2nd Mar 2007 16:56
Verizon Communications02 March 2007 (Verizon Logo) NEWS RELEASE FOR IMMEDIATE RELEASE Media contact:March 1, 2007 Bob Varettoni 908-559-6388 [email protected] Verizon Communications Announces Common Stock Repurchase Authorization for Up to 100 Million Shares NEW YORK -- Verizon Communications Inc. (NYSE:VZ) announced today that its Boardof Directors has authorized the corporation to repurchase up to 100 millionshares of its common stock. The board also determined that no additional shares may be acquired under apreviously approved program to repurchase up to 100 million shares. Under theprevious program, which was due to end Feb. 28, 2008, approval remained topurchase approximately 43 million shares. Approximately 2.9 billion shares of Verizon common stock are outstanding. Under the plan approved today by the board, Verizon's senior officers have theoption to repurchase shares for the corporation over time, with the amount andtiming of repurchases depending on market conditions and corporate needs. Thecompany may also, from time to time, enter into a Rule 10b5-1 plan to facilitaterepurchases of its shares under this authorization. The authorization to repurchase shares terminates when the aggregate number ofshares repurchased reaches 100 million or at the close of business on Feb. 28,2010, whichever is earlier. Verizon Communications Inc. (NYSE:VZ), headquartered in New York, is a leader indelivering broadband and other wireline and wireless communication innovationsto mass market, business, government and wholesale customers. Verizon Wirelessoperates America's most reliable wireless network, serving more than 59 millioncustomers nationwide. Verizon's Wireline operations include Verizon Business,which operates one of the most expansive wholly owned global IP networks, andVerizon Telecom, which is deploying the nation's most advanced fiber-opticnetwork to deliver the benefits of converged communications, information andentertainment services to customers. A Dow 30 company, Verizon has a diverseworkforce of approximately 242,000 and last year generated consolidatedoperating revenues of more than $88 billion. For more information, visitwww.verizon.com. #### VERIZON'S ONLINE NEWS CENTER: Verizon news releases, executive speeches andbiographies, media contacts, high quality video and images, and otherinformation are available at Verizon's News Center on the World Wide Web atwww.verizon.com/news. To receive news releases by e-mail, visit the News Centerand register for customized automatic delivery of Verizon news releases. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
VZC.L