Additions to Management Team Will Strengthen Company's
Ability to Serve Customers and Deliver Advanced Services
COUDERSPORT, Pa., March 19 /PRNewswire-FirstCall/ -- Adelphia
Communications Corporation (OTC: ADELQ) announced today two additions to its
senior management team. Joe Bagan was named Senior Vice President and Chief
Administrative Officer and Marwan Fawaz was named Senior Vice President of
Engineering and Chief Technology Officer.
Bagan will be responsible for Adelphia's information technology and
services, including customer billing. In addition, he will manage company-
wide logistics and supply chain, vendor management and several special
projects including Adelphia's ongoing CLEC activity as well as the issues
associated with the Company's former subsidiary, Adelphia Business Solutions.
Fawaz will be responsible for ensuring Adelphia's technology platform is
robust, secure and efficient, as well as capable of providing Adelphia
customers with a suite of advanced services to meet their current and future
entertainment and information needs.
Adelphia President and Chief Operating Officer Ron Cooper said, "We're
extremely pleased to have such proven cable industry leaders as Joe Bagan and
Marwan Fawaz leading our technology efforts. In addition to Joe's deep IT
experience, he also has a strong financial background. Marwan has extensive
technology management expertise as well as considerable experience in cable
operations and business strategy.
"The deployment of new technologies while maximizing efficiency -- both on
our cable and broadband systems and in our back office functions -- is
extremely important to our goal of providing the advanced services our
customers want coupled with first-rate customer support. I'm confident that
Joe and Marwan will make sure our technology and systems meet the needs of our
millions of customers and thousands of employees."
Joe Bagan said, "I am looking forward to leading the effort to further
strengthen and enhance Adelphia's considerable information infrastructure."
Marwan Fawaz said, "I am eager to help Adelphia make its underlying
technology the best that it can be while supporting the Company's ability to
provide excellent service to our customers."
About Joe Bagan
Joe Bagan joins Adelphia from AT&T Broadband, where he served as Chief
Information Officer. Bagan previously worked as the acting CFO for Ricochet
Networks. Prior to that he was at Arthur Andersen as Partner in Charge of the
Southwest U.S. Communications and High Tech consulting practice, where he
focused on large-scale merger integration, systems and technology deployments,
and financial consulting.
About Marwan Fawaz
Marwan Fawaz brings more than 18 years of experience in the cable and
broadband industries. He joins Adelphia from Vulcan Inc. Investment
Management Group, where he served as a technology investment specialist.
Prior to that he held senior engineering, operations and technology positions
at MediaOne, Inc., Pilot House Ventures, Times Mirror Cable Television, and
Charter Communications. His experience encompasses cable and broadband
engineering, technical operations and business development. Fawaz serves on
several technology advisory boards. He has also served on engineering
committees at CableLabs and the Society of Cable Telecommunications Engineers.
Marwan holds BSEE and MSEE degrees in telecommunications and electrical
engineering.
About Adelphia
Adelphia Communications Corporation is the sixth-largest cable television
company in the country. It serves 3,500 communities in 32 states and Puerto
Rico, and offers analog and digital cable services, high-speed Internet access
(Adelphia Power Link), and other advanced services.
Cautionary Statement Regarding Financial and Operating Data
As a result of actions taken by the former management of Adelphia
Communications Corporation (the "Company"): (a) the Company has not yet
completed its financial statements as of or for the year ended December 31,
2001, or received its independent auditors' report thereon or filed with the
Securities and Exchange Commission (the "Commission") its Form 10-K for the
year ended December 31, 2001, (b) the Company's former independent auditors,
Deloitte & Touche LLP, suspended their auditing work on the Company's
financial statements as of and for the year ended December 31, 2001 and
withdrew their audit report with respect to the years ended December 31, 1999
and 2000; (c) the Company has not yet completed its financial statements as of
and for the three months ended March 31, 2002, or filed with the SEC its Form
10-Q for the quarter ended March 31, 2002; and (d) the Company expects to
restate its financial statements for the years ended December 31, 1999 and
2000, and its interim financial statements for 2001 and possibly other
periods. Current management took control in May 2002 and has retained new
independent auditors and begun the preparation of new financial statements for
the periods in question; however, the Company does not believe that it will
have completed the preparation of the foregoing financial information prior to
the conclusion of the third quarter. In addition, current management believes
that the public information provided by prior management on other matters of
interest to investors, such as the Company's rebuild percentage (the
percentage of the Company's cable television systems that the Company believes
have been upgraded to current standards), was unreliable. As a result, the
Company anticipates that it may have to supplement the financial and other
information contained in this Press Release and that such supplemental
information may be material.
Cautionary Statement Regarding Forward-looking Statements
This document includes forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933, as amended (the "Securities Act")
and Section 21E of the Securities Exchange Act of 1934, as amended (the
"Exchange Act"). All statements regarding Adelphia Communications Corporation
and its subsidiaries' (collectively, the "Company's") expected future
financial position, results of operations, cash flows, restructuring and
financing plans, business strategy, budgets, projected costs, capital
expenditures, competitive positions, growth opportunities, plans and
objectives of management for future operations and statements that include
words such as "anticipate," "if," "believe," "plan," "estimate," "expect,"
"intend," "may," "could," "should," "will," and other similar expressions are
forward-looking statements. Such forward-looking statements are inherently
uncertain, and readers must recognize that actual results may differ from the
Company's expectations. The Company does not undertake a duty to update such
forward-looking statements.
Actual future results and trends for the Company may differ materially
depending on a variety of factors discussed in the Company's filings with the
Commission, including its recently filed Current Reports on Form 8-K, the most
recently filed Quarterly Report on Form 10-Q, the Form 10-K for the year ended
December 31, 2000, and the most recent prospectus supplement filed under
Registration Statement No. 333-64224, under the section entitled "Risk
Factors" contained therein. Factors that may affect the plans or results of
the Company include, without limitation: (a) the Company's filing of a
petition for relief under Chapter 11 of the United States Bankruptcy Code; (b)
the results of litigation against the Company including the recently filed
civil complaint by the Commission and the potential for a criminal indictment
of the Company; (c) the lack of substantial cable industry experience among
certain members of the Company's senior management; (d) the effects of
government regulations and the actions of local cable franchise authorities;
(e) the availability of debtor-in-possession financing and surety bonds to
support the Company's operations; (f) the results of the Company's internal
investigation and the matters described above under "Cautionary Statement
Regarding Financial and Operating Data"; (g) actions of the Company's
competitors; (h) the pricing and availability of equipment, materials,
inventories and programming; (i) product acceptance and customer spending
patterns; (j) the Company's ability to execute on its business plans, to
provide uninterrupted service to its customers and to conduct, expand and
upgrades its networks; (k) technological developments; (l) matters relating to
or in connection with the recent bankruptcy filing and proceedings of Adelphia
Business Solutions, Inc.; (m) changes in general economic conditions and/or
economic conditions in the markets in which the Company may, from time to
time, compete; (n) the movement of interest rates and the resulting impact on
the Company's interest obligations with respect to its pre-petition bank debt;
and (o) the delisting of Adelphia Communication Corporation's common stock by
Nasdaq. Many of such factors are beyond the control of the Company and its
management.
SOURCE Adelphia Communications Corporation
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Related links:
http://www.adelphiacom.com
CONTACT:
Eric Andrus of Adelphia Communications
Corporation, +1-877-496-6704
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