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                                                                      EXHIBIT 99

NEWS RELEASE

                                                                  [VERIZON LOGO]


FOR IMMEDIATE RELEASE                       CONTACT:
JULY 25, 2002                               PETER THONIS
                                            212-395-2355
                                            peter.thonis@verizon.com


                  VERIZON ANNOUNCES DECISION REGARDING GENUITY


         NEW YORK -- Verizon Communications Inc. (NYSE:VZ) today announced that
it has informed eBusiness network service provider Genuity Inc. that it will not
reintegrate Genuity into the company. The decision by Verizon followed a
detailed review and was based on a variety of factors, including market
conditions and Verizon's business needs.

         Verizon said that it intends to continue its commercial relationship
with Genuity, including its ongoing five-year purchase commitment. Verizon also
said it currently plans to continue using Genuity's Internet-based backbone
services, and Verizon will continue to work with Genuity to provide
voice-over-IP (Internet protocol) services for businesses. In addition, Verizon
will continue to use Genuity services to supplement its network in states where
Verizon offers long-distance and Internet services.

         Verizon has exercised its right to convert its current ownership into
shares of Class A common stock constituting just under 10 percent of Genuity's
capital stock. As a result, Verizon no longer has the right to convert to a
controlling position, which would have represented approximately an 80 percent
interest. In addition, Verizon will not be obligated to make further loans to
Genuity. Verizon said it will be supportive of negotiations that Genuity
conducts with its banking group.



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Verizon New Release, page 2


         Verizon said it would discuss the accounting impact of its actions when
it announces quarterly earnings on July 31.

         (BACKGROUND: As part of the proposal to the Federal Communications
Commission by GTE and Bell Atlantic to approve their merger creating Verizon in
July 2000, GTE agreed to sell to the public a 90.5 percent equity interest in
Genuity, its wholly owned subsidiary. Genuity was originally known as GTE
Internetworking. As part of the restructuring of Genuity's equity just prior to
the initial public offering, GTE obtained the right, which could be exercised
under certain circumstances, to convert its shares into a controlling position
in Genuity.)


         Verizon Communications (NYSE:VZ) is one of the world's leading
providers of communications services. Verizon companies are the largest
providers of wireline and wireless communications in the United States, with
133.8 million access line equivalents and approximately 29.6 million wireless
customers. Verizon is also the largest directory publisher in the world. With
more than $67 billion in annual revenues and nearly 248,000 employees, Verizon's
global presence extends to more than 40 countries in the Americas, Europe, Asia
and the Pacific. For more information on Verizon, visit www.verizon.com.


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