Exhibit 99.2
PRIVATE SECURITIES
LITIGATION REFORM ACT OF 1995
SAFE HARBOR CAUTIONARY STATEMENT
This Form 8-K and/or press release attached to this Form
8-K contain statements that are not based on historical fact and represent forward-looking statements, as this
term is defined in the Private Securities Litigation Reform Act of 1995. All statements, other than statements
of historical facts, that address activities, events or developments that TDS intends, expects, projects,
believes or anticipates will or may occur in the future are forward-looking statements. The words "believes,"
"anticipates," "estimates," "expects," "plans," "intends" and similar expressions are intended to identify these
forward-looking statements, but are not the exclusive means of identifying them. Such forward-looking statements
involve known and unknown risks, uncertainties and other factors that may cause actual results, events or
developments to be significantly different from any future results, events or developments expressed or implied
by such forward-looking statements. Such risks, uncertainties and other factors include those set forth below,
as more fully discussed under "Risk Factors" in TDS's Form 10-K for the year ended December 31, 2005. However,
such factors are not necessarily all of the important factors that could cause actual results, performance or
achievements to differ materially from those expressed in, or implied by, the forward-looking statements
contained in this document. Other unknown or unpredictable factors also could have material adverse effects on
future results, performance or achievements. TDS undertakes no obligation to update publicly any forward-looking
statements whether as a result of new information, future events or otherwise. You should carefully consider the
Risk Factors in TDS's Form 10-K for the year ended December 31, 2005, the following factors and other information
contained in, or incorporated by reference into, this Form 8-K and/or press release attached to this Form 8-K to
understand the material risks relating to TDS's business.
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Intense competition in the markets in
which TDS operates could adversely affect TDS's revenues or increase its costs to compete.
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Consolidation in the telecommunications
industry could adversely affect TDS's revenues and increase its costs of doing business.
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Advances or changes in telecommunications
technology, such as Voice over Internet Protocol or WiMAX, could render certain technologies used
by TDS obsolete, could reduce TDS's revenues or increase its costs of doing business.
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Changes in the regulatory environment or a
failure by TDS to timely or fully comply with any regulatory requirements could adversely affect
TDS's financial condition, results of operations or ability to do business.
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Changes in TDS's enterprise value, changes
in the supply or demand of the market for wireless licenses or telephone company franchises,
adverse developments in the business or the industry in which TDS is involved and/or other factors
could require TDS to recognize impairments in the carrying value of TDS's license costs, goodwill
and/or physical assets.
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Early redemptions of debt or repurchases
of debt, issuances of debt, changes in prepaid forward contracts, changes in operating leases,
changes in purchase obligations or other factors or developments could cause the amounts reported
under Contractual or Other Obligations in TDS's most recent Annual Report on Form 10-K, as updated
by the Quarterly Reports on Form 10-Q, to be different from the amounts actually incurred.
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Changes in accounting standards or changes
in TDS's accounting policies, estimates and/or in the assumptions underlying the accounting
estimates, including those described in Application of Critical Accounting Policies and Estimates
included in TDS's most recent Annual Report on Form 10-K, as updated by Quarterly Reports on Form
10-Q, could have an adverse effect on TDS's financial condition or results of operations.
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Settlements, judgments, restraints on its
current or future manner of doing business and/or legal costs resulting from pending and future
litigation could have an adverse effect on TDS's financial condition, results of operations or
ability to do business.
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Costs, integration problems or other
factors associated with acquisitions/divestitures of properties and/or licenses and/or expansion of
TDS's business could have an adverse effect on TDS's business, financial condition or results of
operations.
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A significant portion of TDS's wireless
revenues is derived from customers who buy services through independent agents and dealers who
market TDS's services on a commission basis. If TDS's relationships with these agents and dealers
are seriously harmed, its wireless revenues could be adversely affected.
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TDS's investments in technologies which
are unproven or for which success has not yet been demonstrated may not produce the benefits that
TDS expects.
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An inability to obtain or maintain roaming
arrangements with other carriers on terms that are acceptable to TDS, and/or changes in roaming
rates and the lack of standards and roaming agreements for wireless data products, could have an
adverse effect on TDS's business, financial condition or results of operations.
