CINCINNATI and HONOLULU, May 4, 2018 – Cincinnati Bell Inc. (NYSE: CBB) (the "Company")
announced that it has received unanimous approval from the Hawaiʻi Public Utilities Commission ("PUC" or
the "Commission") with respect to its pending acquisition of Honolulu-based Hawaiian Telcom (NASDAQ:
HCOM), the leading integrated communications provider serving Hawaiʻi and the state's fiber-centric
technology leader. In approving the merger, the Commission concludes that net benefits will result from the
"We greatly appreciate the support of the Hawaiʻi PUC and are pleased that the Commission has
acknowledged that our combination with Hawaiian Telcom is expected to bring benefits to Hawaiʻi
consumers as we continue to invest in next-generation fiber," said Leigh Fox, President and Chief Executive
Officer of Cincinnati Bell. "This marks a key milestone as we work to create a stronger communications and
technology company that builds upon the complementary strengths of Cincinnati Bell and Hawaiian Telcom,
allowing us to deliver more competitive products and services to customers."
The combination, previously announced on July 10, 2017, will accelerate Cincinnati Bell's overarching
strategy to create a diversified and balanced revenue mix by expanding the Company's high-speed, highbandwidth
fiber optic network while building a complementary IT solutions and cloud services business. By
leveraging Hawaiian Telcom's local knowledge and continuing to invest in its deep fiber infrastructure, the
combined company will be well-positioned to capitalize on the growing demand for strategic fiber offerings.
Hawaiʻi PUC approval satisfies one of the conditions for the closing of the transaction. The pending
acquisition has already cleared the Hart-Scott-Rodino Act review period, and has been overwhelmingly
approved by Hawaiian Telcom shareholders. In addition, the Hawaiʻi Department of Commerce and
Consumer Affairs' Cable Television Division has conditionally approved the transfer of control of Hawaiian
Telcom's cable franchise to Cincinnati Bell.
With approval from the Hawaiʻi PUC, the transaction is expected to close following completion of the Federal
Communications Commission's review and other remaining customary closing conditions.
About Cincinnati Bell
With headquarters in Cincinnati, Ohio, Cincinnati Bell Inc. (NYSE: CBB) provides integrated
communications solutions – including local and long distance voice, data, high-speed Internet and video –
that keep residential and business customers in Greater Cincinnati and Dayton connected with each other
and with the world. In addition, enterprise customers across the United States and Canada rely on CBTS
and OnX, wholly-owned subsidiaries, for efficient, scalable office communications systems and end-toend
IT solutions. For more information, please visit www.cincinnatibell.com.
About Hawaiian Telcom
Hawaiian Telcom (NASDAQ: HCOM), headquartered in Honolulu, is Hawai'i's Technology Leader,
providing integrated communications, broadband, data center and entertainment solutions for business
and residential customers. With roots in Hawai'i beginning in 1883, the Company offers a full range of
services including Internet, video, voice, wireless, data network solutions and security, colocation, and
managed and cloud services supported by the reach and reliability of its next generation fiber network
and a 24/7 state-of-the-art network operations center. With employees statewide sharing a commitment to
innovation and a passion for delivering superior service, Hawaiian Telcom provides an Always OnSM
customer experience. For more information, visit hawaiiantel.com.
Cincinnati Bell Inc.
