchase price was $215
million in cash. Citizens Communications will apply the net proceeds from the
sale of Kauai Electric to its on-going program of debt reduction. Through Sept.
30, Citizens had retired approximately $718 million of its debt during 2002.
About Citizens Communications
Citizens Communications provides telecommunications services to approximately
2.5 million customers in 24 states. More information about Citizens can be found
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
(including oral representations) 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 local and national economies, the state of the telecommunications
industry, 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, changes in
legal or regulatory policy, changes in legislation, the mix of products and
services offered in the company's markets, the effects of acquisitions and
dispositions and the ability to effectively integrate businesses acquired. 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
CONTACT: Citizens Communications
Brigid M. Smith, 203/614-5042
Michael A. Zarrella, 203/614-5179
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