The PKS Board of Directors has approved in principle a plan to force conversion of all 6,538,231 shares of Class R stock outstanding. Due to certain provisions of the Class R stock, conversion will not be forced prior to May 1998, and the final decision to force conversion would be made by the Level 3 Board of Directors at that time. The Level 3 Board may choose not to force conversion if it were to decide that conversion is not in the best interests of the stockholders of Level 3. About Level 3 Communications Level 3 Communications, Inc. is a telecommunications and information services company that has announced its plans to build and operate an advanced fiber optic network across the U.S., based on Internet technology. Level 3 will focus primarily on the business market, using its network to provide a full range of communications services including local, long distance and data transmission as well as other enhanced services and Internet access services.
Plans also call for the company to expand internationally.
The statements made by Level 3 in this press release may be forward looking in nature. Actual results may differ materially from those projected in forward looking statements. Additional information concerning these and other potential important factors can be found within Level 3's filings with the U.S. Securities and Exchange Commission. Statements in this release should be evaluated in light of these important factors. Inc. All rights reserved.