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Changes in access to content for data or
video services and access to new handsets being developed by vendors, or an inability to manage its
supply chain or inventory successfully, could have an adverse effect on TDS's business, financial
condition or results of operations.
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A failure by TDS's service offerings to
meet customer expectations could limit TDS's ability to attract and retain customers and have an
adverse effect on TDS's operations.
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A failure by TDS to complete significant
network build-out and system implementation as part of its plans to build out new markets and
improve the quality and capacity of its network could have an adverse effect on its operations.
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A failure by TDS's wireless business to
acquire adequate radio spectrum could have an adverse effect on TDS's business and operations.
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Financial difficulties of TDS's key
suppliers or vendors, or termination or impairment of TDS's relationships with such suppliers or
vendors, could result in a delay or termination of TDS's receipt of equipment or services, which
could adversely affect TDS's business and results of operations.
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An increase in TDS's debt in the future
could subject TDS to various restrictions and higher interest costs and decrease its cash flows and
earnings.
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An inability to attract and/or retain
management, technical, sales and other personnel could have an adverse effect on TDS's business,
financial condition or results of operations.
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TDS has significant investments in
entities that it does not control. Losses in the value of such investments could have an adverse
effect on TDS's results of operations or financial condition.
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Changes in guidance or interpretations of
accounting requirements, changes in industry practice, identification of errors or changes in
management assumptions could require amendments to or restatements of financial information or
disclosures included in this or prior filings with the SEC.
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Uncertainty of access to capital for
telecommunications companies, deterioration in the capital markets, other changes in market
conditions, changes in TDS's credit ratings or other factors could limit or restrict the
availability of financing on terms acceptable to TDS, which could require TDS to reduce its
construction, development and acquisition programs.
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Changes in income tax rates, laws,
regulations or rulings, or federal or state tax assessments could have an adverse effect on TDS's
financial condition or results of operations.
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War, conflicts, hostilities and/or
terrorist attacks or equipment failure, power outages, natural disasters or breaches of network or
information technology security could have an adverse effect on TDS's business, financial condition
or results of operations.
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Changes in general economic and business
conditions, both nationally and in the markets in which TDS operates could have an adverse effect
on TDS's business, financial condition or results of operations.
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Changes in facts or circumstances,
including new or additional information that affects the calculation of potential liabilities for
contingent obligations under guarantees, indemnities or otherwise, could require TDS to record
charges in excess of amounts accrued in the financial statements, if any, which could have an
adverse effect on TDS's financial condition or results of operations.
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Material weaknesses in the effectiveness
of internal control over financial reporting could result in inaccurate financial statements or
inadequate disclosures or fail to prevent fraud, which could have an adverse effect on TDS's
business, financial condition or results of operations.
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The pending SEC investigation regarding
the restatement of TDS's financial statements could result in substantial expenses, and could
result in monetary or other penalties.
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The possible development of adverse
precedent in litigation or conclusions in professional studies to the effect that radio frequency
emissions from handsets, wireless data devices and/or cell sites cause harmful health consequences,
including cancer or tumors, or may interfere with various electronic medical devices such as
pacemakers, could have an adverse effect on TDS's wireless business, financial condition or results
of operations.
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TDS's assets are concentrated in the U.S.
telecommunications industry. As a result, its results of operations may fluctuate based on factors
related entirely to conditions in this industry.
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As TDS continues to implement its
strategies, there are internal and external factors that could impact its ability to successfully
meet its objectives.
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Any of the foregoing events or other
events could cause revenues, customer additions, operating income, capital expenditures and/or any
other financial or statistical information to vary from TDS's forward estimates by a material
amount.
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The market prices of TDS's Common Shares
and Special Common Shares are subject to fluctuations due to a variety of factors.
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Certain matters, such as control by the
TDS Voting Trust and provisions in the TDS Restated Certificate of Incorporation, may serve to
discourage or make more difficult a change in control of TDS.
TDS undertakes no obligation to
update publicly any forward-looking statements whether as a result of new information,
future events or otherwise. Readers should evaluate any statements in light of these
important factors.
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