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EXHIBIT 99.1
NEWS RELEASE
[VERIZON LOGO]
FOR IMMEDIATE RELEASE CONTACT:
JUNE 30, 2000 PETER THONIS
212-395-0500
972-507-5367
DAVID FRAIL
212-395-7726
BELL ATLANTIC AND GTE COMPLETE THEIR MERGER AND
BECOME VERIZON COMMUNICATIONS
COMPANY WILL LAUNCH ON MONDAY WITH NEW VZ TICKER;
BOARD OF DIRECTORS ANNOUNCED
NEW YORK -- Bell Atlantic Corp. (NYSE:BEL) and GTE Corp. (NYSE:GTE) completed
their merger today, creating Verizon Communications, a formidable new competitor
in global communications. Verizon Communications will begin trading on the New
York Stock Exchange (NYSE) under its new VZ symbol on Monday, July 3, with
Charles R. Lee, Verizon chairman and co-CEO, and Ivan Seidenberg, Verizon
president and co-CEO, ringing the NYSE's opening bell that morning.
The VZ symbol was selected because it uses the two letters of the
Verizon logo that graphically portray speed, while also echoing the genesis of
the company name: "veritas," connoting certainty and reliability, and "horizon,"
signifying forward-looking and visionary.
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Verizon News Release, page 2
"Speed, customer service and innovation are the hallmarks of the Verizon team,"
Lee said. "Our new brand and trading symbol will visibly affirm these
commitments daily to our employees, our customers and our shareholders."
"From day one, Verizon will be a leader in the communications
industry," Seidenberg said, "with more ways to touch customers, more cash to
fuel growth and innovation, and more investment capital to deploy the
technologies of the future than any company before us."
With more than 260,000 employees, Verizon companies are the largest
providers of wireline and wireless communications in the United States, with 95
million access line equivalents and 25 million wireless customers. Verizon also
is a leading provider of high-speed data services and the world's largest print
and on-line directory company. The company's global presence extends to some 40
countries in the Americas, Europe, Asia and the Pacific.
VERIZON BOARD OF DIRECTORS ANNOUNCED;
SHARES TO BE EXCHANGED
The new Verizon board of directors is composed of an equal number of
former directors from Bell Atlantic and GTE. In addition to Lee and Seidenberg,
the board consists of:
o James R. Barker, chairman, The Interlake Steamship Co. and vice chairman of
Mormac Marine Group, Inc. and Moran Towing Company
o Edward H. Budd, retired chairman, The Travelers Corporation
o Richard L. Carrion, chairman, president and CEO, Banco Popular de Puerto
Rico and Popular, Inc.
o Robert F. Daniell, retired chairman, United Technologies Corporation
o Helene L. Kaplan, of counsel to the law firm Skadden, Arps, Slate, Meagher
& Flom LLP
o Sandra O. Moose, senior vice president and director of The Boston
Consulting Group, Inc.
o Joseph Neubauer, chairman and CEO, ARAMARK Corporation
o Thomas H. O'Brien , chairman and CEO, The PNC Financial Services Group,
Inc.
o Russell E. Palmer, chairman and CEO, The Palmer Group
o Hugh B. Price, president and CEO, National Urban League
o Walter V. Shipley, retired chairman and CEO, The Chase Manhattan
Corporation
o John W. Snow, chairman, president and CEO, CSX Corporation
o John R. Stafford, chairman, president and CEO, American Home Products
Corporation
o Robert D. Storey, partner, law firm of Thompson, Hine & Flory LLP
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Verizon News Release, page 3
Under the terms of the merger agreement, GTE shareowners are receiving
1.22 shares of Verizon Communications common stock in exchange for each share of
GTE common stock owned as of June 30, 2000, the effective date of the merger. In
mid-July, former GTE shareowners will receive information relating to the
exchange of their GTE certificates for Verizon certificates. Shareowners of the
former Bell Atlantic do not have to take any action.
Verizon Communications will have approximately 2.7 million individual
shareowners, consisting of former Bell Atlantic and GTE shareowners, and
approximately 2.7 billion shares outstanding.
REGULATORY APPROVALS COMPLETED
Completion of the merger follows review and approvals by Bell Atlantic
and GTE shareowners, 27 state regulatory commissions and the FCC, and clearance
from the Department of Justice (DOJ), as well as completion of an initial public
offering (IPO) of Genuity (Nasdaq:GENU), GTE's Internet infrastructure company.
Divestiture of 90.5 percent of Genuity was a condition for the approval of the
merger by the Federal Communications Commission (FCC), and the IPO was priced
and shares commenced trading this week. Verizon maintains a 9.5 percent equity
interest in Genuity, with the option to increase its ownership to up to 80
percent in the future, once Verizon has eliminated regulatory restrictions.
The companies also were required by the DOJ to resolve all wireless
overlaps in accordance with guidelines in a consent decree among the DOJ, the
merging companies, and Vodafone AirTouch plc, which contributed wireless assets
to Verizon Wireless in a separate transaction with Bell Atlantic. All overlap
issues were resolved by the companies through a series of transactions and the
establishment of a divestiture trust for certain properties pending new
ownership, in keeping with the consent decree.
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Verizon News Release, page 4
VERIZON COMMUNICATIONS
Verizon Communications (NYSE:VZ), formed by the merger of Bell Atlantic
and GTE, 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 95 million access lines and 25 million
wireless customers. A Fortune 10 company with more than 260,000 employees and
approximately $60 billion in 1999 revenues, Verizon's global presence extends to
40 countries in the Americas, Europe, Asia and the Pacific. For more information
on Verizon, visit www.verizon.com.
####
ON THE INTERNET: Verizon news releases, executive speeches and biographies, news
media contacts and other information are available at Verizon's News Center on
the World Wide Web (www.verizon.com/news). To receive news releases by email,
visit the News Center and register for personalized automatic delivery of
Verizon news releases.
EDITORS ADVISORY
A VIDEO NEWS RELEASE WITH FOOTAGE OF CHARLES LEE AND IVAN SEIDENBERG, THE
CO-CEOS OF VERIZON, COMPLETING MERGER DOCUMENTS OF THE NEW COMPANY AND ALSO
INCLUDING B-ROLL OF THE MERGED COMPANIES' OPERATIONS WILL BE AVAILABLE TODAY
(6/30) VIA SATELLITE FEED. THE FEED WILL BE BROADCAST FROM 4:00 TO 4:15 P.M.
EASTERN TIME. THE COORDINATES ARE C-BAND: GALAXY 3, TRANSPONDER 15, AUDIO 6.2
AND 6.8.
MEDIA WANTING TO COVER LEE AND SEIDENBERG OPENING THE NEW YORK STOCK EXCHANGE ON
MONDAY, JULY 3, CAN CONTACT ROBERT VARETTONI AT 212-395-0500.
