<PAGE> 1
EXHIBIT 99.1
[TIME WARNER TELECOM LOGO]
FOR MORE INFORMATION CONTACT:
Tom Henley Bob Meldrum
(303) 566-1692 (303) 566-1354
Pager: 1-877-665-5338 Pager: 1-888-662-7939
email: [email protected] email: [email protected]
------------------------ -------------------------
FOR IMMEDIATE RELEASE: JANUARY 10, 2001
TIME WARNER TELECOM FINALIZES PURCHASE OF GST ASSETS
- TWTC NOW OFFERS TELECOM BUSINESS SOLUTIONS IN 39 U.S. MARKETS
LITTLETON, Colorado - January 10, 2001 - Time Warner Telecom Inc.
(Nasdaq: TWTC), a leader in providing local and regional optical broadband
networks and services to business customers, today announced the completion of
its purchase of substantially all of the assets of GST Telecommunications Inc.
out of bankruptcy for a total purchase price of approximately $690 million. GST
filed for protection under Chapter 11 of the U.S. Bankruptcy Code on May 17,
2000. Time Warner Telecom Inc. financed the purchase price with its available
credit facilities.
"Completing this purchase is a tremendous step in setting Time Warner
Telecom apart from the rest of the competitive telecom sector," said Larissa
Herda, president and CEO, Time Warner Telecom. "This acquisition significantly
expands our geographic presence in 15 new markets in the Western United States.
By the end of 2001, we expect to offer telecom solutions for business customers
in 44 U.S. markets, including 15 Tier 1 MSAs."
"Time Warner Telecom continues to execute on our business plan of
growing geographically, extending our optical networks in existing markets and
offering new broadband products, services and solutions for businesses," Ms.
Herda said. "We have employees in place to commence the integration process in
our new Western Division."
By completing the acquisition, Time Warner Telecom has nearly $1.7
billion invested in network facilities and nearly 13,500 route miles of fiber in
place.
"Time Warner Telecom has an established track record of building and
operating next generation optical networks and delivering our broadband services
to businesses," said Dave Rayner, senior vice president and CFO, Timer Warner
Telecom. "We look forward to bringing this experience to our new markets and
assets. Our financing is in place, providing us a fully funded business plan.
This transaction moves Time Warner
<PAGE> 2
2
Telecom ahead of many competitive telecom providers in terms of revenue,
customers, and pure fiber route miles."
ABOUT TIME WARNER TELECOM INC.
Time Warner Telecom Inc., headquartered in Littleton, Colo., builds
local and regional optical networks and delivers "last-mile" broadband data,
dedicated Internet access and voice services for businesses. The company now
serves customers in 39 U.S. metropolitan areas including: Cincinnati, Columbus,
and Dayton, Ohio; Charlotte, Fayetteville, Greensboro, and Raleigh, N.C.;
Austin, Dallas, Houston, and San Antonio, Texas; Albany, Binghamton, New York
City, and Rochester, N.Y.; Northern New Jersey; Memphis, Tenn.; Orlando and
Tampa, Fla.; Indianapolis, Ind.; Milwaukee, Wis.; Los Angeles/Orange County and
San Diego, Calif.; Honolulu, Hawaii; the recently added former GST markets
include: Los Angeles, Santa Barbara, Bakersfield, San Luis Obispo, Fresno, San
Francisco, Oakland, and Sacramento, Calif.; Boise, Idaho; Portland, Ore.;
Seattle, Spokane, and Vancouver, Wash.; Phoenix and Tucson, Ariz.; and
Albuquerque, N.M. The company will begin offering service in Denver, Chicago,
Atlanta, Minneapolis, and Columbia, S.C. in 2001. Please visit www.twtelecom.com
for more information.
This press release includes Forward-Looking Statements (as defined in the
Private Securities Litigation Reform Act of 1995) regarding the company's growth
and prospects. The accuracy of these statements is subject to a number of
business, market and other factors beyond the company's control, including those
stated above and as periodically described in our SEC filings, and actual
results may be materially different than such statements suggest. For further
information, investors are referred to the section entitled Forward-Looking
Statements of the company's most recent Form 10-K, 10-Q and other filings, which
statements, to the extent applicable, are incorporated into this press release
*** TO ACCESS A MAP OF THE NEWLY COMBINED MARKETS OF TIME WARNER
TELECOM, PLEASE VISIT www.twtelecom.com AND CLICK ON TIME WARNER
TELECOM INC. MARKETS IN THE UPCOMING NEWS / EVENTS SECTION ***
<PAGE> 3
3
TWTC COMBINED ASSETS
<TABLE>
<S> <C>
MSAs 44(1)
ATM Switches 88
Gross Plant $ 1.7 billion
Route Miles 13,481
Fiber Miles 572,051
LEC Collocations 226
</TABLE>
(1) Includes 5 markets under construction (Denver, Minneapolis, Chicago,
Atlanta, Columbia, S.C.) INFORMATION AS OF JUNE 30, 2000.
