EXHIBIT 99.1
CORECOMM LIMITED ANNOUNCES COST SAVING ACTIVITY IN CONJUNCTION
WITH INTEGRATION OF RECENT ACQUISITIONS
NEW YORK--(BUSINESS WIRE)--Nov. 2, 2000--CoreComm Limited (NASDAQ: COMM -
news) announced today that, based on a review of the combined company
following the recent acquisitions of ATX Telecommunications, Inc. and
Voyager.net, Inc., it has identified various synergies and cost savings
opportunities, including the elimination of a number of employment
redundancies within the combined groups.
CoreComm has identified approximately 200 employee positions which will be
eliminated in conjunction with the integration of the operations. The vast
majority of employees in revenue generating roles will not be affected by
this change.
Barclay Knapp, President and Chief Executive Officer of CoreComm said,
"Since we announced the acquisitions of ATX and Voyager, we have had
several integration teams focus on opportunities to swiftly improve the
combined operations, including identifying synergies, revenue generation
opportunities, corporate redundancies, as well as other 'best of breed'
operational improvements to make CoreComm a stronger, more efficient
company. Today's announcement reflects the fact that there are indeed real
synergies to be obtained by combining the three companies, and that we are
dedicated to realizing those opportunities and improving operating margins.
We anticipate that we will realize significant cost savings from this
effort in the later half of fiscal 2001."
"While I believe that this activity is right for the business, I am
saddened that we will lose members of the CoreComm team in this effort. We
are taking these steps to make our business stronger, and to create a more
efficient company for our employees and the rest of our shareholders in the
future."
Contact:
CoreComm Limited
Michael A. Peterson
Vice President - Corporate Development,
Richard J. Lubasch
Senior Vice President - General Counsel
Amy Minnick, Investor Relations
212/906-8485