Josh Duckworth, +1 513-397-2292
Josh Pichler, +1 513-565-0310
Ngoc Nguyen, +1 808-546-3475
Su Shin, +1 808-546-2344
Cautionary Statement Concerning Forward-Looking Statements
This press release may contain "forward-looking" statements, as defined in federal securities lawsincluding the Private Securities Litigation Reform Act of 1995, which are based on our currentexpectations, estimates, forecasts and projections. Statements that are not historical facts, includingstatements about the beliefs, expectations and future plans and strategies of the Company, are forwardlookingstatements. Actual results may differ materially from those expressed in any forward-lookingstatements. The following important factors, among other things, could cause or contribute to actualresults being materially and adversely different from those described or implied by such forward-lookingstatements including, but not limited to: those discussed in this release; we operate in highly competitiveindustries, and customers may not continue to purchase products or services, which would result inreduced revenue and loss of market share; we may be unable to grow our revenues and cash flowsdespite the initiatives we have implemented; failure to anticipate the need for and introduce new productsand services or to compete with new technologies may compromise our success in thetelecommunications industry; our access lines, which generate a significant portion of our cash flows andprofits, are decreasing in number and if we continue to experience access line losses similar to the pastseveral years, our revenues, earnings and cash flows from operations may be adversely impacted; ourfailure to meet performance standards under our agreements could result in customers terminating theirrelationships with us or customers being entitled to receive financial compensation, which would lead toreduced revenues and/or increased costs; we generate a substantial portion of our revenue by serving alimited geographic area; a large customer accounts for a significant portion of our revenues and accountsreceivable and the loss or significant reduction in business from this customer would cause operatingrevenues to decline and could negatively impact profitability and cash flows; maintaining ourtelecommunications networks requires significant capital expenditures, and our inability or failure tomaintain our telecommunications networks could have a material impact on our market share and abilityto generate revenue; increases in broadband usage may cause network capacity limitations, resulting inservice disruptions or reduced capacity for customers; we may be liable for material that content providersdistribute on our networks; cyber attacks or other breaches of network or other information technologysecurity could have an adverse effect on our business; natural disasters, terrorists acts or acts of warcould cause damage to our infrastructure and result in significant disruptions to our operations; theregulation of our businesses by federal and state authorities may, among other things, place us at acompetitive disadvantage, restrict our ability to price our products and services and threaten our operatinglicenses; we depend on a number of third party providers, and the loss of, or problems with, one or moreof these providers may impede our growth or cause us to lose customers; a failure of back-officeinformation technology systems could adversely affect our results of operations and financial condition; ifwe fail to extend or renegotiate our collective bargaining agreements with our labor union when theyexpire or if our unionized employees were to engage in a strike or other work stoppage, our business andoperating results could be materially harmed; the loss of any of the senior management team or attritionamong key sales associates could adversely affect our business, financial condition, results of operationsand cash flows; our debt could limit our ability to fund operations, raise additional capital, and fulfill ourobligations, which, in turn, would have a material adverse effect on our businesses and prospectsgenerally; our indebtedness imposes significant restrictions on us; we depend on our loans and creditfacilities to provide for our short-term financing requirements in excess of amounts generated byoperations, and the availability of those funds may be reduced or limited; the servicing of ourindebtedness is dependent on our ability to generate cash, which could be impacted by many factorsbeyond our control; we depend on the receipt of dividends or other intercompany transfers from oursubsidiaries and investments; the trading price of our common shares may be volatile, and the value ofan investment in our common shares may decline; the uncertain economic environment, includinguncertainty in the U.S. and world securities markets, could impact our business and financial condition;our future cash flows could be adversely affected if it is unable to fully realize our deferred tax assets;adverse changes in the value of assets or obligations associated with our employee benefit plans couldnegatively impact shareowners' deficit and liquidity; third parties may claim that we are infringing upontheir intellectual property, and we could suffer significant litigation or licensing expenses or be preventedfrom selling products; third parties may infringe upon our intellectual property, and we may expendsignificant resources enforcing our rights or suffer competitive injury; we could be subject to a significantamount of litigation, which could require us to pay significant damages or settlements; we could incursignificant costs resulting from complying with, or potential violations of, environmental, health and humansafety laws; the timing and likelihood of completing the merger with Hawaiian Telcom, including thetiming, receipt and terms and conditions of any required governmental and regulatory approvals for theproposed transaction that could reduce anticipated benefits or cause the parties to abandon thetransaction; the possibility that competing offers or acquisition proposals for Hawaiian Telcom will bemade; the occurrence of any event, change or other circumstance that could give rise to the terminationof the proposed transaction; the possibility that the expected synergies and value creation from theproposed transaction involving Hawaiian Telcom will not be realized or will not be realized within theexpected time period; the risk that the businesses of the Company and Hawaiian Telcom and otheracquired companies will not be integrated successfully; disruption from the proposed transaction involvingHawaiian Telcom making it more difficult to maintain business and operational relationships; the risk thatunexpected costs will be incurred; and the possibility that the proposed transaction involving HawaiianTelcom does not close, including due to the failure to satisfy the closing conditions and the other risks anduncertainties detailed in our filings with the SEC, including our Form 10-K report, Form 10-Q reports andForm 8-K reports, as well as Hawaiian Telcom's filings with the SEC, including its Form 10-K reports,Form 10-Q reports and Form 8-K reports.