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February 13, 2002
John Lowber, (907) 265-5628; jlowber@gci.com Bruce Broquet, (907) 777-6660; bbroquet@gci.com David Morris, 907-265-5396; dmorris@gci.com
FOR IMMEDIATE RELEASE
GCI FILES FORM S-3
ANCHORAGE, AK -- GCI (NASDAQ:GNCMA) announced today that it has filed a registration statement on Form S-3 with the Securities and Exchange Commission. The registration statement relates to 4,500,000 shares of GCI Class A common stock, all of which are currently owned by WorldCom or its subsidiaries.
According to WorldCom's Schedule 13-D filed on November 13, 2001, WorldCom may sell slightly less than one-half of its ownership of GCI. WorldCom currently owns 17.3 percent of GCI Class A and Class B Common Stock outstanding as of December 31, 2001. If the entire 4.5 million shares being registered were sold, WorldCom's ownership of GCI would be reduced to 9.2 percent. The shares will be registered on behalf of WorldCom as a result of the exercise of its registration rights, however no underwriting is anticipated.
WorldCom reaffirmed its longstanding commercial and strategic relationship with GCI. WorldCom has requested this registration as part of its normal investment portfolio management process. WorldCom retains its two boards seats on GCI's board of directors. GCI will not receive any proceeds from the sale of the shares being registered, nor will the registration increase the total number of shares of GCI common stock outstanding.
GCI is an Alaska-based and operated company that provides local, wireless, and long distance telephone, cable television, Internet and data communication services. More information about the company can be found at www.gci.com.
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