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Mpower Approved for AMEX Listing
ROCHESTER, N.Y., May 17 /PRNewswire-FirstCall/ -- Mpower Holding Corporation
("Mpower") (BULLETIN BOARD: MPOW) , the parent company of Mpower
Communications Corp., a leading provider of broadband Internet access and
telephone services to business customers, today announced that its common stock
has been approved for listing on the American Stock Exchange (Amex) and is
expected to commence trading under the symbol "MPE" effective with the opening
of the market on Thursday, May 20, 2004.
"We are very proud to have been approved for listing on the Amex and see it as
recognition for all Mpower has accomplished in terms of eliminating our
long-term debt, turning Adjusted EBITDA positive and strengthening our balance
sheet," said Mpower Communications Chairman and Chief Executive Officer Rolla
P. Huff. "We expect our shareholders to realize many benefits of Mpower's move
to the Amex including increased visibility, credibility and liquidity for our
stock."
About Mpower Holding Corporation
Mpower Holding Corporation (OTCBB: MPOW) is the parent company of Mpower
Communications, a facilities-based broadband communications provider offering a
full range of data, telephony, Internet access and Web hosting services for
small and medium-size business customers. A copy of this press release and
further information about the company can be found at
http://www.mpowercom.com/.
Forward Looking Statements
Under the safe harbor provisions of the Private Securities Litigation Reform
Act of 1995, certain statements contained in this report regarding our and/or
management's intentions, hopes, beliefs, expectations or predictions of the
future are forward-looking statements. These forward-looking statements are not
historical facts and are only estimates or predictions. Actual results may
differ materially from those projected as a result of risks and uncertainties
including, but not limited to, sales growth, changes in federal or state
telecommunications regulations, market acceptance of our product and service
offerings, the liquidity of our common stock, our ability to secure adequate
financing or equity capital to fund our operations and network expansion, our
ability to manage growth and maintain a high level of customer service, the
performance of our network and equipment, our ability to enter into strategic
alliances or transactions, the cooperation of incumbent local exchange carriers
in provisioning lines and interconnecting our equipment, regulatory approval
processes, changes in technology, price competition and other market conditions
and risks detailed from time to time in our filings with the Securities and
Exchange Commission. We undertake no obligation to update publicly any
forward-looking statements, whether as a result of future events, new
information, or otherwise.
Use of Non-GAAP Financial Information
The SEC has adopted rules (Regulation G) regulating the use of non-GAAP
financial measures. Mpower uses the non-GAAP financial measure Adjusted EBITDA
to provide an enhancement to an overall understanding of the Company's past
financial performance and prospects for the future as well as useful
information to investors because of (i) the historical use by Mpower of
Adjusted EBITDA as a performance measurement; (ii) the value of Adjusted EBITDA
as a measure of performance before gains, losses or other charges considered to
be outside the company's core business operating results; and (iii) the use of
the Adjusted EBITDA, or a similar term, by almost all companies in the CLEC
sector as a measurement of performance. The Company excludes from Adjusted
EBITDA network optimization costs (which are costs resulting principally from
the closure of certain markets), stock-based compensation expenses (which are
costs related to stock options issued with an exercise price below fair market
value), gains on sales of assets, gains or losses on investments,
reorganization expenses, gain on discharge of debt, and other income because
the Company does not believe that including such items in Adjusted EBITDA
provides investors with an appropriate measure of determining Mpower's
performance in its core business. Mpower's utilization of non-GAAP measurements
is not meant to be considered in isolation or as a substitute for net loss,
loss from continuing operations, cash flow, gross margin and other measures of
financial performance prepared in accordance with GAAP. Adjusted EBITDA is not
a GAAP measurement and Mpower's use of it may not be comparable to similarly
titled measures employed by other companies in the telecommunications industry.
DATASOURCE: Mpower Holding Corporation
CONTACT: Mpower Communications Investor Contact - Gregg Clevenger, Chief
Financial Officer, +1-585-218-6547, , or Mpower
Communications Media Contact - Michele Sadwick, Vice President,
+1-585-218-6542, ; or Investor Relations - Lester
Rosenkrantz of Cameron Associates, +1-212-554-5486, ,
for Mpower Holding Corporation
Web site: http://www.mpowercom.com/