|[April 27, 2012]
Lumos Networks Corp. Announces Appointment of Timothy G. Biltz as Chief Executive Officer
WAYNESBORO, Va. --(Business Wire)--
Lumos Networks Corp. ("Lumos Networks") (Nasdaq: LMOS), a fiber-based
service provider of voice, data and IP-based telecommunication services
in the Mid-Atlantic region, today announced that Timothy G. Biltz has
been appointed as the Company's Chief Executive Officer, effective April
26, 2012. Mr. Biltz will replace James A. Hyde who has been serving as
the interim Chief Executive Officer following the separation from NTELOS
Holdings Corp. in October 2011. Mr. Hyde will remain in his position as
a member of the Lumos Networks Board of Directors.
Mr. Biltz served as Chairman of the Board of Directors of iPCS (News - Alert), Inc.
from November 2006 through December 2009. From 1999 to 2005, Mr. Biltz
was the Chief Operating Officer of SpectraSite, Inc., a publicly-traded
wireless and broadcast signal tower company. From 1989 to 1999,
Mr. Biltz was employed by Vanguard Cellular Systems, Inc. in a number of
posts of increasing responsibility, ultimately serving as the Executive
Vice President and Chief Operating Officer.
Lumos Networks also announced that Michael B. Moneymaker is retiring
from his position as President of Lumos Networks and as a member of the
Board of Directors. Mr. Hyde commented, "The company-and I-have greatly
benefited from working with Mike and we cannot thank him enough for his
years of valuable contributions to NTELOS and Lumos Networks. We truly
wish him the best."
In connection with Mr. Biltz's appointment, Lumos Networks granted Mr.
Biltz certain equity awards, including 165,000 shares of restricted
stock granted in accordance with NASDAQ Listing Rule 5635(c)(4). The
grant of the shares of restricted stock was approved by the Compensation
Committee of the Board of Directors as an inducement to Mr. Biltz
entering into employment with Lumos Networks. The restricted stock will
vest in four annual installments beginning December 31, 2012 and ending
December 31, 2014. The equity awards will be described in detail on a
Current Report on Form 8-K that Lumos Networks will file with the
Securities and Exchange Commission.
In announcing Mr. Biltz's appointment, Robert E. Guth, Chairman of the
Board of Directors, remarked, "Tim Biltz brings to Lumos Networks a long
track record of success and strong leaership in the telecommunications
industry. His experience, combined with Lumos Networks' outstanding
assets and team, put the Company in an excellent position to succeed."
Mr. Biltz commented, "I am thrilled to become CEO of Lumos as it enters
its next phase of development. Lumos has a talented team, an
extraordinary base of unique fiber assets and a strong reputation for
quality service. I look forward to working with the board and the Lumos
team to leverage these assets and drive growth in revenue and cash flow."
On April 26, 2012, the Board of Directors of Lumos Networks declared a
quarterly cash dividend on its common stock in the amount of $0.14 per
share to be paid on July 12, 2012 to stockholders of record on June 14,
Lumos Networks will hold its first quarter 2012 earnings conference call
and webcast on Friday, May 4, 2012, at 10:00 A.M. (ET). Lumos Networks
will issue a press release providing further details with respect to the
earnings conference call and webcast.
About Lumos Networks
Lumos Networks is a fiber-based service provider in the Mid-Atlantic
region serving carrier, business and residential customers over a dense
fiber network offering data, voice and IP services. With headquarters in
Waynesboro, VA, Lumos Networks serves Virginia, West Virginia and
portions of Pennsylvania, Kentucky, Ohio, and Maryland over a 5,800
route-mile fiber network. Detailed information about Lumos Networks is
available at www.lumosnetworks.com.
SPECIAL NOTE FROM THE COMPANY REGARDING FORWARD-LOOKING STATEMENTS
Any statements contained in this presentation that are not statements of
historical fact, including statements about our beliefs and
expectations, are forward-looking statements and should be evaluated as
such. The words "anticipates," "believes," "expects," "intends,"
"plans," "estimates," "targets," "projects," "should," "may," "will" and
similar words and expressions are intended to identify forward-looking
statements. Such forward-looking statements reflect, among other things,
our current expectations, plans and strategies, and anticipated
financial results, all of which are subject to known and unknown risks,
uncertainties and factors that may cause our actual results to differ
materially from those expressed or implied by these forward-looking
statements. Many of these risks are beyond our ability to control or
predict. Because of these risks, uncertainties and assumptions, you
should not place undue reliance on these forward-looking statements.
Furthermore, forward-looking statements speak only as of the date they
are made. We do not undertake any obligation to update or review any
forward-looking information, whether as a result of new information,
future events or otherwise. Important factors with respect to any such
forward-looking statements, including certain risks and uncertainties
that could cause actual results to differ from those contained in the
forward-looking statements, include, but are not limited to: rapid
development and intense competition in the telecommunications industry;
our ability to achieve benefits from our separation from NTELOS Holdings
Corp; our ability to successfully increase revenues and manage churn in
the recently acquired FiberNet business; our ability to offset expected
revenue declines in our RLEC business related to the recent regulatory
developments and carriers grooming their networks; adverse economic
conditions; operating and financial restrictions imposed by our senior
credit facility; our cash and capital requirements; declining prices for
our services; the potential to experience a high rate of customer
turnover; federal and state regulatory fees, requirements and
developments; our reliance on certain suppliers and vendors; and other
unforeseen difficulties that may occur. These risks and uncertainties
are not intended to represent a complete list of all risks and
uncertainties inherent in our business, and should be read in
conjunction with the more detailed cautionary statements and risk
factors included in our SEC (News - Alert) filings, including our Annual Reports filed
on Form 10-K.
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