Verizon Extends Tender Offer for Shares of Terremark Worldwide, Inc. to March 31, 2011


NEW YORK, March 15, 2011 - Verizon Communications Inc. (NYSE, Nasdaq: VZ) today announced that it has extended its tender offer for all outstanding shares of Terremark Worldwide, Inc. (Nasdaq: TMRK). The tender offer is now scheduled to expire at midnight Eastern time on Thursday, March 31, 2011, unless extended in accordance with the terms of the definitive agreement and the applicable rules and regulations of the Securities and Exchange Commission.

The tender offer, for $19.00 per share in cash without interest and less any required withholding taxes, is being made by Verizon Holdings Inc., a wholly owned subsidiary of Verizon, pursuant to a previously announced Agreement and Plan of Merger, dated Jan. 27, 2011, as amended, by and among Verizon, Verizon Holdings Inc. and Terremark.

Verizon also announced that yesterday it received from the U.S. Department of Justice a second request for information under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended (the "HSR Act"). Verizon will cooperate with the Department of Justice to comply promptly with the second request for information.

The tender offer is subject to customary conditions, including the acquisition by Verizon of a majority of the outstanding shares of Terremark common stock on a fully diluted basis, the expiration or termination of the statutory waiting period under the HSR Act and upon the other conditions described in the offer to purchase, the related letter of transmittal, and other tender offer materials that Verizon filed with the Securities and Exchange Commission on Feb. 10, 2011 (as amended). Any additional extension of the tender offer will be followed as promptly as practicable by public announcement thereof, and such announcement will be made no later than 9 a.m. Eastern time on the next business day after the previously scheduled expiration date.

The depositary for the tender offer has advised that, as of the close of business on March 14, 2011, approximately 23,196,845 shares were validly tendered and not withdrawn, representing approximately 32.85 percent of all outstanding shares of Terremark common stock.

Verizon Communications Inc. (NYSE, Nasdaq: VZ), headquartered in New York, is a global leader in delivering broadband and other wireless and wireline communications services to mass market, business, government and wholesale customers. Verizon Wireless operates America's most reliable wireless network, serving 94.1 million customers nationwide. Verizon also provides converged communications, information and entertainment services over America's most advanced fiber-optic network, and delivers innovative, seamless business solutions to customers around the world. A Dow 30 company, Verizon employs a diverse workforce of more than 194,000 and last year generated consolidated revenues of $106.6 billion. For more information, visit www.verizon.com.

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SOURCE Verizon Communications Inc.

CONTACT: Peter Lucht, +1-617-743-6809, peter.lucht@verizon.com

Web Site: www.verizon.com

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