NEW YORK and TULSA, Okla. -- As of the close of business today, approximately 400 million shares of Williams Communications (NYSE:WCG - news) will be distributed today to Williams (NYSE:WMB - news) shareholders in the form of a tax-free dividend. The distribution creates additional liquidity for WCG stock and gives investors the ability to participate directly in the future growth of Williams Communications and the vast potential of broadband.

"With a strong and diverse customer base, a fully operational network and a solid financial plan, the spinoff is another step in the natural progression of Williams Communications' growth," said Howard Janzen, president and chief executive officer. "The spinoff provides the market a more accurate view of Williams Communications' business strengths and gives investors the chance to align themselves with a proven high-tech growth strategy."

Williams Communications Group