Attached files
file | filename |
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8-K - FORM 8-K - CINCINNATI BELL INC | l42659e8vk.htm |
Exhibit 99.1
Press Release | ||
Media contacts:
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Local Union offices. | |
Lisa McLaughlin
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Local 4400: 513.681.4400 | |
Cincinnati Bell
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Local 4401: 513.421.2236 | |
513.368.1860 |
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lisa.mclaughlin@gyrohsr.com |
Cincinnati Bell and CWA Reach Tentative Agreement on New Contract
CINCINNATI, OHIO May 7, 2011 Cincinnati Bell Inc. (NYSE:CBB) and the Communications
Workers of America (CWA) and its Locals 4400 and 4401 announced today that they have reached a
tentative agreement on a new 39-month labor contract.
The negotiated agreement, which extends through August 09, 2014, replaces the current
three-year agreement that expires at 11:59 p.m. on Saturday, May 7, 2011.
We are pleased to reach agreement on a new labor contract with the CWA, underscoring our
longstanding cooperative relationship, said Jack Cassidy, president and chief executive officer of
Cincinnati Bell. We believe the new agreement reflects the best interests of our customers,
employees, and shareholders.
The new contract results in compensation increases, excellent healthcare plans, and, depending
on the employee, either the continuation of pension credits or enhancement of 401k benefits.
Commenting on the tentative agreement, Seth Rosen, vice president of CWA District 4 said, I
am pleased that we were able to reach a tentative agreement with Cincinnati Bell Telephone that
includes a commitment from CBT to retain jobs in Cincinnati.
A detailed summary of the new agreement will be sent to each employee and details will be
posted on the CWAs website in the coming days.
CWA members of Locals 4400 and 4401 will vote to approve this agreement. Ratification is
expected sometime in June and will be by mail ballot. The CWA represents approximately 1,000
Cincinnati Bell employees.
About Cincinnati Bell Inc.
With headquarters in Cincinnati, Ohio, Cincinnati Bell (NYSE: CBB) provides integrated
communications solutionsincluding local, long distance, data, Internet, entertainment and
wireless services that keep residential and business customers in Greater Cincinnati and Dayton
connected with each other and with the world. In addition, Cincinnati Bell provides best-in-class
data center colocation services to enterprise customers in the Midwest and Texas with fully
redundant power and cooling solutions. Complementing the colocation products, Cincinnati Bell also
offers complex information technology solutions like managed services and technology staffing. For
more information, visit www.cincinnatibell.com.
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Safe Harbor Note
Certain of the statements and predictions contained in this press release constitute
forward-looking statements within the meaning of the Private Securities Litigation Reform Act. In
particular, statements, projections or estimates that include or reference the words believes,
anticipates, plans, intends, expects, will, or any similar expression fall within the
safe harbor for forward-looking statements contained in the Reform Act. Actual results or outcomes
may differ materially from those indicated or suggested by any such forward-looking statement for a
variety of reasons, including, but not limited to: changing market conditions and growth rates
within the telecommunications industry or generally within the overall economy; changes in
competition in markets in which the company operates; pressures on the pricing of company products
and services; advances in telecommunications technology; the ability to generate sufficient cash
flow to fund the companys business plan, repay the companys debt and interest obligations, and
maintain its networks; the ability to refinance indebtedness when required on commercially
reasonable terms; changes in the telecommunications regulatory environment; changes in the demand
for the companys services and products; the demand for particular products and services within the
overall mix of products sold, as the companys products and services have varying profit margins;
the companys ability to introduce new service and product offerings on a timely and cost effective
basis; work stoppages caused by labor disputes; restrictions imposed under various credit
facilities and debt instruments; the companys ability to attract and retain highly qualified
employees; the companys ability to access capital markets and the successful execution of
restructuring initiatives; changes in the funded status of the companys retiree pension and
healthcare plans; changes in the companys relationships with current large customers, a small
number of whom account for a significant portion of company revenue; disruption in the companys
back-office information technology systems, including its billing system; the companys ability to
integrate successfully the business of Cyrus Networks, LLC with the companys existing operations
and to achieve the anticipated benefits of the acquisition of Cyrus Networks, LLC; and failure of
or disruption in the operation of the companys data centers. More information on potential risks
and uncertainties is available in recent filings with the Securities and Exchange Commission,
including Cincinnati Bells Form 10-K report, Form 10-Q reports and Form 8-K reports. The
forward-looking statements included in this press release represent company estimates as of May 7,
2011. Cincinnati Bell anticipates that subsequent events and developments will cause its estimates
to change.
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